Note (Chanote) Secured By Deed Of Trust?In Thailand

[joesohum]

in the states if a seller finances the property you are buying from him, you will hold the title (or chanote) but the seller will hold the note. you will pay the seller as stipulated in the note, and during this time you hold the deed. so he cannot sell the land to anybody else.

i am told in thailand that the seller holds the deed (chanote) until the property is paid off. and at any time he could sell the property to anyone else since he will allways hold the deed (chanote) until you have paid in full and transfered the title.

is it true that before you have paid the property in full, he can give you back all the money you have paid already. and take back the land to keep or sell to anybody else? so the only way to purchase property is if you pay in full and get the deed in your name immediatly. is this true??? it seems like if the seller gets a better offer at anytime he just pays you back and sells to the higher bidder. with no legal recourse. can this be??

i am talking a bout a property bought by a thai national. not a farang.

[donx]

It seems to me that if you plan on doing owner financing then you should treat the seller the same as you would a bank in that your name (is this a condo?) goes on the Chanote so you become the owner. A mortgage is recorded on the back of the Chanote that indicates that there is a lien on the property. The seller holds onto the Chanote but is no longer the owner and can't sell it to someone else. You owe the mortgage to the seller who has financed your purchase. If you fail to repay the debt then the seller can take ownership back through forclosure proceedings.