Wife is main loaner, I'm guarantor, Can the ownership under our joint names?

[911]

We're buying a condo, and today I was told by bank that foreigner can only be the guarantor, therefore my wife is going to take the loan, and of course we will pay back the loan together! In this case, can the ownership under our joint names?

We had previous experience of buying a condo but was in cash. And Land Dept had asked me to proof my 50% money is either transferred from overseas or from local banks saving. I successed provided them a K'Bank saving letter, so they put my name in.

But I'm wondering this time how can I give them the proof? Can the ownership still be written under our names?

Many thanks!!!

[jadee]

My advice is to hire a lawyer and think very carefully about what you agree to. I think you need to look at section 19 of the Thai condominium act.

In my understanding, whether you purchase the condo under your wife's name or jointly in your name as well, the condo will be considered yours (as the foreigner) so it will have to be in the 49% of units available to foreigners in a particular building.

The proof you need is your immigration status and FETF from your bank if you transfer money in or bank letter if using money in Thailand.

If the unit you are looking at buying isn't in the 49% quota, the bank or your wife may suggest that you buy it in her name only. You'd do this by following the same procedure as if you were buying a land or home and signing the document that none of the money is yours and you relinquish your rights to it. This may be presented as an easy option, who knows, that's why I'd suggest the lawyer! Good luck!

[911]

My advice is to hire a lawyer and think very carefully about what you agree to. I think you need to look at section 19 of the Thai condominium act.

In my understanding, whether you purchase the condo under your wife's name or jointly in your name as well, the condo will be considered yours (as the foreigner) so it will have to be in the 49% of units available to foreigners in a particular building.

The proof you need is your immigration status and FETF from your bank if you transfer money in or bank letter if using money in Thailand.

If the unit you are looking at buying isn't in the 49% quota, the bank or your wife may suggest that you buy it in her name only. You'd do this by following the same procedure as if you were buying a land or home and signing the document that none of the money is yours and you relinquish your rights to it. This may be presented as an easy option, who knows, that's why I'd suggest the lawyer! Good luck!

Thanks Jadee! The condo has only 10% foreign owned, the mortgage we're getting is 90% of the condo price. I'm currently on Non-O visa. My concern is I don't either have money transfer into Thailand or savings worth 50% of condo price, will they agree to put my name there too?

[Soutpeel]

My advice is to hire a lawyer and think very carefully about what you agree to. I think you need to look at section 19 of the Thai condominium act.

In my understanding, whether you purchase the condo under your wife's name or jointly in your name as well, the condo will be considered yours (as the foreigner) so it will have to be in the 49% of units available to foreigners in a particular building.

The proof you need is your immigration status and FETF from your bank if you transfer money in or bank letter if using money in Thailand.

If the unit you are looking at buying isn't in the 49% quota, the bank or your wife may suggest that you buy it in her name only. You'd do this by following the same procedure as if you were buying a land or home and signing the document that none of the money is yours and you relinquish your rights to it. This may be presented as an easy option, who knows, that's why I'd suggest the lawyer! Good luck!

Thanks Jadee! The condo has only 10% foreign owned, the mortgage we're getting is 90% of the condo price. I'm currently on Non-O visa. My concern is I don't either have money transfer into Thailand or savings worth 50% of condo price, will they agree to put my name there too?

I would suggest not, as at the moment the property would technically belong to the bank until you pay off the loan, ergo the loan is only in one persons name ie your wife's

in the title of your thread, you said wife is the main loaner....in fact she is the only "loaner" as guarantor you have no "status" per se, only if in the case the loan defaults they are coming after you for the cash

Edited August 26, 2015 by Soutpeel

[911]

My advice is to hire a lawyer and think very carefully about what you agree to. I think you need to look at section 19 of the Thai condominium act.

In my understanding, whether you purchase the condo under your wife's name or jointly in your name as well, the condo will be considered yours (as the foreigner) so it will have to be in the 49% of units available to foreigners in a particular building.

The proof you need is your immigration status and FETF from your bank if you transfer money in or bank letter if using money in Thailand.

If the unit you are looking at buying isn't in the 49% quota, the bank or your wife may suggest that you buy it in her name only. You'd do this by following the same procedure as if you were buying a land or home and signing the document that none of the money is yours and you relinquish your rights to it. This may be presented as an easy option, who knows, that's why I'd suggest the lawyer! Good luck!

Thanks Jadee! The condo has only 10% foreign owned, the mortgage we're getting is 90% of the condo price. I'm currently on Non-O visa. My concern is I don't either have money transfer into Thailand or savings worth 50% of condo price, will they agree to put my name there too?

I would suggest not, as at the moment the property would technically belong to the bank until you pay off the loan, ergo the loan is only in one persons name ie your wife's

in the title of your thread, you said wife is the main loaner....in fact she is the only "loaner" as guarantor you have no "status" per se, only if in the case the loan defaults they are coming after you for the cash

I agree with you that the property will belong to the bank, and possibly my name will be written on Chanot (as guarantor)? However my question is: If we could pay back the loan let's say in 7 years time together, will the Land Registry allow me to be the co-owner? ( So far I'm not see the foreign co-ownership could be obtained in such way?)

[blackcab]

Your name won't be written on the chanote as guarantor. Being a guarantor is a contract between you and the bank. It has nothing to do with the land office.

In the future, when the loan is payed off could you be added to the chanote? Maybe, but the land office would want to charge you half the fees to transfer...

[911]

Your name won't be written on the chanote as guarantor. Being a guarantor is a contract between you and the bank. It has nothing to do with the land office.

In the future, when the loan is payed off could you be added to the chanote? Maybe, but the land office would want to charge you half the fees to transfer...

Thanks for your reply. The banker has promised will have both names on Chanot (and this is the only condition i'm gonna take loan from them). I'm quite doubt it however there is no way to confirm until the day at Land Office?

[MaeJoMTB]

No way they will put your name on the Chanote,

The only thing about this you can own is the debt.

(Same as guarantor on a car loan)

The bank official is lying, or his English isn't good, or the interpreter is lying.

Lying to seal a deal ....... common in Thailand (and most of Asia).

Edited September 14, 2015 by MaeJoMTB

[blackcab]

And in this instance the debt is already owned by the bank.

[Soutpeel]

Your name won't be written on the chanote as guarantor. Being a guarantor is a contract between you and the bank. It has nothing to do with the land office.

In the future, when the loan is payed off could you be added to the chanote? Maybe, but the land office would want to charge you half the fees to transfer...

Thanks for your reply. The banker has promised will have both names on Chanot (and this is the only condition i'm gonna take loan from them). I'm quite doubt it however there is no way to confirm until the day at Land Office?

The banker is either lying to you or a baffoon, i am a gurantor on a home loan and it it aint going to happen promise, besides the bank has no say its the land office not the bank

[blackcab]

Your name won't be written on the chanote as guarantor. Being a guarantor is a contract between you and the bank. It has nothing to do with the land office.

In the future, when the loan is payed off could you be added to the chanote? Maybe, but the land office would want to charge you half the fees to transfer...

Thanks for your reply. The banker has promised will have both names on Chanot (and this is the only condition i'm gonna take loan from them). I'm quite doubt it however there is no way to confirm until the day at Land Office?

The banker is either lying to you or a baffoon, i am a gurantor on a home loan and it it aint going to happen promise, besides the bank has no say its the land office not the bank

There is a third option. The banker could be a lying buffoon.

[Thai Travel Bug]

Isn't it fact that any property or assets aquired in the marriage are classed as joint assets anyway. Your name may not be on the chanote, but if the marriage were to fail, it is an equally dividable asset. A name on a chanote would not offer anymore protection than the law in the case of divorce. If not in fear of divorce, what do you gain by having your name on the chanote anyway. You are covered in either or scenario to claim your share of the asset.

[GOLDBUGGY]

I would say not. You are looking at Land Titles for the answer where your answer lies at the bank. Those are who you need to ask.

Consider that this loan is taken out in your wife's name only. Being a Guarantor is only added insurance for the bank. It does not entitle you to ownership if your wife refused to pay. So since the loan to this property is to your wife, and the collateral for this loan is the property,it stands to reason that the property has to be in your wife's name as well. How else can they foreclose if the property is in your name also, or only your name?

They will put a lien on your property at the land titles and until they are paid in full. So it is best you talk to the bank about this first. If you do talk to the Land Titles you might want to ask them about applying a Usufruct or Long Term Lease to this property if a mortgage is also attached, to protect yourself. I know it can be done but I am not so sure if a mortgage is attached first.

[farangmick]

Isn't it fact that any property or assets aquired in the marriage are classed as joint assets anyway. Your name may not be on the chanote, but if the marriage were to fail, it is an equally dividable asset. A name on a chanote would not offer anymore protection than the law in the case of divorce. If not in fear of divorce, what do you gain by having your name on the chanote anyway. You are covered in either or scenario to claim your share of the asset

Legal niceties are all very well. But if your wife decides the marriage has gone to ratshit and wants out, a bit of paper won't save you from the trucks full of cousins from Isaan with their farming implements, who turn up to tell you it's time to go.

I am quite happy with my life here, as the poster seems to be. But the old adage of never putting more into Thailand than you can afford to walk away from (albeit a bit poorer and wiser) still holds good.

[farangmick]

Isn't it fact that any property or assets aquired in the marriage are classed as joint assets anyway. Your name may not be on the chanote, but if the marriage were to fail, it is an equally dividable asset. A name on a chanote would not offer anymore protection than the law in the case of divorce. If not in fear of divorce, what do you gain by having your name on the chanote anyway. You are covered in either or scenario to claim your share of the asset

Legal niceties are all very well. But if your wife decides the marriage has gone to ratshit and wants out, a bit of paper won't save you from the trucks full of cousins from Isaan with their farming implements, who turn up to tell you it's time to go.

I am quite happy with my life here, as the poster seems to be. But the old adage of never putting more into Thailand than you can afford to walk away from (albeit a bit poorer and wiser) still holds good.

[menzies233]

Your name won't be written on the chanote as guarantor. Being a guarantor is a contract between you and the bank. It has nothing to do with the land office.

In the future, when the loan is payed off could you be added to the chanote? Maybe, but the land office would want to charge you half the fees to transfer...

Thanks for your reply. The banker has promised will have both names on Chanot (and this is the only condition i'm gonna take loan from them). I'm quite doubt it however there is no way to confirm until the day at Land Office?

The banker is either lying to you or a baffoon, i am a gurantor on a home loan and it it aint going to happen promise, besides the bank has no say its the land office not the bank

Totally agree. 16 Years ago me and my Wife went to buy a plot of land. I was told by what I assumed was good authority (Bank and Lawyer - Thai) that my name would be registered as having a 50/50 interest in owning the land, how dumb I was!

The first piece of paper I was given by the Ampur (they handled the land transfers at the time) was a 1 page document I had to sign to say that not 1 Baht of the land payment was anything to do with marriage, basically I had to sign everything over to the wife.

[MaeJoMTB]

The first piece of paper I was given by the Ampur (they handled the land transfers at the time) was a 1 page document I had to sign to say that not 1 Baht of the land payment was anything to do with marriage, basically I had to sign everything over to the wife.

Basically you didn't,

As the land office has no rights to make legal contracts affecting marital property rights.

In the event of a contested divorce, each party is required to provide financial documentation to define source of funding for personal assets.

When she couldn't produce a money trail, worst outcome would be a 50/50 split.

On the other hand if you could provide source of funds, like money brought into your account from overseas .........

[dotpoom]

"My concern is I don't either have money transfer into Thailand or savings worth 50% of condo price,". Having the money here in "savings" wouldn't qualify you anyway...the money has to be transferred in from outside Thailand. (Many simple ways around this though, Real Estate Agents arrange it all the time). Regarding the loan aspect, I have read some good pointers in the answers on here so far.

[luk AJ]

Send money abroad and send back to the condo seller...

[georgemandm]

Why would you do it just rent and you never ever have a problem if it all Go's to sh?t

[Thai Travel Bug]

Isn't it fact that any property or assets aquired in the marriage are classed as joint assets anyway. Your name may not be on the chanote, but if the marriage were to fail, it is an equally dividable asset. A name on a chanote would not offer anymore protection than the law in the case of divorce. If not in fear of divorce, what do you gain by having your name on the chanote anyway. You are covered in either or scenario to claim your share of the asset

Legal niceties are all very well. But if your wife decides the marriage has gone to ratshit and wants out, a bit of paper won't save you from the trucks full of cousins from Isaan with their farming implements, who turn up to tell you it's time to go.

I am quite happy with my life here, as the poster seems to be. But the old adage of never putting more into Thailand than you can afford to walk away from (albeit a bit poorer and wiser) still holds good.

That is of course assuming that the only marriages that take place in Thailand are between Isaan girls and foreigners. And one further, not all the girls from Isaan should be labelled as many here label them. I have met many kind souls from Isaan who would rather feed you than fight with you, and some have become loyal friends over the years. Labels should only appear on things you buy, and if you have bought a young lady from Isaan, and you know from the onset that it was purely a financial agreement to see you into old age, be prepared for warranty problems.