contract to keep condo in my name

[Harveyboy]

hello all im just wanting to ask if anyone here on T.V has done a contract like this before ..im closing down my company which i set up to buy a condo   due to circumstances im transferring it into my wifes name on the understanding that if separation of divorce the condo is sold and funds placed in a named account. a company in BKK said this is not unusual and has been done many times in the past but a legal documents have to be drawn up with my wife waving the condo if the above was to happen it is a way of getting rid of the company without selling the condo which i do not want to do  the company ive been in touch with to do the work is abbey blue lawyers once based in Phetchabun now in BKK  anyone had any dealing or heard of them feed back would be appreciated tks

[Peterw42]

A good idea to include a clause that the condo cant be used as security for a loan. Lots of stories where the condo doesnt get sold etc, but husband finds out wife has been borrowing against the property.

[LannaGuy]

I assume the 'farang' quota is used up?  if not your name is the obvious thing if impossible an Usufruct

[Harveyboy]

17 hours ago, Peterw42 said:

A good idea to include a clause that the condo cant be used as security for a loan. Lots of stories where the condo doesnt get sold etc, but husband finds out wife has been borrowing against the property.

yes mate thanks for that i will any other advise would be welcome

[Harveyboy]

17 hours ago, LannaGuy said:

I assume the 'farang' quota is used up?  if not your name is the obvious thing if impossible an Usufruct

hello mate yes Farang quota all gone or i would have gone down that path can you tell me more about Usufruct if you dont mind im not that clued up on these things as you can see. would this be an option to using a lawyer to do what i explained in previous post ? would be good if i could tks

[Destiny1990]

I not an expert but any contract would not stop the person whose name is on title deed to sell or to loan against the property.a better protection would be to add an mortgage on the property in ur name on the title deed so in case of a sale u would be repaid first.this way thr cant loan agaist the propert either as its morgaged already.

[LannaGuy]

55 minutes ago, Harveyboy said:

hello mate yes Farang quota all gone or i would have gone down that path can you tell me more about Usufruct if you dont mind im not that clued up on these things as you can see. would this be an option to using a lawyer to do what i explained in previous post ? would be good if i could tks

 

Put in Thai name and you can have your name on the Usufruct and you get the 'rights' to live there for your whole life. The Thai name cannot sell or rent out without your permission. I have this and my name is on the Chanot - need a lawyer or a trusted friend and your land office will be well used to doing this. If you die, of course, the Thai gets the property but as I will be in Heaven I won't be worrying about that   

[blackcab]

2 hours ago, LannaGuy said:

 

Put in Thai name and you can have your name on the Usufruct and you get the 'rights' to live there for your whole life. The Thai name cannot sell or rent out without your permission.

 

A Usufructor can sell their property without the permission of the Usufructee - however the Usufruct continues uninterrupted. In reality the chances of someone buying a property with a Usufruct registered against it are slim, but that doesn't stop the owner being able to sell should they be able to find a buyer.

[LannaGuy]

8 minutes ago, blackcab said:

 

A Usufructor can sell their property without the permission of the Usufructee - however the Usufruct continues uninterrupted. In reality the chances of someone buying a property with a Usufruct registered against it are slim, but that doesn't stop the owner being able to sell should they be able to find a buyer.

 

I'm sorry to contradict you but... it's not true as the Land Office will not do the transfer and register the sale and I have direct experience of this

[blackcab]

OP - the problem you have is that a contract in Thailand is only enforceable in Court, and that can take several years to play out.

 

The other problem you have is that if the money is to be placed in a specified account, whose account is it? If it is yours, and you are trying to keep 100 per cent of the money from the sale, then you are on very thin ice. All your (ex) wife would have to do is refer the matter to the divorce Court and ask them for half of the proceeds from the sale.

 

She would most likely receive half the proceeds, because the key point you need to consider is that a contract or an agreement cannot override Statute law. It doesn't matter what you agree - if your agreement is in conflict with the law, the law is given priority. In this case, the law would be that assets acquired during marriage are equally divided at the time of divorce (with some exceptions).

 

Also consider that any contract made between husband and wife can be cancelled by either party within one year of divorce, as long as third parties are not affected. So your contract would be pretty worthless.

[blackcab]

6 minutes ago, LannaGuy said:

 

I'm sorry to contradict you but... it's not true as the Land Office will not do the transfer and register the sale and I have direct experience of this

 

I will have to disagree with you as I have direct experience to the contrary. A Usufruct doesn't stop the owner selling their property (however the new owner would be bound to honour the existing usufruct).

[LannaGuy]

1 hour ago, blackcab said:

 

I will have to disagree with you as I have direct experience to the contrary. A Usufruct doesn't stop the owner selling their property (however the new owner would be bound to honour the existing usufruct).

 

Agree to disagree I have direct experience of Land Office not allowing me to buy a property as they could not contact the Usufructee and the sale fell through as LO informed us Usufructee has rights and must agree the sale. 

Edited January 7, 2017 by LannaGuy

[Harveyboy]

4 hours ago, blackcab said:

OP - the problem you have is that a contract in Thailand is only enforceable in Court, and that can take several years to play out.

 

The other problem you have is that if the money is to be placed in a specified account, whose account is it? If it is yours, and you are trying to keep 100 per cent of the money from the sale, then you are on very thin ice. All your (ex) wife would have to do is refer the matter to the divorce Court and ask them for half of the proceeds from the sale.

 

She would most likely receive half the proceeds, because the key point you need to consider is that a contract or an agreement cannot override Statute law. It doesn't matter what you agree - if your agreement is in conflict with the law, the law is given priority. In this case, the law would be that assets acquired during marriage are equally divided at the time of divorce (with some exceptions).

 

Also consider that any contract made between husband and wife can be cancelled by either party within one year of divorce, as long as third parties are not affected. So your contract would be pretty worthless.

Perhaps I should have made it clear the condo was bought 2 years before we met we actually get married in 6 weeks time Im transfering the property over this tuesday does that make a difference Im sorry if I confused it by saying wife habbit  should have made it clear 

[grankboy]

Like I said on your other post there a good firm, and always done a good job for me.

Putting anything into your Thai gf/wife name is risky, you should get yourself protected asap. Seen it to many times where the farang loses everything.

[Harveyboy]

4 hours ago, blackcab said:

OP - the problem you have is that a contract in Thailand is only enforceable in Court, and that can take several years to play out.

 

The other problem you have is that if the money is to be placed in a specified account, whose account is it? If it is yours, and you are trying to keep 100 per cent of the money from the sale, then you are on very thin ice. All your (ex) wife would have to do is refer the matter to the divorce Court and ask them for half of the proceeds from the sale.

 

She would most likely receive half the proceeds, because the key point you need to consider is that a contract or an agreement cannot override Statute law. It doesn't matter what you agree - if your agreement is in conflict with the law, the law is given priority. In this case, the law would be that assets acquired during marriage are equally divided at the time of divorce (with some exceptions).

 

Also consider that any contract made between husband and wife can be cancelled by either party within one year of divorce, as long as third parties are not affected. So your contract would be pretty worthless.

The assets ie condo.was purchased 2 years prior to our relationship we actually marry in 6 weeks time sorry for the misunderstanding wife is a term I use  I transfer the condo over next week 

[grankboy]

Why don't you do a contract first then transfer the condo ?

[Harveyboy]

12 minutes ago, grankboy said:

Why don't you do a contract first then transfer the condo ?

This is what I was going to do but a few members here have said contract would be useless against thai law ive just told my lawyer to hold on with the work in signing it over on tuesday .I read 1 post who suggested a mortgage  which would guarantee I could not be locked out of it could not be sold how would thst work  help welcome 

[Harveyboy]

8 hours ago, Destiny1990 said:

I not an expert but any contract would not stop the person whose name is on title deed to sell or to loan against the property.a better protection would be to add an mortgage on the property in ur name on the title deed so in case of a sale u would be repaid first.this way thr cant loan agaist the propert either as its morgaged already.

Can you tell me how this would work so I put that I have a loan for the property or that she is borrowing the money from me   the later was suggested to me but then I have to pay a percentage at the LO for this is that correct  

[grankboy]

Why don't you talk to abbey blue if there acting for you, I know they did mortgage agreement with my son's condo a few years ago ( he has sold it since ) can't remember how it all works but there clued up. Even if it costs 1 or 2 % of the loan it would be worth it. Speaking to the correct people is the key in matters like this.

[Destiny1990]

2 hours ago, Harveyboy said:

Can you tell me how this would work so I put that I have a loan for the property or that she is borrowing the money from me   the later was suggested to me but then I have to pay a percentage at the LO for this is that correct  

U give her the property in her name.but on title deed u let register a mortgage amount with ur name stated as the mortgage giver.now nobody cant do anything with the property before u get repaid first.yes u need to pay a registration fee to have the mortgage registered  at the landoffice and on ur titledeed.i think the mortgage gives u more control and security then the  Usefruct.for exact details better contact a lawyer.

[blackcab]

5 hours ago, Harveyboy said:

Perhaps I should have made it clear the condo was bought 2 years before we met we actually get married in 6 weeks time Im transfering the property over this tuesday does that make a difference Im sorry if I confused it by saying wife habbit  should have made it clear 

 

Yes it makes a difference. The condo would be in her name before you got married, so if you divorce it remains hers 100 per cent. You can have a contract about the proceeds of any sale, but what are you going to do if she doesn't honour it?

 

Also, what would you do if she took a large loan against the property?

 

What about if she refuses to divorce you and you have to wait 3 years before you can even start divorce proceedings... but in the meantime she edicts you from the property?

 

I'm not saying any if this would happen, I'm simply explaining some of the numerous possibilities.

[MyFriend You]

What I don't understand is why he is so worried about it, must have some misgivings about marraige - I have been with the same lady almost 18 years, not married, but am 'more married than most married people' I know.  If the purpose for marraige is or a Visa, there are other less painful ways of getting one.  Talking about 'building in protections against a future wife' seems like a bad way to start off a relationship - he must have some suspicions - said it before, say it again - use the Lawyer firm, other posters have and are satisfied.  I started off my relationship with buying her property, seems to have stopped all shenanigans agsinst anything I might own.  

Edited January 7, 2017 by TunnelRat69

[Harveyboy]

13 hours ago, Destiny1990 said:

U give her the property in her name.but on title deed u let register a mortgage amount with ur name stated as the mortgage giver.now nobody cant do anything with the property before u get repaid first.yes u need to pay a registration fee to have the mortgage registered  at the landoffice and on ur titledeed.i think the mortgage gives u more control and security then the  Usefruct.for exact details better contact a lawyer.

Tks mate  ill talk to my lawyer on.tuesday

[Harveyboy]

9 hours ago, TunnelRat69 said:

What I don't understand is why he is so worried about it, must have some misgivings about marraige - I have been with the same lady almost 18 years, not married, but am 'more married than most married people' I know.  If the purpose for marraige is or a Visa, there are other less painful ways of getting one.  Talking about 'building in protections against a future wife' seems like a bad way to start off a relationship - he must have some suspicions - said it before, say it again - use the Lawyer firm, other posters have and are satisfied.  I started off my relationship with buying her property, seems to have stopped all shenanigans agsinst anything I might own.  

Yes mate I suppose it seems that way but really im probably over reacting I dint know I got stung pretty bad in my divorce once bitten eh..she is a good womam good family and job in the government itsjust hearing so many stories I think the world of her and been together 3 years  I would not be betting married if the there was a great doubt  its id just like things in place if you understand mate  thanks for the feed back and im sure things will.be fine have a good day mate 

[Gary A]

If you set up the company and bought the condo before you married, you can keep the company and the condo. Dissolving the company and putting the condo in your wife's name would likely throw a wrench into the transaction. I'd keep the company for my own peace of mind.

[Uncle Bob]

Stupid question maybe but why don't you just sell the condo and have money in your bankaccount?

[Uncle Bob]

. oops

 

[blackcab]

On 1/7/2017 at 3:50 PM, LannaGuy said:

 

Agree to disagree I have direct experience of Land Office not allowing me to buy a property as they could not contact the Usufructee and the sale fell through as LO informed us Usufructee has rights and must agree the sale. 

 

This is the main reason why a Usufructee should not have any say in the sale of a property. By being unobtainable, the Usufructee can hold the Usufructor to ransom. That's not what a Usufruct is about.

 

If you think about it, would a Lessee with a lease greater than 3 years, (correctly registered on the chanote), also find themselves in the situation where they need to be contactable for the sale to progress? In my experience that's not the case.

[Harveyboy]

On 08/01/2017 at 8:32 PM, Gary A said:

If you set up the company and bought the condo before you married, you can keep the company and the condo. Dissolving the company and putting the condo in your wife's name would likely throw a wrench into the transaction. I'd keep the company for my own peace of mind.

Yes decided to do this for the time being