part financing customer purchase of our house?

[steve2112]

hi all, i have a customer for our house, he wants to put 50% down and pay 50% over about 5 or 10 years, with nominal interest, say 5%.

 

i'm ok with this but want to keep the chanoht in my wife's name until whole thing paid off, so if he defaults, we get the house back, no refunds!

 

what would we register at the land office? i assume he needs some kind of guarantee that the title will be transferred on full payment, do we enter a loan agreement on the title and if so, does anyone have an example in thai or english?

 

thanks

 

[Crossy]

You ought to be able to register a mortgage at the land office, your lady should go and talk to them about what's possible and how to go about it. Costs should be nominal.

[ukrules]

32 minutes ago, Crossy said:

You ought to be able to register a mortgage at the land office, your lady should go and talk to them about what's possible and how to go about it. Costs should be nominal.

 

An interesting idea, I had previously thought that it would be a good way to 'tie up' a house, etc bought in a womans name by attaching a mortgage to it which would render it unsellable and under the control of the person who owns the mortgage / lien.

 

Edited August 30, 2018 by ukrules

[yankee99]

You would transfer the chanote then give a mortgage to the buyer. A lawyer can do this and its registered at the land office. 

[scorecard]

25 minutes ago, yankee99 said:

You would transfer the chanote then give a mortgage to the buyer. A lawyer can do this and its registered at the land office. 

 

Never, you lose too much control.

 

I've heard of many sellers agreeing to the 50%??? deposit and buyer pays it off, but usually only a short period of time for total settlement and chanut not transferred until total payment received and default any payment and lose all the payments.

 

Several times I've also heard of cannot move in until fully paid. This appraoch would / could give the buyer more time to look further for loan funds to totally pay off the seller and the buyer would then gain access to live in the house.

 

 

 

 

 

 

 

[yankee99]

4 minutes ago, scorecard said:

 

Never, you lose too much control.

 

I've heard of many sellers agreeing to the 50%??? deposit and buyer pays it off, but usually only a short period of time for total settlement and chanut not transferred until total payment received and default any payment and lose all the payments.

 

Several times I've also heard of cannot move in until fully paid. This appraoch would / could give the buyer more time to look further for loan funds to totally pay off the seller and the buyer would then gain access to live in the house.

 

 

 

 

 

 

 

It can be done this way but a mortgage wont be registered at the land office. 

[weegee]

7 hours ago, yankee99 said:

It can be done this way but a mortgage wont be registered at the land office. 

True, but if the chanote is not signed over until ALL is paid in full....You are safe. Never sign anything here you arent completely aware of on that paper. Down the road it could end up having a completely different interperation than previously understood....and believe me, it happens....

No money to pay up front....no deal !!!!

[AtoZ]

Who is in control in Thailand?

 

The buyer can find similar property probably every 200 metres