Advice for condominium purchase through wife's house mortgage

[HORACIOTEK]

Hello, 

 

I am married to a Thai woman for quite long time and we are about to buy a condominium through a bank mortgage under her name, however the instalments will be paid equally (50%50%). The real estate agent stated that condominium can not be under my name unless I buy it from funds from overseas, which is not the case.  Possibly, in the future If we do have that cash, we could do the trick and send it from overseas to buy the condo from my wife and finally register it under my name. In the meantime, I have been strongly advise to sign a "Memorandum of Understanding" stating how will we manage payments, who puts initial deposit, etc etc, and that such memorandum is legally binding.  

 

Does anyone has any experience or has been through something similar? Any feedback will be highly appreciated it!

 

Cheers!

 

 

[inThailand]

So your plan is to buy it in her name and hope she will agree to transfer to you in the future. Tell us how this ends up working out. 

Edited April 30, 2021 by inThailand

[PeachCH]

Well, I did this many years ago. We made an agreement and a testament with a lawyer. Then the wife died and her family wanted the condo. 

Ended in a court case, where the testament was honoured and I could keep the condo. The ruling, that I have to sell in a years time, was later also overruled. 

Excellent Thai lawyer! 

[elgenon]

29 minutes ago, PeachCH said:

Well, I did this many years ago. We made an agreement and a testament with a lawyer. Then the wife died and her family wanted the condo. 

Ended in a court case, where the testament was honoured and I could keep the condo. The ruling, that I have to sell in a years time, was later also overruled. 

Excellent Thai lawyer! 

Who owned the wife's half? The family or you?

[PeachCH]

4 hours ago, elgenon said:

Who owned the wife's half? The family or you?

Me, but the family wouldn't accept and tried to overturn the testament. 

They obviously thought that a Thai Court always has to be on the Thai side. Court was in Nakhon Si Thammarat, lawyer from Bangkok, but native also from NST. 

 

 

 

 

[chilly07]

Buy it in your wife's name and then simultaneously lease from her but watch the land tax liability

[baansgr]

It's irrelevant...anything bought whilst married is split 50/50...however trying to get your 50% is a different matter..MOU will be a waste of money...unless of course the agent or lawyer will do for free

[elgenon]

On 4/29/2021 at 11:20 PM, PeachCH said:

Me, but the family wouldn't accept and tried to overturn the testament. 

They obviously thought that a Thai Court always has to be on the Thai side. Court was in Nakhon Si Thammarat, lawyer from Bangkok, but native also from NST. 

 

 

 

 

Great to hear. Thanks