selling my house..but.. need urgent answer please

[problemfarang]

hi

im selling my house. i bought with a bank mortgage. its a new house..

when i was divorcing my ex wife said i can keep the house and keep paying bank mortgage to her and she will pay to bank. so i did like that

 

its already 3 years and last year suddenly she started to say she doesnt want the mortgage and i must close it or find someone to change the name. well not many options i said ok.

 

now its time to do it. an important question and need urgent answer

 

i found someone who wants to buy the house. but what we will do is he will pay me some cash money and we will go to the bank and he will ask for new payment method and take the bank loan on him and continue to pay  monthly to the bank.

well my ex wife is from khon kaen and shes registered there, but the house is in nonthaburi, the bank is in bangkok (i think) so one of my friend told me that i have to pay lot of money. he asked me to see the house and bank contract and did some calculations and told me it will be around 83K to change the name. not sure to the bank or to the department of land. but its 83K

 

so i havent asked to bank but i asked my ex to ask to bank but not sure how fast she will ask or when. but this saturday i need to explain the situation to the buyer.

 

is i true that i have to pay that much? normally if someone registered to bangkok and buy in bangkok and sell its only around 10K-30K why its more expensive when if you are registered to another city?

 

PS: is there any surprises i need to know that i need to be ready or do you have any suggestions?

 

thanks

[soi3eddie]

So it's your (ex) wife's house on which you have been paying her rent in the hope that she's been paying the bank? Oh my goodness, sounds like a real can of worms. However you allowed yourself to be in this situation, I wish you luck. You may just have to walk away from it unless the house and mortgage have your name on them (unlikely if a foreigner). Just accept that it's not your house. 

 

 

 

[zzaa09]

3 minutes ago, soi3eddie said:

So it's your (ex) wife's house on which you have been paying her rent in the hope that she's been paying the bank? Oh my goodness, sounds like a real can of worms. However you allowed yourself to be in this situation, I wish you luck. You may just have to walk away from it unless the house and mortgage have your name on them (unlikely if a foreigner). Just accept that it's not your house. 

 

 

 

Yeah. Not his house - never was.

.....and to this day, some don't get it. 

[Etaoin Shrdlu]

When the Land Department calculates the taxes due from the sale of the house, it will factor in how long she owned the house and whether it was her primary residence. Her name would have to be in the blue house registration book for it to be considered her primary residence. Taxes are higher if the house isn't unless she's owned it for a longer period of time. I don't recall the exact details, but this information is available online. The idea is that one's residence should be taxed at a lower rate than a dwelling that is a rental or second home.

 

So, yes, it does make a difference if she is recorded in a house registration somewhere else.

 

Are you sure she's really paid the mortgage with the money you have given her? Perhaps her motivation for getting out from under the mortgage is that the bank has started to pursue her for non-payment.

[OneMoreFarang]

2 hours ago, problemfarang said:

im selling my house.

There we have the big misconception right in the first words of the post.

Good luck! You will need it.

[G Rex]

If you are making a profit from the sale - I understand your concern.  If not - I would just walk away and let your ex deal with it.  I have no constructive advice, I’m sorry - but if you can just go - and make a clean start - you will be much better off.

[KhunLA]

Aside from the negative comment of what if, she did or didn't, primary residence or not, but 83k sounds about right, depending on sale price of house.

 

Less than 5 yrs, and it is a higher tax rate, I think, along with possible income tax via profit of sale, though doubtful, since only 3 yrs old.  Actually 83k sounds low, but depends on sale price.

 

It reads like, she wants out of the mortgage herself, so can't see any negatives.  As that liability is all hers.  If you break even or make a few, then all is good.

 

It's not in her best interest, for you to just walk away, so I'd ignore most of the previous replies.

 

Next time, buy a condo.

[couchpotato]

5 minutes ago, KhunLA said:

Aside from the negative comment of what if, she did or didn't, primary residence or not, but 83k sounds about right, depending on sale price of house.

 

Less than 5 yrs, and it is a higher tax rate, I think, along with possible income tax via profit of sale, though doubtful, since only 3 yrs old.  Actually 83k sounds low, but depends on sale price.

 

It reads like, she wants out of the mortgage herself, so can't see any negatives.  As that liability is all hers.  If you break even or make a few, then all is good.

 

It's not in her best interest, for you to just walk away, so I'd ignore most of the previous replies.

 

Next time, buy a condo.

Yes agree with your tax assessment, but it does sound low, but as mentioned it maybe a very low price house (83k would be for probably under 2m , as assessed by land Office).

 

Also to OP...take a a lot of comments with a grain of salt, but you do need to find out if she has definitely been paying the mortgage monthly to the bank, as the Chanoot is physically with the Bank, not with her.

You actually have quite a complicated scenario, so you need to get excellent advice beforehand.

[problemfarang]

1 hour ago, soi3eddie said:

So it's your (ex) wife's house on which you have been paying her rent in the hope that she's been paying the bank? Oh my goodness, sounds like a real can of worms. However you allowed yourself to be in this situation, I wish you luck. You may just have to walk away from it unless the house and mortgage have your name on them (unlikely if a foreigner). Just accept that it's not your house. 

 

 

 

Well... for 3 years i paid to her yes she paid. Some thai women are not like the wonen you met bro...

[problemfarang]

1 hour ago, Etaoin Shrdlu said:

When the Land Department calculates the taxes due from the sale of the house, it will factor in how long she owned the house and whether it was her primary residence. Her name would have to be in the blue house registration book for it to be considered her primary residence. Taxes are higher if the house isn't unless she's owned it for a longer period of time. I don't recall the exact details, but this information is available online. The idea is that one's residence should be taxed at a lower rate than a dwelling that is a rental or second home.

 

So, yes, it does make a difference if she is recorded in a house registration somewhere else.

 

Are you sure she's really paid the mortgage with the money you have given her? Perhaps her motivation for getting out from under the mortgage is that the bank has started to pursue her for non-payment.

Yes her real house is in khon kaen. So this is like her second. 

 

Well if not paid i would be outside by now. Its 3 years as i said. Bank would take over it by now. Shes not like that. She has phd and very high position in government

 

So that 83k seems right.. ok thnx

[problemfarang]

1 hour ago, G Rex said:

If you are making a profit from the sale - I understand your concern.  If not - I would just walk away and let your ex deal with it.  I have no constructive advice, I’m sorry - but if you can just go - and make a clean start - you will be much better off.

I will make 600k profit

[Celsius]

2 minutes ago, problemfarang said:

Well... for 3 years i paid to her yes she paid. Some thai women are not like the wonen you met bro...

 

The mortgage is in her name, right?

[problemfarang]

26 minutes ago, KhunLA said:

Aside from the negative comment of what if, she did or didn't, primary residence or not, but 83k sounds about right, depending on sale price of house.

 

Less than 5 yrs, and it is a higher tax rate, I think, along with possible income tax via profit of sale, though doubtful, since only 3 yrs old.  Actually 83k sounds low, but depends on sale price.

 

It reads like, she wants out of the mortgage herself, so can't see any negatives.  As that liability is all hers.  If you break even or make a few, then all is good.

 

It's not in her best interest, for you to just walk away, so I'd ignore most of the previous replies.

 

Next time, buy a condo.

Yes i ignored some

 

Well im making 600k profit and shes not asking anything. Well seems im making 600 - 83    thanks

[problemfarang]

1 minute ago, Celsius said:

 

The mortgage is in her name, right?

Yes..

 

 

[Celsius]

83k sounds too low. There will be at least a few penalties....off top of my head ...breaking a mortgage , selling under 5 years, tax on secondary residence. Also your new home now becomes a second hand home. The mortgage terms on second hand properties are stricter with higher interest rates.

 

I don't think the buyer can just assume and take her loan as he needs to qualify.

[KhunLA]

12 minutes ago, problemfarang said:

Yes i ignored some

 

Well im making 600k profit and shes not asking anything. Well seems im making 600 - 83    thanks

Do NOT mention the sale price, let the land office state the appraised rate, which is what I've/we've done on every sale.  You can find this out ahead of time, or just look at your paperwork when you bought the house. as chances are, within 3 years it hasn't changed, or if so, very little.

 

This is 2018 info, and I think changed a bit since 2010, as I thought it was 10%, sliding scale down, 5 to 1 yr of ownership.   But apparently 3.3%, if that info is current.

 

https://www.sansiri.com/en/news/thai-property-taxes-explained-what-you-need-to-know-286/

[BritManToo]

11 hours ago, problemfarang said:

i found someone who wants to buy the house. but what we will do is he will pay me some cash money and we will go to the bank and he will ask for new payment method and take the bank loan on him and continue to pay  monthly to the bank.

This is not possible.

[brianthainess]

Sorry but this makes no sense to me. You want to sell a house that is not yours to sell. 

[rwill]

You need an agreement about who pays the transfer costs.  The seller, the buyer, or split between them.

[LukKrueng]

So many unhelpful comments...

Here's my 2 cents:

As the house is mortgaged there are 2 issues here. 1 is the transfer fee and tax. Just take a copy of the chanot to the land office where the house is and they'll tell you exactly how much you have to pay. It goes by the value assessment by the land office and how long your wife owned it. If she's registered in the house blue book and owned it for more than a year there's less tax. If she's not registered there but owned it for longer than 5 years - same.

Now there's the mortgage. AFAIK you can't really transfer the mortgage to another person. The actual way to do it is the buyer has to get a mortgage from his bank. Pay you the full amount for the house, you have to pay what you owe your bank and the bank removes itself from the chanot (that will cost you about 1% of the sum loaned). Then the buyer's bank gets registered on the chanot after the title deed was transferred to his name. That will cost the buyer about 1% of the amount loaned to him.

You should ask your bank how much you still owe them.

[MadMuhammad]

9 hours ago, KhunLA said:

Do NOT mention the sale price, let the land office state the appraised rate, which is what I've/we've done on every sale.  You can find this out ahead of time, or just look at your paperwork when you bought the house. as chances are, within 3 years it hasn't changed, or if so, very little.

 

This is 2018 info, and I think changed a bit since 2010, as I thought it was 10%, sliding scale down, 5 to 1 yr of ownership.   But apparently 3.3%, if that info is current.

 

https://www.sansiri.com/en/news/thai-property-taxes-explained-what-you-need-to-know-286/

Or negotiate the appraised rate at the land department 

[Celsius]

This house will never be sold.

 

Most "interested" buyers fail the mortgage approval. Not to mention all the extras that come with OP house  Like I said this is now the second hand house. The mortgage terms will be more strict including the higher interest rate.

[The Theory]

15 hours ago, problemfarang said:

it will be around 83K to change the name. not sure to the bank or to the department of land. but its 83K

Do not pay even 1 Baht, you will regret. Eventually you will lose. 
I've recently built a house and I see that how my gf and her mom always try to plan some relatives ????. This caused me to think of where I'm standing????. My luggage is always ready and I understand that I won't own anything even though I paid for all. 
good luck ???? 

 

 

[digger70]

14 hours ago, zzaa09 said:

Yeah. Not his house - never was.

.....and to this day, some don't get it. 

It can be His house the house can be in his name , But not the land the house is built on that would than be in the X wife's name . That's Legal but it doesn't happen often.

[problemfarang]

3 hours ago, LukKrueng said:

So many unhelpful comments...

Here's my 2 cents:

As the house is mortgaged there are 2 issues here. 1 is the transfer fee and tax. Just take a copy of the chanot to the land office where the house is and they'll tell you exactly how much you have to pay. It goes by the value assessment by the land office and how long your wife owned it. If she's registered in the house blue book and owned it for more than a year there's less tax. If she's not registered there but owned it for longer than 5 years - same.

Now there's the mortgage. AFAIK you can't really transfer the mortgage to another person. The actual way to do it is the buyer has to get a mortgage from his bank. Pay you the full amount for the house, you have to pay what you owe your bank and the bank removes itself from the chanot (that will cost you about 1% of the sum loaned). Then the buyer's bank gets registered on the chanot after the title deed was transferred to his name. That will cost the buyer about 1% of the amount loaned to him.

You should ask your bank how much you still owe them.

One of the most helpful post so much.

 

Well we bought the house 3 years ago. Its a new house not was a second hand. 

 

Im not sure if shes on the house book or not i have the book and will check it. But her name is on all paper work. 

 

Im confused about this mortgage thing. Some people says new buyer must go to the bank and agree on new contract or something like that. So its like take over the mortgage. Im not sure.

 

So this is the story: i will take 600k cash for myself. And the rest 2.3 mil buyer must pay to the bank. But we will not mention to the bank about that 600k cash. We will tell them we are selling it for the same amount as bank loan. 

 

So what should be steps for me to do:

1) tell the mortgage bank that ex wife wants to sell the house.

2) go to land office and pay the tax and name change thing: 2.3 mil %5 ? = 115k ?? ( this includes tax too or thats another expense?)

3) get 2.3 mil and close the mortgage.

 

Anything else?

 

Thanks a lot

[Bangkokhatter]

I don't understand the confusion.

 

Mortgage is in ex-wife's name so she informs bank she is selling, the Bank advise how much is left on the mortgage.

 

Buyer agrees selling price and up to them how they raise the funds, cash or apply for mortgage of their own.

 

Negotiate transfer costs between both parties and then go to Land office who facilitate the transfer.

 

Actually you can agree that any profit be paid directly to you, no need to go to ex wife first, but she will definately have to be involved at Land office.

 

Wife's Bank get paid their money, Land office get paid their money and wife gets the remaining amount (profit from sale) and then she pays that to you.

[ThailandRyan]

Is the house in a mooban in Nonthaburi where the land is owned with the house or is it a leasehold.

[KhunLA]

Very firs thing that needs to be done, is buyer get approved for a mortgage for sale price.

 

The rest is normal processing in any sale. That mortgage will pay off wife's mortgage, which will release chanote/house to be transferred.

 

When we sold last house, nobody (3) applying for a mortgage could get qualified for 1 reason or another.   So when they signed contract, we asked for small deposit (non refundable) to take off market, with 3 month window to get approved for mortgage.

 

When buyers came to look at house, and stated, 'yea, we want, have to get a mortgage' ... I just laughed.

 

Both houses we sold were to cash buyers.

[damen]

Different bank has different penatly. There might be early settlement fees, I have to be honest. 83k sound a little low. Just transfer fees, i have paid 100k. 

[BananaStrong]

17 hours ago, problemfarang said:

im selling my house

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