Condo For My 1 Year Old Son, Thai Citizin Possible ?

[Nakonamath]

Hi, we bought a condo for my 1 year old son it is financed in SCB, my question is, can my son be the legally owner of the condo before it is paid, and without beeing the Loan taker ?

reason for my question, as it will take many years to pay, many things can happen, people split up ect. i dont want it in my name due to tax for overseas homes, and so on, i want it in my sons name as the condo is for him.

Is this possible, or do we need to pay it out first ?

Jack

[ThailandInvestmentGuide]

Jack,

Yes from a land dept perspective property can be held by a minor, so perhaps you are asking more from the bank's perspective? If so, what are they telling you at the moment?

You might need to post some more info to get the answer you want ... You say you have already bought a condo for your son, but want to know if he can be the owner. So I assume it is currently in someone else's name (?) You say he is a Thai citizen so can we assume that the condo is currently in a Thai person's name (i.e. the condo is not in the foreigner allocation within the building)?

[ballbreaker]

You say the condo is financed and I believe SCB will be listed on chanote as lien holder so no change of ownership can take place without the okay of SCB. Not likely that will happen until loan is paid.

Edited May 22, 2012 by ballbreaker

[Nakonamath]

Jack,

Yes from a land dept perspective property can be held by a minor, so perhaps you are asking more from the bank's perspective? If so, what are they telling you at the moment?

You might need to post some more info to get the answer you want ... You say you have already bought a condo for your son, but want to know if he can be the owner. So I assume it is currently in someone else's name (?) You say he is a Thai citizen so can we assume that the condo is currently in a Thai person's name (i.e. the condo is not in the foreigner allocation within the building)?

It is in my wifes name, my mother put down the deposit as a gift for her grandchildren, but she want to be sure my wife dont flip it later in case something, it is sad we need to think like this, but we read news...

So now, the condo is in my wifes name, my son is thai too,

The bank had said he need to be 18, but i think belive it issent possible to do something to ensure this belong to him.

Jack

[Nakonamath]

You say the condo is financed and I believe SCB will be listed on chanote as lien holder so no change of ownership can take place without the okay of SCB. Not likely that will happen until loan is paid.

that is my thoughts too....

[TommoPhysicist]

You can register a property in a childs name.

You can't assign dept to a child.

As there is a mortgage, the kid can't be the owner.

[Nakonamath]

You can register a property in a childs name.

You can't assign dept to a child.

As there is a mortgage, the kid can't be the owner.

THat is what im looking for, reister the property in my sons name, how do we do that ?

Jack

[PattayaPhom]

You can register a property in a childs name.

You can't assign dept to a child.

As there is a mortgage, the kid can't be the owner.

THat is what im looking for, reister the property in my sons name, how do we do that ?

Jack

As there is a mortgage on the property it cant be transferred to your childs name

[Nakonamath]

You can register a property in a childs name.

You can't assign dept to a child.

As there is a mortgage, the kid can't be the owner.

THat is what im looking for, reister the property in my sons name, how do we do that ?

Jack

As there is a mortgage on the property it cant be transferred to your childs name

well aslong he can become the rightfull owner, so she cant flipp it very easy.

i know she is the kids mother and all, but i just want to do what i can, to ensure him he gets what was planed

Jack

[PattayaPhom]

You can register a property in a childs name.

You can't assign dept to a child.

As there is a mortgage, the kid can't be the owner.

THat is what im looking for, reister the property in my sons name, how do we do that ?

Jack

As there is a mortgage on the property it cant be transferred to your childs name

well aslong he can become the rightfull owner, so she cant flipp it very easy.

i know she is the kids mother and all, but i just want to do what i can, to ensure him he gets what was planed

Jack

Debt cant be assigned to a minor, as there is a debt (mortgage) on the condo, you CANT transfer to your childs name

[Nakonamath]

Allright, but can we secur it in another way, or should i just take the deed for safe keeping is that the solution ?

Jack

[TommoPhysicist]

Allright, but can we secur it in another way, or should i just take the deed for safe keeping is that the solution ?

Jack

Too late, there is nothing you can do to keep it.

Shouldn't have put it in her name, but then you wouldn't have got the mortgage.

I suppose you could stop giving her money for the mortgage, that's throwing good money after bad.

Edited May 23, 2012 by TommoPhysicist

[Nakonamath]

Allright, but can we secur it in another way, or should i just take the deed for safe keeping is that the solution ?

Jack

Too late, there is nothing you can do to keep it.

Shouldn't have put it in her name, but then you wouldn't have got the mortgage.

I suppose you could stop giving her money for the mortgage, that's throwing good money after bad.

well to put it in her name was the only option they said, and our son easy be the owner

[estefaniw]

While you will not be able to transfer the title to your son's name, you should be able to register a right of habitation in your son's name if you feel he needs additional security. You should consult a lawyer to draw up the agreement and make sure that it meets your needs.

[Nakonamath]

While you will not be able to transfer the title to your son's name, you should be able to register a right of habitation in your son's name if you feel he needs additional security. You should consult a lawyer to draw up the agreement and make sure that it meets your needs.

Yes i think that is the most reasonable idea

thank you

[damo]

Hi all,

I think if you look hard you'll find that if the child is in her care and aged no older thand 14 years, then she has the right to make descisions that relate to the childs property.

If you guys split and she gets custody then if she's hard up she can obtain the right to liqidate or do what ever she likes with the condo. This is'nt a bad thing really, if I passed away and my wife was destitute I would like to have some sort of options available for her.

Also another issue you may encounter is the tax applicable to gifts, this could be in the form of a house deposit, morgtage repayments, etc.

I understand the spirit of what you are trying to achieve but I personally am cautious of doing anything in Thailand that involves flirting with law, legislation etc.

As concerned as you seem about your assets I personally would borrow the maximum amount on the condo using an interest only loan and then live happily without care.

Edited June 1, 2012 by damo

[Nakonamath]

Hi all,

I think if you look hard you'll find that if the child is in her care and aged no older thand 14 years, then she has the right to make descisions that relate to the childs property.

If you guys split and she gets custody then if she's hard up she can obtain the right to liqidate or do what ever she likes with the condo. This is'nt a bad thing really, if I passed away and my wife was destitute I would like to have some sort of options available for her.

Also another issue you may encounter is the tax applicable to gifts, this could be in the form of a house deposit, morgtage repayments, etc.

I understand the spirit of what you are trying to achieve but I personally am cautious of doing anything in Thailand that involves flirting with law, legislation etc.

As concerned as you seem about your assets I personally would borrow the maximum amount on the condo using an interest only loan and then live happily without care.

I fully agree, she will have the rights, However, aslong i make it more complicated, then the chances are grater nothing will happen.

Now it sounds like we have a big problem and next week will split up, this is not the case, i just want to be the one who thought about the future, and covered my own investments, instead of beeing the one on the fora telling about my sad story where i lost my investment later on.

Jack

[TommoPhysicist]

Hi all,

I think if you look hard you'll find that if the child is in her care and aged no older thand 14 years, then she has the right to make descisions that relate to the childs property.

You are absolutely wrong.

Thai law is quite clear, property owned by a minor cannot be used as security for loans, sold or disposed of without a court order until the child is 20. Precedence shows such a court order will not be given. However, the 'JaoBaan' does have some rights over the usage of the property.

The 'JaoBaan' is usually one of the parents (Thai or foreigner) and who that person is, decided by consent of both parents at the time the property is given to the child.

Edited June 6, 2012 by TommoPhysicist

[bkk_mike]

I'm sorry, but any right of habitation given to the child would also have to get approved by the mortgage holder,

(In the event of non-payment, they'd want the right to foreclose on the property, so anything like a usufruct or right of habitation is unlikely to be approved by the loan company).

[damo]

Hi all,

I think if you look hard you'll find that if the child is in her care and aged no older thand 14 years, then she has the right to make descisions that relate to the childs property.

You are absolutely wrong.

Thai law is quite clear, property owned by a minor cannot be used as security for loans, sold or disposed of without a court order until the child is 20. Precedence shows such a court order will not be given. However, the 'JaoBaan' does have some rights over the usage of the property.

The 'JaoBaan' is usually one of the parents (Thai or foreigner) and who that person is, decided by consent of both parents at the time the property is given to the child.

Sorry I'm not a Thai family lawyer.

[lkc121]

I am not a lawyer so here goes my 2 cent : why not draw up a contract before a lawyer and state that the mother is the guardian of the property until the child reaches adult age?

Mark

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