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promise to sign over house and land


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scenario is 

 

land and house and loan is in another person's name and my wife and I are paying off the loan.

A document has been created signed and witnessed to pass the ownership of the land and house to my wife (Thai citizen) after the bank loan is fully paid off. We will be responsible for any transfer costs\taxes\fees

 

would this document be enforceable by a court? what procedure would be needed to have a document like this be enforceable?

 

thanks in advance.  

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Get the details of the loan: the people's names on the loan, account number and what bank branch they applied at, then go or call this bank branch office loan department and you can schedule for them to send a bank representative with the chanote house and land deed to the land department when the transfer will take place. And you will give the bank representative a bank check for the loan amount owed and may have to pay a fee to the bank for sending a representative to the land department and they can give you a receipt for all this.

 

Also because each bank is different ask them if the seller (the loan holder) needs to file any paperwork for the bank to get the chanote house and land deed title ready to meet you at the land department on the day you schedule them to meet you.

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22 hours ago, Sheryl said:

Why pass the ownership only after the loan is paid off?

 

They can transfer the ownership  now, and you assume the loan.

Agree, do the work to get the lands title transfer transfer and the loan agreement transferred to your wife's name now.

 

Who knows what might happen in the future; e.g. there's an accident and the other party is killed and unless there's a will which covers this matter in the manner that you want it to happen (perhaps not likely) could be difficult to get the land transferred to your wife, especially if someone in her family decides to stop the transfer to keep the land etc., in the original family.

 

Perhaps even offer a 'goodwill payment' (20,000, 50,000,???) to get it done now.

 

But keep in mind that for the loan to be transferred (or re-written) in your wifes' name will need the approval of the bank concerned (in other word they approve her to have a loan). 

 

Good luck. 

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23 hours ago, Sheryl said:

Why pass the ownership only after the loan is paid off?

 

They can transfer the ownership  now, and you assume the loan.

the ownership is security, what if he signs over the ownership then the new owner stops payments.

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Just now, SAFETY FIRST said:

the ownership is security, what if he signs over the ownership then the new owner stops payments.

Then the bank forecloses on the house. Hardly in the new owner's interests to let that happen. If the loan is transferred over, the prior owner loses nothing if they default. Only they lose.

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18 hours ago, zeekgarcia said:

Get the details of the loan: the people's names on the loan, account number and what bank branch they applied at, then go or call this bank branch office loan department and you can schedule for them to send a bank representative with the chanote house and land deed to the land department when the transfer will take place. And you will give the bank representative a bank check for the loan amount owed and may have to pay a fee to the bank for sending a representative to the land department and they can give you a receipt for all this.

 

Also because each bank is different ask them if the seller (the loan holder) needs to file any paperwork for the bank to get the chanote house and land deed title ready to meet you at the land department on the day you schedule them to meet you.

I would have assumed the OP doesn't have all the finance available to him to pay off the loan in one lump sum...that's why they are paying it in instalments?

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The house can not be transferred until the existing  loan is paid off,  the land office will not do it.  OP are you living in the house..... Either way,  this is ridddled with you loosing your money.... Surely there must be other houses available.beggers believe the stupidity of some people here once they meet their tirak that is invariably  different  than all the other scammera 

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Do you live in village. We do and bought land for house. I asked about the deed. They had Dee but not in their name but promisary note which is what the person does regularly. We bought from or neighbor Sweden and she’s Thani both very fluent in English

 

One elderly man owns basically a large track of lots. You pay like 65,000 k ans he will sign over to buyer. The neighbors had as above. Or in their words what until he passes away and th children 

will sign over at normal charge maybe that the same where you are? 

 

You never know the children my greedy an want a higher fee. The house is built on it so I can wait. Land will be in wife’s name 

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1 hour ago, DJ54 said:

Do you live in village. We do and bought land for house. I asked about the deed. They had Dee but not in their name but promisary note which is what the person does regularly. We bought from or neighbor Sweden and she’s Thani both very fluent in English

 

So are the biggest scammers in LOS.

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dot poom is correct, we don't have all the funds immediately available, nor do we want ot pay it off before we get these ownership details resolved.

we live in Australia and have a house help person (maid - been with the family for 40 years)  living in\looking after the house.

 

We don't have any income in Thailand and cannot take over the loan as no bank will loan us the money without Thai based income.

 

if no one has an answer on this, can anyone suggest a reasonably priced lawyer\co that specialised in property?

thanks

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As its a bank loan,  first port of call would be to approach  the bank to see their view on the situation. It wouldn't be a problem for the existing owner to wait until said loan is almost paid,  then inform the bank to go with them to the land office to pay the last miniscule amount and have the property  transferred to them.... All without you knowing. Do you pay the bank loan directly or pay to the owner? If you are paying the bank direct at least it's some proof what is happening otherwise your in the wind. 

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30 minutes ago, flipper2222222 said:

we transfer the money to the owner via bank transfer and then they pay the loan. 

The usual way in Thailand is for bank official, buyer and seller to go to the land office together.

I would be very wary of any other suggestions, solicitors in Thailand are just as likely to cheat you, or put the property in their own name.

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