Property Ownership & Finance

[a2396]

I have been told that if my Thai lady legally marries me, she cannot purchase property (ie own) in Thailand for one year. Has anyone heard of this?? Also, how do banks and financial institutions view the lending of money to her, if she has a foreign husband? Is the husband's income taken into consideration, if she were to obtain a property loan? I am referring to both of us residing in Thailand. Thanks.

[Dragonman]

I have been told that if my Thai lady legally marries me, she cannot purchase property (ie own) in Thailand for one year. Has anyone heard of this?? Also, how do banks and financial institutions view the lending of money to her, if she has a foreign husband? Is the husband's income taken into consideration, if she were to obtain a property loan? I am referring to both of us residing in Thailand. Thanks.

<{POST_SNAPBACK}>

Law changed some years ago, although I don't know where the 1 year came from!

No problem now, except you have to sign to say you have no claim on the property. She can get a mortgage based on her and/or your income.

[lenk]

I have been told that if my Thai lady legally marries me, she cannot purchase property (ie own) in Thailand for one year. Has anyone heard of this?? Also, how do banks and financial institutions view the lending of money to her, if she has a foreign husband? Is the husband's income taken into consideration, if she were to obtain a property loan? I am referring to both of us residing in Thailand. Thanks.

<{POST_SNAPBACK}>

Law changed some years ago, although I don't know where the 1 year came from!

No problem now, except you have to sign to say you have no claim on the property. She can get a mortgage based on her and/or your income.

<{POST_SNAPBACK}>

Just wondering if it would be possible for a Thai girlfriend or wife to get a home loan if she hasn't got a job? would they grant her a loan if you offered to pay the monthly payments?

[Dragonman]

I have been told that if my Thai lady legally marries me, she cannot purchase property (ie own) in Thailand for one year. Has anyone heard of this?? Also, how do banks and financial institutions view the lending of money to her, if she has a foreign husband? Is the husband's income taken into consideration, if she were to obtain a property loan? I am referring to both of us residing in Thailand. Thanks.

<{POST_SNAPBACK}>

Law changed some years ago, although I don't know where the 1 year came from!

No problem now, except you have to sign to say you have no claim on the property. She can get a mortgage based on her and/or your income.

<{POST_SNAPBACK}>

Just wondering if it would be possible for a Thai girlfriend or wife to get a home loan if she hasn't got a job? would they grant her a loan if you offered to pay the monthly payments?

<{POST_SNAPBACK}>

Yes it's possible if you have monthly income. When I went to bank they required my pension statement showing monthly income, plus 3 months bank statements. Only give maximum of 70% mortgage however. You are then the guarantor however, and if she does not pay you are responsible, even if you split up.

[lenk]

I have been told that if my Thai lady legally marries me, she cannot purchase property (ie own) in Thailand for one year. Has anyone heard of this?? Also, how do banks and financial institutions view the lending of money to her, if she has a foreign husband? Is the husband's income taken into consideration, if she were to obtain a property loan? I am referring to both of us residing in Thailand. Thanks.

<{POST_SNAPBACK}>

Law changed some years ago, although I don't know where the 1 year came from!

No problem now, except you have to sign to say you have no claim on the property. She can get a mortgage based on her and/or your income.

<{POST_SNAPBACK}>

Just wondering if it would be possible for a Thai girlfriend or wife to get a home loan if she hasn't got a job? would they grant her a loan if you offered to pay the monthly payments?

<{POST_SNAPBACK}>

Yes it's possible if you have monthly income. When I went to bank they required my pension statement showing monthly income, plus 3 months bank statements. Only give maximum of 70% mortgage however. You are then the guarantor however, and if she does not pay you are responsible, even if you split up.

<{POST_SNAPBACK}>

I'm not on a pension but have been working here for nearly five years..got work permit..etc...got a reasonably well paid job (for Thailand anyway..over 50,000) but no assets as in property back home..will they accept me as guarantor? got a strong feeling they won't. my contracts are only for a year at a time.

[Sumitr Man]

3.  Application for ownership in land by a Thai national who has an alien spouse or ex- spouse or by a Thai national who is a minor child of an alien

                  3.1  In the case where a Thai national who has an alien legitimate spouse applies for permission to purchase land or accept a transfer of land in a similar case during marriage or cohabitation as husband and wife with an alien, as the case may be, if after the inquiry the applicant and the alien spouse have given a joint written confirmation that the money which that Thai national will expend on the purchase of the land is wholly the separate property of that Thai national and not the community property or the jointly acquired property, the competent official will proceed with the registration of rights and juristic act.

                          In the case where a Thai national whose spouse is an alien intends to purchase land or condominium unit but fail to give a joint written confirmation to the competent official as the alien spouse is being abroad, in this instance, an alien spouse shall make the statement declaring in written at the Royal Thai Embassy, Royal Thai Consulate or Notary Public that the money which that Thai national will expend on the purchase of the land or condominium unit is wholly the separate property of that Thai national and not the community property or property which an alien spouse has co-ownership in it.  The competent official shall declare that the alien is an actual spouse of the Thai national and then submit to the competent land official who will proceed with the registration of rights and juristic act.

                          In the case where a Thai national whose spouse is an alien, after marriage, has already purchased or possessed the land and informed or submitted a false document declaring the married status of a Thai national as single or had not been married to an alien to the official prior to the date the letter of Ministry of Interior, most urgent no. MOI 0710/wor 792 dated 23 March 1999 was issued, or has already purchased or possessed the condominium unit after marriage and informed or submitted a false document declaring the married status of a Thai national as single or had not been married to an alien prior to the date the letter of the Department of Lands no.  MOI 0710/wor 34167 dated 6 October 2000 was issued, such alien spouse, whether legitimate or illegitimate, and a Thai national shall together give a joint written confirmation, which later to be filed in the case-list (or dealing package), to the competent official that the money which that Thai national will expend on the purchase of the land or the condominium unit is wholly the separate property of that Thai national and not the community property or jointly acquired property.  If an alien spouse is being abroad and not be able to come to give a joint written confirmation to the competent official, in this instance, the application shall be considered in accordance with the case that a spouse of a Thai national who intends to purchase land or a condominium unit is being aboard, then an applicant shall consign the statement, after completion, to the competent land official for filing in the case-list.

                  3.2  In the case where a Thai national who has an alien spouse, whether  legitimate or illegitimate, applies for permission to accept a gift of land during marriage or cohabitation as husband and wife.  If the inquiry reveals that the acceptance of the gift is made with the intention that the land will become the separate property or personal property of the donee without resulting in the alien having co-ownership in the land, the competent official will proceed with the registration of rights and juristic act.

                3.3  In the case where a Thai national with an alien ex-spouse who is divorced or has ceased to cohabit or a Thai national who is a minor child of an alien applies for entering into a juristic act for the purpose of acquiring land, if an inquiry reveals no circumvention of law, the competent official will proceed with the registration of rights and juristic act.

Link: http://www.dol.go.th/guide/foreigner_Eng_ver.htm

I've always laughed at the fact that the law is clear that any monies used to purchase the land must come from the Thai national, but bank's are very happy to see farangs provide a guarantee. Kind of doesn't make sense to me:

"Yes, it's her money.";

"Yes, I'm happy to guarantee a THB 4 million mortgage loan to my wife, who only happens to earn Bt 8,000 a month."

"No, none of the money being used to purchase the land is mine."

Lenk - if you have lived here for 5 years, provided you are not asking for trillions, you should have no problem [being the guarantee of the home loan].

SM

[JohnC]

Hi Guys I have read the countless threads on buying property but have one question I would like help with. I am looking at houses in Pattaya and have a fair few to view, however in Thailand how close is the asking price to the actual selling price in otherwords is this negotiable or is it fixed. Some threads suggest property and land will stay on the market for years until the asking price is reached, other threads suggest anything can be bargained in LOS.

Any constructive comments welcomed.

[Dragonman]

Hi Guys I have read the countless threads on buying property but have one question I would like help with. I am looking at houses in Pattaya and have a fair few to view, however in Thailand how close is the asking price to the actual selling price in otherwords is this negotiable or is it fixed. Some threads suggest property and land will stay on the market for years until the asking price is reached, other threads suggest anything can be bargained in LOS.

Any constructive comments welcomed.

<{POST_SNAPBACK}>

JohnC. Make an offer based on what you feel the property's worth compared to others you see. My experience is asking prices vary much more than say in the UK, for similar type properties. Saying that, I know lots of property been on the market for years and the owner says "I'd rather rent it out than sell it for any less". Thai owners in particular always seem to think their property is worth more than similar ones, and convince themselves they would be hard done by if they reduced the price.

[Heng]

Hi Guys I have read the countless threads on buying property but have one question I would like help with. I am looking at houses in Pattaya and have a fair few to view, however in Thailand how close is the asking price to the actual selling price in otherwords is this negotiable or is it fixed. Some threads suggest property and land will stay on the market for years until the asking price is reached, other threads suggest anything can be bargained in LOS.

Any constructive comments welcomed.

A big factor on why it often doesn't seem like a "buyers market" is because you have a lot of sellers who don't have any downward financing pressure or property overhead. It costs us nothing to keep it and hold out for a better price, or is just often more attractive to kick back and collect rent.

We're building a small neighborhood in Pattaya (170 homes) and for the 4 list prices, it's not negotiable, but like automobiles here, feel free to negotiate the options all you want.

However when dealing with individual lots/non public (as in the people in the sales office don't know everyone's financing details down to the last digits) deals in the past (buying side), I've found that the sellers often will deal, but that said I'm often paying a premium on what the property is currently worth as well. Just throw out a lot of offers. There's all kinds of property that'll sit there for a long time but then behind the scenes the owner might run into some tight financial situations and have to sell. X million sales price on a vacant lot in the middle of nowhere? Tell the owner in a nice way that you have a budget of Y.5 million and would really love it if you ever wanted it off his/her hands.