Advice For 1St Time Condo Buyer

[sepsi]

I'm looking to buy a condo in BKK with my Thai girlfriend. As per the usual story I cannot get financing in Thailand. My girlfriend can take a loan with her sister, and in that case the condo has to be on their name.

We have verbally agreed that I'll make the loan payments and later the condo will be transferred to my name. I do trust my gf and her sister, but also fully understand that the risks. The way I see it is that the loan payments will be somewhat less than what I would pay to rent the place. So the money would come out of my pocket anyway. The upside being that should my gf/future wife remain honest I will have the condo in my name in the future.

I have some questions that I hope for some advice from more experienced people.

1) Paying the loan. As far as I understand for a foreigner to be able to register a condo into his/her name that person has to prove that the funds came from abroad. Usually this happens in 1 or 2 large transfers.

But in my case it would happen as montly payments over 10 to 15 years. Does anyone know if it's even possible to have these small payments count as my payments for the condo? Basically I would be paying off a loan that's in my girlfriend's name. The money comes from abroad, so that's not a problem. The issue is how to get it registered as payment for the condo?

2) Transfer of the condo as a gift. Does anyone know if it's possible to transfer a condo (or a percentage of it) as a gift? In this case from my girlfriend to me.

3) Availability of legal protection. Would it be possible to draft a legally-binding contract to secure my interests?

4) Any advice you can think of is welcome.

I could at the moment secure about 50% of the money required to buy the condo, but getting the full 100% might not be possible.

Again, I want to emphasize that I understand the risks. I know that the Thai real estate landscape is littered with farangs betrayed by their girlfriends or wives. I understand that there's a possibility that my gf does the same to me. As I said earlier, I would have to pay similar amounts as rent anyway.

Thanks in advance for any help or advice you can provide!

[JeffreyMcCollum]

Some Banks will loan to you. DO you have good credit ? Have you tried asking banks ? Do you have a job ?

If it is a sister making the loan, why not to you in your name ? She can and place a lean note on the "Deed"

And sister making loan to sister does not mean it "Has to be in her name"

If your working here with a work permit you don't need the funds abroad.

Sounds like maybe you need to think this out better. And yes you can have you name on the deed so it can not be easily taken from you

[rachit85]

1) money should come from abroad even with work permit excetion being u get salary in foreign currency and deposited in non-resident or fcd account.

2) best way is to check with uob bank for loans. They can give u upto 70%.

3) As a last resort take loan from mbk gurantee. They give 50% without any problem.

By all this u can get condo on ur name.

To answer ur questions

- money used to pay as installments will not be considered.

- if u get money from abroad now thn u need to get fet form from bank. But u will not be able to use tht form after 10 or 15 years. Hence point number 1.

- if loan is on thai person name u can act as gurantor but tht will not help u in any way to transfer condo on ur name.

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[rachit85]

- condo can not be gifted to foreigner. If u r thinking of way around to transfer condo on ur name thn register a company with the help of lawyer.

- To protect ur legal interst u can sign a agreement with ur gf tht u gave her loan installment money. Better contact lawyer for detail clauses.

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[sepsi]

Thanks for the replies. Looks like this needs to be done in a different way. Perhaps the best way is to make a loan agreenment with my girlfriend. I presume that when she pays back the loan (after selling the condo) I cannot use that money to buy another condo? She would have to transfer the money abroad, and then I need to transfer it back here to buy another condo. I presume that she cannot just give me the condo as payment for what she owes me?

I don't have work permit and I don't work here. MBF financing looks ridiculously expensive. In that case it's just better to keep renting.

[rachit85]

There are two things in the deal:

- Pay money to the owner of the condo. In ur case u don't really need to pay her as u pay for loan.

- To show to Land department that money comes from abroad, than only condo will be transferred on ur name. You can show it either via legitimate money transfer from abroad or there are agents who can do it for you with some fees.

You can also sign a lease agreement with your GF that she rent u her condo for 30 + 30 years and you can sub rent it if you want. Again lawyer can help to put clauses as per your wish to protect ur rights. With this she can not kick you out for 60 Years and you can also earn rental money if u want.

[PattayaPhom]

Its a poular way of doing things, I have many customers that have bought through a mortgage ,houses in their Thai partners name ..rather than paying rent, they pay the same for a mortgage, and if things dont work out they just walk away...works well for some.