put condo into thai wifes name. what is needed

[pumpjack]

condo is not finished but is near completion soon.      i have a contract and want to put it in  thai wife  name.         obviously get chanote on completion.  im in thailand she is in uk.       what is needed to do this,  do i do it at the developers office or go to a lawyer and do it ?  she can send me her passport and ID card copies.

 

i would like it in a joint name , can i do this  ?      main reason is this,      i want to avoid the hassle of putting it in thai company name ( been reading theres going to be a major crackdown on thai company name )        it is for investment for our 7 year old daughter anyway so please,  no funny remarks about my wife running off with the money.              i can put it in foreign name but am unprepared to spend anymore money on this i have allready paid amount 2.5M  in full cash and running out of funds , lost my job etc etc  so dont really want to part with a further 300000 baht.       we have talked and we will try sell taking 50-50 .     if not rent it out ,     if rental isnt working for us  then we will all use it  as holiday home and give to the kids it in  not too distant future. 

 

what would you do ?       what is best approach to take here.    as i say i would like it in joint name but in joint name would it be a better option ?  

 

THANKYOU

[pumpjack]

forgot to add.      also , maybe it will be easier to try to sell it if its not in a company name ?   even looking on thaivisa everyone 90% says do not buy under a thai company name .

[Peterw42]

If you dont have the Chanote yet, it should be pretty easy to put in in wifes name. The developer will probably charge to transfer the contract. Depending on availability, Foreign ownership may get better resale. Joint names is not possible.

[blackcab]

Why don't you put it in your name? Is there a good reason why you are not doing that?

 

You've talked about using your wife's name, both your names and also using a company. Why not do the obvious thing?

[KittenKong]

9 hours ago, blackcab said:

Why don't you put it in your name? Is there a good reason why you are not doing that?

 

As far as I know he doesnt want to pay the extra to the developer that would be needed to buy the unit in foreign name.

 

I've read of people putting condos into their minor childrens' names and maybe that would be suitable in this instance? As far as I know if this is done then the unit cant be sold until the child is adult.

 

Though I cant help thinking that the OP would do best by selling the contract before completion, even at a loss, rather than hang onto the unit afterwards.

[blackcab]

If money is an issue then do what has been suggested and sell it now. You will need the money more than a second home.

 

Again, as has been suggested you can put the unit in your child's name - however when you do that it will be very difficult to get permission from the Court to sell. Logically, it's meant to be difficult because the Court views the property as the child's. 

[pumpjack]

20 hours ago, blackcab said:

Why don't you put it in your name? Is there a good reason why you are not doing that?

 

You've talked about using your wife's name, both your names and also using a company. Why not do the obvious thing?

 

 

as stated i allready pay 2.5  not willing to pour more money down the drain.

 

child can still rent it under her name ( obviously we adults can )

 

matrix tell me yesterday that a joint name is doable/agreeable and can be done so where does that info come from that condo cant be joint name, please check facts before posting .

 

i would like to sell contract now,  get the hell out of it asap !!!

 

anyone got a list of " decent agents " in pattaya or should i use facebook etc and do it myself under various facebook pages ?  

Edited September 20, 2016 by pumpjack
wrong text

[bubba1]

Sell it and invest in English lessons.

[pumpjack]

3 minutes ago, bubba1 said:

Sell it and invest in English lessons.

 

 

get a life and stop talking nonsence,  are you depressed or just angry ?

[AlexRRR]

Ahhh Pattaya market....id try and flip it now...go back to the sales/developer they would be the best since there handling the building sales, commission will be required and only they could get you a good price Pattaya condo market is saturated right now.

 

 

[blackcab]

1 hour ago, pumpjack said:

matrix tell me yesterday that a joint name is doable/agreeable and can be done so where does that info come from that condo cant be joint name, please check facts before posting .

 

Where did I say joint ownership is not possible? I know very well that it is possible.

 

What you may not know is that if you and your wife are jointly listed on the chanote the unit falls under the foreign quota unless you volunteer to assign the ownership wholly to your wife.

 

The form to do this is wholly in Thai and only requires one signature from you. So be careful what you sign.

[KittenKong]

3 hours ago, blackcab said:

What you may not know is that if you and your wife are jointly listed on the chanote the unit falls under the foreign quota unless you volunteer to assign the ownership wholly to your wife.

 

Dont you mean that it comes in Thai quota if one of the names is Thai? That's what I always understood though I've never paid much attention as it would never affect me personally.

 

Otherwise it would not apply in the OP's case unless he pays the farang premium which we already know he doesnt want to do.

[blackcab]

1 minute ago, KittenKong said:

 

Dont you mean that it comes in Thai quota if one of the names is Thai? That's what I always understood though I've never paid much attention as it would never affect me personally.

 

Otherwise it would not apply in the OP's case unless he pays the farang premium which we already know he doesnt want to do.

 

No, I meant what I said.

 

If a Thai person married to a foreigner purchases a condo whether solely in their (Thai) name or in joint names, the condo should go in the foreigner quota, unless the foreigner partner signs away any interest in the condo.

 

Sounds strange, and I'm sure a lot of JPMs don't know this, but that's the way it is.

 

You can read about it here:

 

https://www.samuiforsale.com/real-estate/ownership-of-a-condominium-unit-by-a-thai-married-to-a-foreigner.html

 

It's a well written article and saves me having to go on about indivisible assets, etc.

[KittenKong]

7 hours ago, blackcab said:

No, I meant what I said.

 

If a Thai person married to a foreigner purchases a condo whether solely in their (Thai) name or in joint names, the condo should go in the foreigner quota, unless the foreigner partner signs away any interest in the condo.

 

Sounds strange, and I'm sure a lot of JPMs don't know this, but that's the way it is.

 

Well, it does have some Thai logic to it when one remembers that their main concern is preventing foreigners from owning more of the building than Thais do. Counting partial ownership by a farang as full farang ownership does massage the numbers a bit.

 

But it would not apply to the OP anyway.

[pumpjack]

On 20/09/2016 at 1:37 PM, bubba1 said:

Sell it and invest in English lessons.

 

i have decided on this route,   put it wholly in thai wifes name.   we have daughter and it will be for her investment in future if it doesnt sell now ( sell the contract ).     

 

will that make it more attractable to any potential buyer ?   i mean no one wants to buy anything which has had thai company ownership right ?   

 

best way forward now for me is to search out any decent agents in pattaya or beyond,  list it with them and hope for the best . 

 

completion 2-3 months away .   

 

thoughts please. 

Edited September 24, 2016 by pumpjack

[blackcab]

A Thai person will buy from a company as it makes no difference to them. But they will not buy the company structure that goes with it.

 

At which point you would have an empty company to close, and believe me, that is not easy to do.

[pumpjack]

25 minutes ago, blackcab said:

A Thai person will buy from a company as it makes no difference to them. But they will not buy the company structure that goes with it.

 

At which point you would have an empty company to close, and believe me, that is not easy to do.

 

the company has not been formed yet,        contract stages now, i have only a contract.  i want to avoid company name at all cost !      that is why the contract now needs to go into wifeys name .

 

thanks anyway

[kimmy]

At the land office you must sign a separate sale contract in Thai only, you can put that official sale contract in her name. If it is registered in her or your name it is for Thai law automatically considered owned by husband  and wife. The land office may ask your wife about her marital status and when it is to a foreigner they will put the unit as foreign owned, or if you sign away your rights at the land office it can be in her name alone as a separate personal asset. Then the unit is also  considered Thai owned. If you agree with the developer to do it this way you may be able to just amend your contract a bit. Should not be difficult.
 

[KittenKong]

2 hours ago, blackcab said:

At which point you would have an empty company to close, and believe me, that is not easy to do.

 

By all accounts it also seems to be relatively expensive.

[pumpjack]

i need to avoid thai company name,  it can only be a bad thing,  surely ?