Advice - Please

[exel]

Hi,

I would like to purchase a property for my gf (we have been seeing each other often for 2 years). However, I would also like some 'security' just in case...., so I was thinking of (apologies for being so defensive):

• I pay deposit
  
• I take out a loan in my name against the property.
  
• I pay the mortgage
  
• The property is in her name
  
• If things go wrong, I stop paying the mortgage and the house is sold and she gets what is left after the bank takes their cut. If things go well the house will be paid for after 10 years.
  

Will this work? Any better ideas?

Thanks

[glyph]

I'm not sure how you intend to get a loan in your name for the mortgage. WHEN, not "if", you and your gf go your separate ways, you still have to pay off the loan that is in your name. Have you considered that? Rather than buying a home for a woman that you see every once in a while, save your money to buy a home for a woman with whom you live.

[london]

I'm not sure how you intend to get a loan in your name for the mortgage. WHEN, not "if", you and your gf go your separate ways, you still have to pay off the loan that is in your name. Have you considered that? Rather than buying a home for a woman that you see every once in a while, save your money to buy a home for a woman with whom you live.

exactly !

[Crossy]

Yup ^^^.

The stumbling block will be getting any form of loan in your name, impossible unless you have a work permit and difficult even if you do. It took a long time and lots of to-ing and fro-ing before we sorted any form or mortgage and that was eventually done through the restaurant business.

[Chaimai]

Will this work? Any better ideas?

No it won't work.

You cannot get a loan in your name on a property that is someone else's name..

Go see a lawyer and read the many topics about leases vs usufructs vs mortgages vs superficiaries.

See also the many comments about only putting into Thailand what you are prepared to leave in Thailand.

[glyph]

"Any better ideas?"

Find a girlfriend with a legitimate occupation and a home.

[ThaiLawOnline]

Beside usufructs or leases, very similar to what you say, you make a LOAN agreement and secure it with a mortgage.

The mortgage must be registrered at the land department (to protect your loan, you will be paid in priority)

and you must pay some fees on that. (it was 1% of the loan before but there are new rules in some places since March, I think)

If something happens, you can ask her to pay back the loan (on demand or terms, depending on the contract) and if she can't (that's the bad part)

you must go to Court to enforce your loan agreement who has a security (mortgage).

So, the Court can force the salel\ of the property and you will get back some money or the totallity (if lucky) of your loan agreement.

It all depends WHERE you buy, for how much, your asset, your intentions, your relationship, etc.

A friend told me that it's impossible or difficult to register a mortgage in Udon Thani. They don't want to do it for foreigners.

I can tell you that a usufruct is difficult in Kalasin between non-spouse people.

We rarely register mortgage for foreigners on title deed at the moment. We do more usufruct or lease agreements.

In Udon Thani, the right of habitation is popular!!!!!!!! I don't know why. If your property has a significant value, you should consult a lawyer...

[Khun Jean]

With mortgage:

Boy meets girl -> boy loans money with contract to girlfriend -> boy builds house -> girlfriend meets new boyfriend ->new boyfriend pays back loan for girlfriend -> old boy friend has money but no more place to live.

Boy meets girl -> boy loans money with contract to girlfriend -> boy builds house -> girlfriend meets new boyfriend -> girlfriend moves in with new boyfriend and kicks you out and not pay back mortgage -> old boy friend "pays it" and hopes for the best or goes to court and tries to get his money back. -> five years later and in that time aging 20 years still no money back or when lucky only a part.

The choice between a lease and a usufruct is up2you the effects are the same

Usufruct and mortgage:

Boy meets girl -> boy loans money to girlfriend to buy land in girlfriends village and girlfriend gives a usufruct and signs mortgage contract-> boy builds house and puts it in his name -> girlfriend meets new boyfriend -> boy alone in house in old girlfriends village -> not like the area anymore -> selling house impossible without cooperation from old girlfriend -> demanding old girlfiend pays back the mortgage -> girlfriend has no money -> public sale of land which is by a long shot not enough to pay back loan -> boy looses money on the house and probably on the mortgage.

Which is best? up2you.

One thing is for sure. You better be 100% certain you will like the area and if not you are totally depended on the cooperation from the girlfriend when you want to move.

To be save, don't build in your girlfriends village. She and her family will have the upper hand.

Buy and build something far away and free of their influence. In that case she will be the one without being able to use the house and land. Unless you die suddenly of course.

Other sure thing is that money once spent is very very difficult to free again. Especially when you don't own it freehold. In that case you will always need somebody elses cooperation.

[henrytuttle]

I'd advise you put a better subject line.

Seriously, out of hundreds of posts, I'm surprised anyone even looked at this. I only came here to be a smart*ss.

I've put posts up and gotten lots of good advice. You probably would have gotten - or would get - much more response with a decent subject line.