Buying 2Nd House

[likewise]

Hi all,

Need some info on this matter :

Wife and I are planning to buy a 2nd house for rental purposes. In the project where we live is a house for sale by owner. The owner still has a debt to the bank of 1.200.000 baht.

As far as I know this would mean that at the land office when transfering the house in my wife's name and handing over the cheque to the owner a representative of the bank should be there to collect the 1.200.000 baht that they still owe to the bank and the 2nd cheque would be for the owner?

Do I understand this correct ? Anybody ever done this, anything I should know?

Thanks for any correct and useful info on this.

[PattayaParent]

It sounds like you are saying that YOU will give a cheque for 1.2mill to the bank and a separate cheque to the owner.

Why would you do that, you don't owe the bank anything?

[Crossy]

Why would you do that, you don't owe the bank anything?

I'd be tempted to do it that way too, means you KNOW the bank will get paid, you'd look a bit of a plonker if the seller ran of with the 1.2 mill.

That's exactly what we did when we sold our last financed car, the buyer paid off the finance and paid us the balance.

[katabeachbum]

Why would you do that, you don't owe the bank anything?

I'd be tempted to do it that way too, means you KNOW the bank will get paid, you'd look a bit of a plonker if the seller ran of with the 1.2 mill.

That's exactly what we did when we sold our last financed car, the buyer paid off the finance and paid us the balance.

If the owner accepts, pay everything to the bank on deleting loan in title/transfer title, and the bank sorts balance with owner

[trogers]

I did it this way as well (separate cheques to bank and owner) when buying a condo unit, but the modem of payment is spelled out in the sales and purchase agreement.

This is required by the bank to clear the mortgage registered in the title deed before title can be transferred clear and clean to the new owner.

[likewise]

I did it this way as well (separate cheques to bank and owner) when buying a condo unit, but the modem of payment is spelled out in the sales and purchase agreement.

This is required by the bank to clear the mortgage registered in the title deed before title can be transferred clear and clean to the new owner.

That's how I understood things will proceed.

At the land office the bank's rep will be there as will the woner of the house.

Thanks