12 hours ago, moontang said:

But, who is going to service the loan?   What if the owner croaks?  I can't see the land office arbitrating a case of he paid/she paid..

Well I service the loan. The loan is registered at the land office and noted on the rear of the chanote. If the owners croaks is a very good point and not something I have a actually enquired about. 
At a guess I’ll continue to pay to their spouse or whoever the property is bequeathed to. Something I will enquire about though. Thank you ???????? 

On 10/14/2020 at 6:10 AM, wolf81 said:

To me it seems a really bad idea to buy a condo if you don't have any more for a bit of downpayment to be honest. Sounds like if sh*t hits the fan, you'd be in big trouble. Or do you have some pension and plan to pay the mortgage with your pension? I guess in that case you have some security in terms of income.

 

The only mortgage in Thailand that I found was MBK guarantee, but they require a 50% downpayment and it seems the costs are really high. I read about it here https://www.advancedconsulting.cy/ . Not very attractive. Seems to me this company has virtually no risk and can basically print money with those terms. 

 

https://mbkg.co.th/en

 

They do claim to be very easy in accepting people though. Don't need work permits and such. 

Yeah, man. I agree with you that this service is pretty good for such operations. My friends are clients of this service. It's better to pay extra money, but don't worry about this stuff. 

In the case of vendor finance if the original seller dies, actually now the mortgagee the new mortgagee becomes the beneficiary under the will.  In the meantime the will is administratively handled by the executor.  This can take some time as the will may need to go through probate.  The executor and the beneficiary can be the same person.  If the mortgagee of dies intestate (no will) the estate will be divided according to law.

 

When the vendor sells and gives the buyer vendor finance the following should occur.

 

1.  the transfer from vendor to buyer is registered on the charnote title.  The buyer is now called the mortgagor, if the sale is subject to a mortgage.

 

2. a mortgage is registered noting the vendor has taken a mortgage over the land, condo whatever (now called the mortgagee).  The mortgage notes the T&C of said mortgage.

 

In some cases ownership may not be transferred until the total sale price is paid.  For the buyer this can lead to all sorts of problems.  Such a sale is not in the buyers interest and should be avoided at all costs.

If the mortgagor dies then the continued payments are contingent on what is written in the contract, if anything.

 

A well drafted contract would contain a clause such as:

 

The terms of this Agreement shall bind and inure to the benefit of the heirs, successors and assigns of the parties.

Moved to the Real Estate Forum.