Co-ownership Of Condo With Thai Wife Question

[flying]

Any help appreciated as we are only getting the run around here.

What would be the proper way to go about adding my name ( non Thai )

to a condo my wife already had ( Thai )

We live in the US but come here yearly & I wanted to pay off the condo.

But as it stands the condo now has this mortgage which is no problem & I was added to that easy enough. Now we would like to also put my name on the ownership of the condo. Is that possible? Do we need to pay it off first? We can do that if needed but want assurance that it will be possible after to add my name in case of her death before mine. Which would be the proper office to approach?

After being added to the mortgage which I thought would automatically add me to the title was as I said easy but later I was told by the bank that it was just the liability & that I could be added after paying it off.

Is this true or s the bank just saying the easy for them route?

We had no problem doing these things in the US & are trying to do the same with our property here.

Any help Appreciated

Edited April 1, 2009 by flying

[chiangmaibruce]

Interesting question. I would have thought that whether it was fully paid off was less relevant (to the Lands dept) than whether the condo was in the 49% farang quota or not. I would assume it was part of the Thai quota and that this may possibly present a problem.

Anyway I look forward to reading the definitive answer from someone more clued in.

[trogers]

Should not be a problem unless the foreign quota for your condo building has been reached.

Things to do or get:

Banking statements that you have sent in foreign currency (TT3) with the exchange rate to convert to Thai Baht to pay for half the condo value.

Pay the bank admin charges to bring the title deed to the land department, to register co-ownership. The bank has already acknowledged you as a co-debtor to the mortgage.

Letters from your condo juristic office certifying that the condo unit has paid all maintenance fees, and a record of present foreign owners totalling not more than 49% when including your co-ownership.

Some cash to pay for title registration and taxes (Bt50-60,000).

[mark5335]

I had my name included with my (Thai) wife as joint owner, on proof that I brought the funds in from overseas (fx transfer cert), and foreign quota not exceeding 49%.

In another case, for another condo that my wife bought with a mortgage loan guaranteed by myself, the developer said we should consider joint ownership given that I guarantee the loan. However, the bank later confirmed this would not be possible since I raised all funds for the purchase onshore in Thailand. Hence, in that case my wife has sole title to the property.

[trogers]

However, the bank later confirmed this would not be possible since I raised all funds for the purchase onshore in Thailand. Hence, in that case my wife has sole title to the property.

Yup, foreigners can only be condo owners or co-owners using offshore funds.

[flying]

Thank You for all the answers.

Let me see if I understand this correctly though.......

There is not much left to pay as I have been paying for years from the US where we live.

Now I will be expected to *buy* half?

We cannot just add my name to the title?

I understand the 49% rule & am assuming we make that.

But aside from that do I need to somehow purchase half from ourselves in a sense?

That seems odd & trust me I know TIT

But still in our case can a Thai wife not just add my name to title like we did in the USA for our other homes?

Thanks again

[trogers]

There is not much left to pay as I have been paying for years from the US where we live.

Now I will be expected to *buy* half?

We cannot just add my name to the title?

I understand the 49% rule & am assuming we make that.

But aside from that do I need to somehow purchase half from ourselves in a sense?

That seems odd & trust me I know TIT

But still in our case can a Thai wife not just add my name to title like we did in the USA for our other homes?

Thanks again

Regulations is that foreigners must use cash from overseas to buy the condo (or half a condo in your case).

You can open a savings account in Thailand and transfer money (in foreign currency) from overseas to this account covering at least half the value of the condo, stating the purpose as - to buy a condominium.

When you come to Thailand to register your name into the title deed, go to the head office of this bank and make a declaration (called TT3) for the purpose of the money transfer and the bank will give a certified copy to you for presenting to the Land department. The bank will also give you a statement for the exchange rate used to convert your foreign currency to Thai Baht.

Whether you will actually use this money to pay your wife or not will be between both of you. All you need is the banking documents mentioned to present to the Land department.

[flying]

Regulations is that foreigners must use cash from overseas to buy the condo (or half a condo in your case).

You can open a savings account in Thailand and transfer money (in foreign currency) from overseas to this account covering at least half the value of the condo, stating the purpose as - to buy a condominium.

When you come to Thailand to register your name into the title deed, go to the head office of this bank and make a declaration (called TT3) for the purpose of the money transfer and the bank will give a certified copy to you for presenting to the Land department. The bank will also give you a statement for the exchange rate used to convert your foreign currency to Thai Baht.

Whether you will actually use this money to pay your wife or not will be between both of you. All you need is the banking documents mentioned to present to the Land department.

Ok so that is a interesting deal.

Similar to when a relative sells something to a relative in the USA

Like you said

Whether you will actually use this money to pay your wife or not will be between both of you. All you need is the banking documents mentioned to present to the Land department.

So........What is my wife said she was selling me half the condo for 100 baht?

Is that as possible as it is in the USA?

Also I just opened 2 accounts here one at Bangkok Bank & one at Siam

Stupidly I did not say the money was for condo etc.

Is that lost now as far as using it for a TT3?

Thanks again

[trogers]

So........What is my wife said she was selling me half the condo for 100 baht?

Is that as possible as it is in the USA?

Also I just opened 2 accounts here one at Bangkok Bank & one at Siam

Stupidly I did not say the money was for condo etc.

Is that lost now as far as using it for a TT3?

Thanks again

You cannot declare a norminal value for the condo. The land department has computerised data of buy and sell transactions and will set a minimum value to your condo. I usually get an agent to find out what value the Land department in a particular district will use to make my own declaration when buying the condo (to reduce taxes). Market value is usually much higher than that in the database.

Yup, money sent previously without making the TT3 declaration cannot be used. And monthly payments for a mortgage cannot be used as well.

[flying]

You cannot declare a norminal value for the condo. The land department has computerised data of buy and sell transactions and will set a minimum value to your condo. I usually get an agent to find out what value the Land department in a particular district will use to make my own declaration when buying the condo (to reduce taxes). Market value is usually much higher than that in the database.

Yup, money sent previously without making the TT3 declaration cannot be used. And monthly payments for a mortgage cannot be used as well.

Ok thanks again for all the info.

Im not sure we will proceed after all. It seems like a lot of work & in the end I am not sure what is the point. I guess the only thing to consider is if she passed away before I did.

Other than that everything in the US is already taken care of.

Thanks again

[mark5335]

There is not much left to pay as I have been paying for years from the US where we live.

Now I will be expected to *buy* half?

We cannot just add my name to the title?

I understand the 49% rule & am assuming we make that.

But aside from that do I need to somehow purchase half from ourselves in a sense?

That seems odd & trust me I know TIT

But still in our case can a Thai wife not just add my name to title like we did in the USA for our other homes?

Thanks again

I think you would need evidence from a Thai bank, by way of foreign exchange transfer certificate, that you having been remitting money over the years from the US to pay the loan. Given my experience with service levels and bureaucracy of Thai banks, it may prove challenging to obtain this.

[mark5335]

Im not sure we will proceed after all. It seems like a lot of work & in the end I am not sure what is the point. I guess the only thing to consider is if she passed away before I did.

Other than that everything in the US is already taken care of.

Thanks again

In the unfortunate event that she passes away before you, make sure you have a Thai Will and have it registered at the local amphur office.

(I see from Trogers last post that my comment on fx transfer cert will not work as it doesn't apply to mortgage loan payments...thanks Trogers for clarifying that point)