Can I make a lease agreement?

[ilCapitano79]

I've been with my Thai girlfriend for about 4 years and I'm going to buy a house here with her help. My girlfriend works and she can take a loan from the bank. She's going to take a loan for 40% and me paying 60% of the house cost. So the house has to be in her name. My question is can I make a lease agreement even though the house is not fully paid for. Also is this a good option to safeguard my self? Is there other better options? I've read about usufruct, is this better option?

If I was to sell the house is it easy to terminate lease or usufruct?

Thanks

[ballbreaker]

The lender will not allow a lease.

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[ilCapitano79]

The lender will not allow a lease.

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Ok thank you sir. I guess there's no way to safeguard my self then.

[belg]

100% is hers as you will gift the money

soon you will come crying tha you just experienced the long con...

once the chanote is in her hands, she will wave her hands for your goodbyes

[BB1955]

A lease is possible but holds little weight . usufruct is also not an option as the home is actually owned by the bank . Your best option and this only protects you if she passes a way is have her will the house to you . As it stands if anything happened the house would go to either a child or family member . I would check out the 30 year lease option with a lawyer I think some banks will allow that .....

The bank will make her take out life insurance which will pay off the loan . That way you would have one year to sell . But as far as protection in other areas your just on your own . If you were married you might have some standing in a divorce but very little ....

[thailampang2012]

If you have the money to give 60% down payment for a house, I think will be better for you to shop around for houses and townhouses build in the way foreigners can own....or a very nice condo. With 60% down it is very possible that your will get financing in your name for the balance.

[Johnnie99]

With the best will in the world, write the money off.

[steve73]

If you put up 100% (i.e. keep the bank out of it), you will then be able to make a 30 (+30) year lease and have your name registered on the Chanote. The Land office may be reluctant to register ownership in her name and lease in your name on the same day, so it may be better to delay the latter by a week or two (during which time you are obviously exposed...). Definitely worth taking independant legal advice/assistance on this.

[Phoenix1312]

My advise is not to buy in your GF name. Take the good advice you are receiving. You will lose it all. I have a beautiful apartment at the Phuket Counrty Club for sale. You can buy it out right on your own. Send me private message if interested. Private finance available.

[ilCapitano79]

Thanks for all the answers, I've decided against buying in her name. Company route seems to risky so I guess no house for me then.

[abrahamzvi]

A lease is possible but holds little weight . usufruct is also not an option as the home is actually owned by the bank . Your best option and this only protects you if she passes a way is have her will the house to you . As it stands if anything happened the house would go to either a child or family member . I would check out the 30 year lease option with a lawyer I think some banks will allow that .....

The bank will make her take out life insurance which will pay off the loan . That way you would have one year to sell . But as far as protection in other areas your just on your own . If you were married you might have some standing in a divorce but very little ....

I am not sure that the bank will allow it, but having your name inserted on the backside of the Title Deed can safeguard your interest to an extent, in as much as your GF cannot sell the property without your permission. I would check this with the bank if I were you.

[Khunlee]

As much as a house would be nice.......buy a really good condo in YOUR name and not have a worry at all.

[Khunlee]

Thanks for all the answers, I've decided against buying in her name. Company route seems to risky so I guess no house for me then.

Good choice of ...direction ?

[donmuang37]

My situation was a little different, but may provide some insight. My wife and I are legally married and I paid cash for the house. I wrote a 30 year, pre-paid lease giving me sole possession of the house for the 30 years, if I live. (I was 65 when lease executed!) Upon my death, the lease is null and void and the house returns to my wife. It is important to note that the lease must be entered on the chanote at the land office. We did this the same day that we bought the house. The land office official spoke good English, and she told me that I was protected. But if written and signed, but not entered on the chanote, it is only enforceable for 3 years. I created English and Thai versions which were both signed. However, the lease states that in the event of a conflict between the English and Thai versions, the English version shall prevail. If you have the money, you might consider buying a condo in your own name. Buying in a girlfriend's name is risky as anyone reading Thaivisa Forums can testify.

[crazydrummerpauly]

And even with the proper legal bases covered, what about the cases of girls who simply move in the entire extended family while you are away travelling, and then line up en masse to tell you to '<deleted>> OFF' when you get back ? It happens.

[cheeryble]

My situation was a little different, but may provide some insight. My wife and I are legally married and I paid cash for the house. I wrote a 30 year, pre-paid lease giving me sole possession of the house for the 30 years, if I live. (I was 65 when lease executed!) Upon my death, the lease is null and void and the house returns to my wife. It is important to note that the lease must be entered on the chanote at the land office. We did this the same day that we bought the house. The land office official spoke good English, and she told me that I was protected. But if written and signed, but not entered on the chanote, it is only enforceable for 3 years. I created English and Thai versions which were both signed. However, the lease states that in the event of a conflict between the English and Thai versions, the English version shall prevail. If you have the money, you might consider buying a condo in your own name. Buying in a girlfriend's name is risky as anyone reading Thaivisa Forums can testify.

I thought contracts like this between husband and wife were invalid as the two people are considered one entity (a great excuse not to get married).

You get married since?

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Edited February 21, 2014 by cheeryble

[Guitar God]

In my opinion if you don't trust your wife/gf when it comes to matters of real estate, maybe it's time to reconsider your relationship.

I've been in long and short term relationships before, owned property and other assets and never once did I pre plan for what would happen if we split up. Every time we did separate it was always amicable and division of community property was fair and equitable.

My decades of interpersonal experience didn't evaporate the minute I stepped foot in Asia and I think it's bordering on racism to paint every Thai woman with the same brush.

If you're really concerned that's she's invested four years of her life just to con you out of money as another poster insinuated, buy a condo in your name. Or pay cash for a house in your gf's name and get a usufruct. Ask your lawyer but you could probably loan her the money for the house and let her buy it on her own and keep the loan agreement in your lawyer's safe.

I married a Thai woman, paid 50% down on a house, she got a mortgage for the balance and if we ever divorce she agreed we'd divide assets equally. I believe her. If I didn't I wouldn't be with her.

All the know-it-all cynics can keep their smart-assed, holier than thou comments to themselves thank you very much.

[cheeryble]

In my opinion if you don't trust your wife/gf when it comes to matters of real estate, maybe it's time to reconsider your relationship.

I've been in long and short term relationships before, owned property and other assets and never once did I pre plan for what would happen if we split up. Every time we did separate it was always amicable and division of community property was fair and equitable.

My decades of interpersonal experience didn't evaporate the minute I stepped foot in Asia and I think it's bordering on racism to paint every Thai woman with the same brush.

If you're really concerned that's she's invested four years of her life just to con you out of money as another poster insinuated, buy a condo in your name. Or pay cash for a house in your gf's name and get a usufruct. Ask your lawyer but you could probably loan her the money for the house and let her buy it on her own and keep the loan agreement in your lawyer's safe.

I married a Thai woman, paid 50% down on a house, she got a mortgage for the balance and if we ever divorce she agreed we'd divide assets equally. I believe her. If I didn't I wouldn't be with her.

All the know-it-all cynics can keep their smart-assed, holier than thou comments to themselves thank you very much.

I tend to agree about the cynicism usually shown, and suspect that those who get ripped off or are sure they are going to be are a certain type of person (or, sadly, a very gullible person which quality at least has elements one can admire).......commenters of quality will be more skillful with their words in any case.

However the situation here is generally not like a normal marriage (are they ever normal?) back home as the two sides are bringing different assets into the deal not slowly building them together, and it is not unreasonable for the provider of funds to wish to be covered, especially as for many loss of a large asset like a land and house is not repeatable ie some will be living in a rented room in perpetuity if things go wrong.

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Edited February 21, 2014 by cheeryble

[RubberBroke]

I you really want to live in a house may I suggest you proceed to buy a condo and rent it out. That way your asset is safe and the rental income can go towards paying for the rent of the house.

Quite a few condo's are being sold with tenants so you have cash coming in straight off the bat.

[MRTHAIBRI]

NO NO NO NO!!! Buy yourself a Condo in your name only. Don't trust anyone, GF or not!! Much less headaches!!!

[HughJass]

if she wants a house then pay the minimum deposit as a gift and let her pay the mortgage payment out of her own money with help from you (lets face it u were always going to

get stung for help with the payments anyway) and treat that money as paying rent for living there...if u split up then the responsibility for the loan/house is hers and u will be out of

pocket the price of a cheap secondhand car...it will also show u how reliable she is which will give u an idea on whether u want to commit to her long term

[GOLDBUGGY]

Even if you could do this you are not safe. If things go South your 60% Down Payment is also gone, with lease or no lease, because the Bank will take it away when she stops paying the Mortgage. If you decide to pay that for her, the House is still in her name. So you can't even sell it and get some of your 60% back unless she does it for you. With no real money invested by her, why should she? You are just leaving her open to Blackmail you for the rest of this 40%.

Better to start with a Cheaper Condo. You can put that fully in your name. Have your G/F pay half with you giving her a Mortgage. Once that is done, and you are still together, you can now sell the Condo and use this as the 60% Down Payment. By that time you will know each other better and you will know how dependable she is in making these payments.

I would avoid a mortgage here if you can. You can never get one here as technically you can never own a house in your name. I don't like the ways around this like setting up a fake business. You are leaving yourself open for later risk, if you are ever investigated. If you need to own a house and by then trust your G/F then buy this house in her name for cash. At the same time set up a 30 Year Lease Agreement. In this way you are safe for at lease 30 years.

Good Luck!