Possible to own 50/50 of a condo with my Thai wife?

[TPDH]

Hey

 

I'm a Swede and my wife is Thai and we are planning on buying a condo in Bangkok. She will be able to get a mortgage in her name and I will provide any cash necessary so our plan is to own the condo 50/50. Is this legally possible? 

 

I'm not a Thai citizen and I'm not a Thai resident. Since we're different nationalities can we own a condo 50/50? And since she would secure the mortgage alone (I've read that foreigners can't get Thai bank loans), would her Thai bank even allow me to own 50% of the condo? 

 

 

[blackcab]

It is possible to have two separate names on the title deed, but it is unlikely that the bank will give your wife a mortgage unless she is the sole name on the title deed.

 

This is because if your wife did not repay the mortgage, the bank would have to find a way to evict you in order to sell the property to get its money back.

 

Banks simply don't want that hassle, which is why it would be unlikely that they offer a mortgage in the circumstances you outline.

 

Your best option might be to have the condo in your wife's name and the mortgage in your wife's name. Each month, you can give her half of the mortgage payment until the debt is paid off. You pay half, she pays half.

 

This keeps the lump sum of your capital in your bank for longer. It also means if your wife divorces you then in the future she will have to pay all the mortgage as the debt is all in her name.

 

I know that overall you will pay more and get less than you wanted, but if you are still together when the condo is paid off you will probably still be together forever anyway.

 

Just an idea.

[RichCor]

For past ThaiVisa threads on co-owning a condo (and the restrictions to meet) please see the google search link here

 

https://www.google.com/search?q=+co-own+a+condo+site%3Athaivisa.com

 

[Max69xl]

On 10/4/2020 at 12:41 AM, blackcab said:

It is possible to have two separate names on the title deed, but it is unlikely that the bank will give your wife a mortgage unless she is the sole name on the title deed.

 

This is because if your wife did not repay the mortgage, the bank would have to find a way to evict you in order to sell the property to get its money back.

 

Banks simply don't want that hassle, which is why it would be unlikely that they offer a mortgage in the circumstances you outline.

 

Your best option might be to have the condo in your wife's name and the mortgage in your wife's name. Each month, you can give her half of the mortgage payment until the debt is paid off. You pay half, she pays half.

 

This keeps the lump sum of your capital in your bank for longer. It also means if your wife divorces you then in the future she will have to pay all the mortgage as the debt is all in her name.

 

I know that overall you will pay more and get less than you wanted, but if you are still together when the condo is paid off you will probably still be together forever anyway.

 

Just an idea.

",but if you are still together when the condo is paid off you will probably still be together forever anyway." 

That's the day his wife kicks him out and he has no say at all.  ????

[Delight]

 As I understand it-according to Thai Law-  If a condo is to be truly shared in terms of ownership it must be in the foreign 49% . This way the Thai ownership total increases.

If the condo was in the Thai 51% -and joint ownership was allowed -then the foreigner ownership total would increase.

That is un -acceptable to the Thai authorities.

I am aware of a condo -which is in the Thai 51%- and a  foreigner has his name  also on the condo title deed.

 

I cannot conceive of the benefit to the foreigner.

  Perhaps others could explain?

 

 

[Bender Rodriguez]

in divorce, she is entitled on half, on your death, full

 

so why bother with extra costs & complications ?

[natway09]

Until the mortgage is paid the bank will own the condo basically & certainly will have first option or lien 

over the property.

After that it is possible to do what you wish as long as the condo has not used all their foreign quota

[xtrnuno41]

Where are you living? Thailand or Sweden? Buying condo for holiday?

Is your wife working?

What about Sweden then to have a mortgage?

I understand, in Thailand, if you need a loan or for that matter mortgage, you need a guarantor and you are the one?

[TPDH]

On 10/5/2020 at 5:26 AM, Bender Rodriguez said:

in divorce, she is entitled on half, on your death, full

 

so why bother with extra costs & complications ?

Not sure I understand, what are the extra costs and complications we'd be doing? 

[TPDH]

On 10/5/2020 at 11:00 AM, xtrnuno41 said:

Where are you living? Thailand or Sweden? Buying condo for holiday?

Is your wife working?

What about Sweden then to have a mortgage?

I understand, in Thailand, if you need a loan or for that matter mortgage, you need a guarantor and you are the one?

I'm moving to Thailand and we're buying the condo to live there. I couldn't get a loan from Sweden to buy a condo in Thailand. Yes, wife is working and her dad will help her secure the loan so he would be the guarantor.