Complicate Situation In Buying A Landed Property

[yewjin]

Hi will be buying a landed property in Thailand.

Here is my situation :- Current property is under a thai owner who has an outstanding of a million baht and is willing to sell the property at the outstanding amount owed to the bank. He bought the property less than 2 years now and this is a private sale.

Question :

1. What would be the right procedure in buying a property with the scenario above? Will be buying it in cash.

2. Would I need to engaged a lawyer? or can this be done without one while protecting our interest.

We spoke to the bank on the outstanding amount and they have asked us to settle the amount before we are able to go to the land office for the transfer. My concerns were can the seller be nasty and change his mind not to go to the land office after the transfer or con us into paying his loan and not go to the land office after that?

More questions :

3. Best payment method? Cash / Banker's cheque of a local bank - I would presume payment is made to the bank.

4. Can the land documents and transfer be signed before the outstanding amount paid to the bank - that way we need to only present this to the land office once payment is made. Or the seller needs to be present at the land office?

5. What does the seller need to furnish us with in order for the transfer to be successful?

6. How much does a lawyer cost for a transaction like this?

Any recommendation for a lawyer in Lampang?

Thanks in advance. Any advice appreciated.

[Rancid]

I bought a house where the bank held the title. I paid out the bank loan and the bank took us up to the land office and organised the transfer from them to us. All this was clear before the transaction took place. The owner was just an observer to the whole thing. However a lawyer wouldn't be a bad idea, just make sure they are actually working for you.

[yewjin]

I bought a house where the bank held the title. I paid out the bank loan and the bank took us up to the land office and organised the transfer from them to us. All this was clear before the transaction took place. The owner was just an observer to the whole thing. However a lawyer wouldn't be a bad idea, just make sure they are actually working for you.

Thanks. So I would presume that the bank would organise all of this for us.

Wouldnt the title be in the name of the seller but held by the bank until full payment is made. According to the bank here, once the full amount is paid, we have to settle with the land office with the seller ourselves. All the bank will be giving us / seller is the release letter.

[dave111223]

The entire deal should be done at the land office on the day of the transfer.

You will be there, the owner will be there, and a rep. from the bank will there. You'll hand a check to the bank rep., then tax will be paid (depending on who has agreed to pay the tax in your prior negotiations) and then the land department will put your name as the owner on the chanote and remove the loan.

Do not hand over any money except while on the premises of the land office.

If someone involved in the transaction (owner or bank) is telling you otherwise, I'd walk away from the deal right away.

Note that all the major banks have personnel permanently stationed at the land offices to handle this.

Edited December 18, 2012 by dave111223

[TommoPhysicist]

You aren't Thai, you can't buy land.

[PattayaPhom]

As per daves post, the entire transaction is done at the land office on day of transfer.....the bank/lender will be there with you and the current owner...DO not hand money over befor!..This is quite a common procedure.

[rickirs]

You are a thai citizen yes? If you are a foreigner last I heard you cannot own land even if married to a thai. In which case you are just giving the current owner free money and you will not get it back.

[yewjin]

The entire deal should be done at the land office on the day of the transfer.

You will be there, the owner will be there, and a rep. from the bank will there. You'll hand a check to the bank rep., then tax will be paid (depending on who has agreed to pay the tax in your prior negotiations) and then the land department will put your name as the owner on the chanote and remove the loan.

Do not hand over any money except while on the premises of the land office.

If someone involved in the transaction (owner or bank) is telling you otherwise, I'd walk away from the deal right away.

Note that all the major banks have personnel permanently stationed at the land offices to handle this.

That sounds like right.

[yewjin]

You aren't Thai, you can't buy land.

No a thai national will be buying the house

[yewjin]

You are a thai citizen yes? If you are a foreigner last I heard you cannot own land even if married to a thai. In which case you are just giving the current owner free money and you will not get it back.

Yes I am well aware that a foreigner cannot own land in Thailand.

[yewjin]

As per daves post, the entire transaction is done at the land office on day of transfer.....the bank/lender will be there with you and the current owner...DO not hand money over befor!..This is quite a common procedure.

Here is an update from the said bank.

A sale of an agreement / piece of paper will be signed between the buyer and seller confirming that the seller agrees to sell to the buyer. The agreement then gets stamped. This can be drafted by a lawyer.

Payment is then made. Bank releases the documents - i.e. land title, etc. to the buyer. And then off we go to the land office to get everything transferred.

Though I like the idea of everything is done at the land office and everything is signed before hand sounds like a more realistic way of doing things but it is said that this is their common practice. Sigh.

[TommoPhysicist]

As you can't own the land, not being a Thai, and a Thai would know how to purchase the land ....

Why are you asking us, who also can't own land, so obviously won't know the process.

I always think when a non-Thai is asking other non-Thais for information on an entirely Thai matter, said poster is being set up for something.

Just saying ...........

[arch77778]

As land is being discussed please advise on the following.I am a foreigner and my Thai GF wishes to buy land for which i will pay.As a foreigner may not own land ,what is the situation should we split up.If we had a house built on the property can the house be registered in both our names and what is the position then, should we split up.I am trying to ascertain my rights before committing myself.Any advice will be appreciated and if if there are options to consider, with regard to the purchase of land and erecting a house,that will be most welcome.I understand that there may be an option with regard to land leasing but once again details will be welcome.

[dave111223]

Here is an update from the said bank.

A sale of an agreement / piece of paper will be signed between the buyer and seller confirming that the seller agrees to sell to the buyer. The agreement then gets stamped. This can be drafted by a lawyer.

Payment is then made. Bank releases the documents - i.e. land title, etc. to the buyer. And then off we go to the land office to get everything transferred.

Though I like the idea of everything is done at the land office and everything is signed before hand sounds like a more realistic way of doing things but it is said that this is their common practice. Sigh.

I'd get to walking from this deal. Sounds like someone is trying to hoodwink you. If you did it the way you described there is absolutely nothing stopping the owner from getting in his car at the bank with his fully paid land deed and driving off to who-knows-where. Other than your "stamped bit of lawyers paper", which will be worth f***all.

Edited December 18, 2012 by dave111223

[TommoPhysicist]

As land is being discussed please advise on the following.I am a foreigner and my Thai GF wishes to buy land for which i will pay.As a foreigner may not own land ,what is the situation should we split up.If we had a house built on the property can the house be registered in both our names and what is the position then, should we split up.I am trying to ascertain my rights before committing myself.Any advice will be appreciated and if if there are options to consider, with regard to the purchase of land and erecting a house,that will be most welcome.I understand that there may be an option with regard to land leasing but once again details will be welcome.

No matter what you do, you would have a hard time recovering any of the money.

Any legal protection you could get, would be unlikely to stand up in Thai court, or in the face of the Thai thugs she would subsequently hire. Most of my pals just walked away, a few ran.

Best you can do IMHO is let her get a 90% home loan from a bank, and you give her the 10% deposit and pay the monthly installments while you are together, then your money is safe.

Edited December 19, 2012 by TommoPhysicist

[taninthai]

Bottom line is can't own land ,only lease , can own house but not the land it sits on ,nothing wrong with buying in wifes/ girlfriends name but need to be aware if it all goes tits up you have to walk or run away from everything ,even if you have lease or usufruct doesn't matter when it all goes wrong thai thugs and family members could make you life a living nightmare and you would want to leave in the end with nothing

[Khun Jean]

.... when it all goes wrong thai thugs and family members could make you life a living nightmare and you would want to leave in the end with nothing

Thai tugs and family members are only ever a problem when the wife or girlfriend was devoid of scruples in the first place.

When in the first years buy a condo or rent, after the rose colored glasses come off only then it is time to consider buying something together but in her name.

[Soutpeel]

As land is being discussed please advise on the following.I am a foreigner and my Thai GF wishes to buy land for which i will pay.As a foreigner may not own land ,what is the situation should we split up.If we had a house built on the property can the house be registered in both our names and what is the position then, should we split up.I am trying to ascertain my rights before committing myself.Any advice will be appreciated and if if there are options to consider, with regard to the purchase of land and erecting a house,that will be most welcome.I understand that there may be an option with regard to land leasing but once again details will be welcome.

In practice you will have no rights, you not even married so couldnt even argue a 50/50 split in the case of divorce, best bet...get the GF to get a mortage in her name and you contribute, obviously no more that you would be prepared to pay monthly in rent....if everything goes t*t's up...you have only spent money, you would have spent in rent anyway...

[Khun Jean]

To Arch7778

Get a usufruct on the land for the duration of your live. cost about 180 baht.

Build the house you want in your name only.

Make sure everything you do starting from the design of the house, the building permit, the build itself, the electricity/water are all on your name.

When you split with your girlfriend (actually you never 'bonded' so there is no split, certainly not in legal terms) you just own what is in your name. She would own the land, you would own the usufruct and the house.

Nothing complicated as when married with a Thai.