Buying A Condo

[thaigene2]

Hey look you guys..

This was a good post..just like my similar one a couple of days ago..please don't move these off the board! (Sunbelt giving you the gears or what?)

My repsonse to you Bill is that it is not clear at all. A lawyer told me exactly the opposite to Sunny Valentine's advice (which doesn't mean it's wrong). My laywer said since the farang bought the place, the Land Registry would still view the farang as the owner. The question I'm still waiting for an answer to is: Can you get a loan to buy a condo from a Thai bank that satisfies the Thor Thor 3 requirement?

Dear Forum,

When buying a condominium in Thailand can the title be put in both names. The reason is to give myself a value of safety. I don't want to come home one day and have her throw me out and I have nothing to stand on, this is just a way of checks and balances. This way she can say that the condominium is hers and I can say that it's mine. Does anyone have information on this topic. Thanks.

Bill

Sunny Valentine Today, 2005-04-13 13:42:44 Post #2

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You can buy a Condominium in a foreigners name, no need to use Thai proxy or wife. Conditions apply. See a lawyer.

Sunny

--------------------

A person who eats meat wants to get his teeth into something.

A person who does not eat meat wants to get his teeth into something else.

If these thoughts interest you for even a moment you are lost.

Nordlys Today, 2005-04-13 13:57:04 Post #3

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You as a foreigner can register your ownership of the condo only when you're buying it with the money you brought from overseas and you need a document known as "Thor Thor 3" issued to verify the source of fund. A real estate broker can help you with issuing this document.

When I bought mine two years ago I had my unit registered only under my name but the land department official told my Thai wife that she is entitled to the ownership whether or not her name is on the title deed.

QUOTE(latta62 @ 2005-04-13 12:56:10)

Dear Forum,

When buying a condominium in Thailand can the title be put in both names. The reason is to give myself a value of safety. I don't want to come home one day and have her throw me out and I have nothing to stand on, this is just a way of checks and balances. This way she can say that the condominium is hers and I can say that it's mine. Does anyone have information on this topic. Thanks.

Bill

[Nordlys]

I'm in real estate development for my part time job and I know quite a few real estate agencies do arrange bank loans for foreigners for buying condominiums.

Normally it should not exceed 70 - 80% of the purchase price and not for more than ten years + you should not be more than 65 years old. You also have to have a work permit to be eligible for loan application. But that is for new condominiums, I don't know about 2nd hand units. Agents told me most customer foreign or Thai do apply for bank loans when buying new condo here.

[RDN]

I'll move this to the housing and real estate forum tomorrow.

[thaigene2]

Nordlys..thanks. But again it's the Thor Thor 3 that is the issue. I know of guys who've had the loans from the bank, pay the owner, get the keys, move in ..and then?

Where's the title?? Not a bill of sale surely? How do you prove you are the owner until you register the property? My understanding, is during registration at Land Registry they ask to see the Thor Thor 3. No Thor Thor 3 no registration. No registration? How could you ever resell? All you got for your money was the keys to an empty condo and the furniture you've moved inside..

Now of course I guess you could just try to avoid registering it. But who wants to spend all that money for a place that isn't 'legally theirs? What if the previous 'owner' does a dirty on you and goes to registry and claims the property is still theirs, and guess what they still have the 'legal registration' to prove it?

Registering the property should be part of the sale..but i'm not sure it always is here in LOL.

[bkkbound04]

^^^^

deposit is paid when sale is agreed, u then have subject to contract upto x amount of weeks to complete

i.e 4 weeks from deposit being paid u agree to pay outstanding balance in accordance with thai law(money from outside kingdom for purpose of purchasing property)

failure to stick to contract leaves u losing your deposit and possibly subject to compensation

in the same instance the seller signs contract, agrees deposit is paid(left with lawyer or real estate co) and agrees to hand over the title deed and furnishing subject to contract at said date(again failure to do so leaves "seller in breach of contract") the seller would then be required to compensate the "buyer"

e.g pay deposit 1/5/05 agree to pay outstanding 1/6/05, on the 1/6 or before, the outstanding monies are exchanged for the title deed with the new owners name registered

that is why u should use a lawyer, they do all the leg work, they check with the management of the property(condo's) that the % of thai/ ferang is ok for foreigner to own, that no debts are outstanding on the property and arrange the title transfers etc

hope that helps

atb

[Nordlys]

I don't think you will get the title deed until you pay off the loans whether or not the Thor Thor 3 issue is cleared.

And then I don't know how you can clear Thor Thor 3 issue when you pay the loan with your income derived from work in Thailand. Why not just walk into any condo showroom sold by major agent and ask or inquire the bank (I know from agent that TFM, Nakhonruang Bank and another one perhaps SCB if I remember correctly) that provide housing loans (could be just condo) for foreigners.

Nordlys..thanks. But again it's the Thor Thor 3 that is the issue. I know of guys who've had the loans from the bank, pay the owner, get the keys, move in ..and then?

Where's the title?? Not a bill of sale surely? How do you prove you are the owner until you register the property? My understanding, is during registration at Land Registry they ask to see the Thor Thor 3. No Thor Thor 3 no registration. No registration? How could you ever resell? All you got for your money was the keys to an empty condo and the furniture you've moved inside..

Now of course I guess you could just try to avoid registering it. But who wants to spend all that money for a place that isn't 'legally theirs? What if the previous 'owner' does a dirty on you and goes to registry and claims the property is still theirs, and guess what they still have the 'legal registration' to prove it?

Registering the property should be part of the sale..but i'm not sure it always is here in LOL.

<{POST_SNAPBACK}>

[bkkbound04]

I don't think you will get the title deed until you pay off the loans whether or not the Thor Thor 3 issue is cleared. 

And then I don't know how you can clear Thor Thor 3 issue when you pay the loan with your income derived from work in Thailand.  Why not just walk into any condo showroom sold by major agent and ask or inquire the bank (I know from agent that TFM, Nakhonruang Bank and another one perhaps SCB if I remember correctly) that provide housing loans (could be just condo) for foreigners. 

Nordlys..thanks. But again it's the Thor Thor 3 that is the issue. I know of guys who've had the loans from the bank, pay the owner, get the keys, move in ..and then?

Where's the title?? Not a bill of sale surely? How do you prove you are the owner until you register the property? My understanding, is during registration at Land Registry they ask to see the Thor Thor 3. No Thor Thor 3 no registration. No registration? How could you ever resell? All you got for your money was the keys to an empty condo and the furniture you've moved inside..

Now of course I guess you could just try to avoid registering it. But who wants to spend all that money for a place that isn't 'legally theirs? What if the previous 'owner' does a dirty on you and goes to registry and claims the property is still theirs, and guess what they still have the 'legal registration' to prove it?

Registering the property should be part of the sale..but i'm not sure it always is here in LOL.

<{POST_SNAPBACK}>

<{POST_SNAPBACK}>

why would anyone buy a property without using a lawyer???

a lawyer in los will cost approx 7000 baht 150 euro

they do all the leg work for you i.e they ensure no debts attached to property(gas/water/cable/ground rent etc)

the property should be debt clear for the sale to continue, if the agreed completion date is missed due to debts attached to the property the seller is then at fault/liable

if debts are not cleared and are attached to the property then the new owner will be expected to pay the monies outstanding

either way your lawyer will put u straight

i've re-read this thread and i'm guessing you've borrowed the money from a thai bank, if the loan is repayed with money coming from another country, for the purpose of paying a thai loan, then providing the full amount repayed has come from outside los- the tor tor 3 should be issued on completion of loan

imho stop being tight, go pay a thai lawyer and then know exactly "what is" and "what's not" possible/legal

[thaigene2]

Agree with the idea of a lawyer. But the lawyers I've consulted were unclear on the idea of getting financing..and these lawyers are quite well known farangs..one been here 25 years or so.

The hitch is getting a loan to buy AND getting the property registered in your name. You should be registering the condo at time of purchase and the bank uses the condo as collatoral as is the case anywhere else. But the Land Registry can't make you the owner withouth the Thor Thor 3, so the bank can't use the condo as a guarantee cause the government doesn't recognize the farang as owner because they haven't satisfied the requirement that the money has come in from overseas..round and round it goes..

[bkkbound04]

i'd use a good "thai" lawyer

they tend to know the ins and outs of thai law better than ferang

+ a lot of ferang lawyers i've met and heard of in los always say their advice isn't really official(work permits) which could also translate to "made-up"

easiest option, if it's possible, would be to raise/borrow the money from a euro/us bank secured on property in that country, then transfer the loan for the purpose of "buying property in los"...

then bobs your fathers brother