Mortgage free in order to sell a property??...my Thai family say yes...

[NZAMBOY]

My Thai wife wants to sell a property she and her cousin own which has a mortgage...they want to purchase another property but need to sell the mortgaged property first...they are now pestering me to loan them 3 mil baht to payoff the mortgage claiming the property cannot be sold while there is a mortgage on it...I explained to them that, sure it can be sold, just that the mortgage will be paid off first to the mortgage holder...they claim that is not how it works in Thailand...

Any views or insight into their claims guys??

Thanks in advance...

JB

[richard_smith237]

1 minute ago, NZAMBOY said:

My Thai wife wants to sell a property she and her cousin own which has a mortgage...they want to purchase another property but need to sell the mortgaged property first...they are now pestering me to loan them 3 mil baht to payoff the mortgage claiming the property cannot be sold while there is a mortgage on it...I explained to them that, sure it can be sold, just that the mortgage will be paid off first to the mortgage holder...they claim that is not how it works in Thailand...

Any views or insight into their claims guys??

Thanks in advance...

JB

 

Views:

a) They are innocently naive and dont realise / can't imagine how this would work.

b) You are being taken for a mug.

 

 

 

[couchpotato]

7 minutes ago, NZAMBOY said:

My Thai wife wants to sell a property she and her cousin own which has a mortgage...they want to purchase another property but need to sell the mortgaged property first...they are now pestering me to loan them 3 mil baht to payoff the mortgage claiming the property cannot be sold while there is a mortgage on it...I explained to them that, sure it can be sold, just that the mortgage will be paid off first to the mortgage holder...they claim that is not how it works in Thailand...

Any views or insight into their claims guys??

Thanks in advance...

JB

You are correct. Can be sold, but the mortgage holder must also go to the land office with your wife when the land is transferred. What arrangements your wife and the mortgage holder make  for the property to be transferred is between them.

Also your wife is correct. If the mortgage is paid off before selling (ie: the Chanoot is unemcumbered) of course its easier, BUT not necessary as explained above.

Also more importantly you don't have to worry about your money being returned.

[johng]

12 minutes ago, NZAMBOY said:

 the property cannot be sold while there is a mortgage on it...

Yes that's right  but what should happen is that the new buyer and the seller/s will go to the bank that holds the mortgage , the new buyer will either payoff the mortgage deducting that amount from the money given to the seller  and /or transfer the mortgage to themself   then they can go to the land office and do the transfer on the chanote...  you might have to sign something at the bank to say you agree to the sale ( as technically you own some because you are married if the purchase happened while you were married )

 

I would not lend them 3 million baht   but if you have multi-millions to spare

perhaps you feel generous ???

[FritsSikkink]

34 minutes ago, NZAMBOY said:

My Thai wife wants to sell a property she and her cousin own which has a mortgage...they want to purchase another property but need to sell the mortgaged property first...they are now pestering me to loan them 3 mil baht to payoff the mortgage claiming the property cannot be sold while there is a mortgage on it...I explained to them that, sure it can be sold, just that the mortgage will be paid off first to the mortgage holder...they claim that is not how it works in Thailand...

Any views or insight into their claims guys??

Thanks in advance...

JB

She is wrong

[safarimike11]

39 minutes ago, NZAMBOY said:

My Thai wife wants to sell a property she and her cousin own which has a mortgage...they want to purchase another property but need to sell the mortgaged property first...they are now pestering me to loan them 3 mil baht to payoff the mortgage claiming the property cannot be sold while there is a mortgage on it...I explained to them that, sure it can be sold, just that the mortgage will be paid off first to the mortgage holder...they claim that is not how it works in Thailand...

Any views or insight into their claims guys??

Thanks in advance...

JB

Head for the hills.

[kimothai]

My experience with Thais paying back loans to foreigners has always been bad.  The odds of you being paid back are slim and none or numerically 1 in 3 million. 

[newnative]

    We bought a condo from a seller with a mortgage and it was about as simple as any other property we have bought, with the exception that a bank official was also at the land office and the mortgage was paid off by the seller first before we purchased the condo.   The fact the property had a mortgage made no difference to our buying it.