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London Boy

Bought a condo with girlfriend, but how do I protect my deposit?

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If you've already parted with the 1 million, 

consider it a gift to your theerak and let that be a lesson.

 

Fat chance you will get the deposit back if the relationship goes awry.

 

If you still haven't parted with the cash, now is the time to raise the discussion with her.
It will be the perfect litmus test for how strong your relationship really is - 

Say you want 50% ownership of the condo and if she disagrees/gets angry, walk and don't look back.

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Second charge/lien on title registered at land office

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to late just pray every day  nothing bad happen in your relation ship ......KEEP YOUR EYES . i f she run  nothing you can do ....

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i agree with post #70.  if there is a problem in the relationship, she can rent the place to someone else (assuming she can't cover the mortgage payment herself).  she moves back to the type of place she had before.  and 'your' place is rented to someone else and neither of you live there.  she can't be forced to sell.  when the mortgage is paid off, she moves back in or keeps renting for the income.

 

what the OP proposes makes perfect sense in many countries.  but this isn't one of them.

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1 hour ago, BritManToo said:

So effectively,

1M3bht key money then 17k/month ....... how is that sound financial sense?

Because rather then paying that money to landlord/lady to live in a run mediocre apartments we pay it to own our condo which one day will be paid off. Surely that should be obvious. 

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1 hour ago, London Boy said:

I’m 49 and she’s 32. Although I have more risk then hers, if I was to walk away she’s stuck with a 3 million debt! Also I’d rather pay the money into a condo we both live in and enjoy, rather then to a landlady who is so stingy and certainly doesn’t have my best interests at heart. I’ll pay 75% of outgoing but that’s reflective of our present incomes. And did I mention we will be doubling our living space?

I don't think you are doing the wrong thing.... but as you haven't brought it yet, then there is time to put into place something---You can not add to the Chanuk ---that will be in the banks name. but If she is willing she can sign an agreement that she owes you X amount of money, payable on demand, or within 361 days---what ever conditions you wish to put. Or Maybe she would be happier with A dec statement done by a lawyer recognizing that you have contributed X amount & the reason it is in her sole name is because of the bank loan.

 

The fact your not married is a + as you can not make a legal agreement with your wife. I have 4 friends who went through the court system & won --in as much as they got awarded 50% of the home--but they were married, this is a different case as she has no attachment to you. Also last year I was in a civil case with a Thai man---and got the result (yes it was long and painful--but it often it is in the west also) 

 

Obviously you are going to give the funds to her in a bank cheque form and keep all payments that you make to body corp with receipts in your name.

 

Yes they are little bitter on here re these sorts of posts--but amazingly most of them have come from a situation in the west where they feel they were screwed also.

 

Good luck --you seem to know your way around real estate---but are you sure in the present climate --the value of condos wont drop some more??

 

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1 hour ago, Bender Rodriguez said:

so you have 12 properties and b.... us here over 1.3 million baht ????

 

 

I said it would be my 12th property Transaction. I didn’t say I still own them all

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Posted (edited)
10 minutes ago, sanuk711 said:

I don't think you are doing the wrong thing.... but as you haven't brought it yet, then there is time to put into place something---You can not add to the Chanuk ---that will be in the banks name. but If she is willing she can sign an agreement that she owes you X amount of money, payable on demand, or within 361 days---what ever conditions you wish to put. Or Maybe she would be happier with A dec statement done by a lawyer recognizing that you have contributed X amount & the reason it is in her sole name is because of the bank loan.

 

The fact your not married is a + as you can not make a legal agreement with your wife. I have 4 friends who went through the court system & won --in as much as they got awarded 50% of the home--but they were married, this is a different case as she has no attachment to you. Also last year I was in a civil case with a Thai man---and got the result (yes it was long and painful--but it often it is in the west also) 

 

Obviously you are going to give the funds to her in a bank cheque form and keep all payments that you make to body corp with receipts in your name.

 

Yes they are little bitter on here re these sorts of posts--but amazingly most of them have come from a situation in the west where they feel they were screwed also.

 

Good luck --you seem to know your way around real estate---but are you sure in the present climate --the value of condos wont drop some more??

 

I think this is a good point about real estate, but it’s very tricky to know where the bottom of the market is. There are other factors in play as well, such as finding someone desperate enough to sell for less then they bought it for. A rich Thai with 30 condos will never sell to you at a discount whatever the market condition. The Farang I’m buying it from is making a paper loss but in theory a cash gain as he bought it when the £ was ฿70 14 years ago

Edited by London Boy
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Don't ever invest in Thailand what you can't walk away from.

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6 hours ago, London Boy said:

So if we ever split I want that deposit paid back to me.

London Boy

My next door neighbor bought a home, he is from Belgium.  The home had to be in his girlfriends name since she is Thai.  He went to an attorney and had a lifetime lease drawn up.  He pays her a small amount each month but she is obligated to let him remain in the home for the rest of his life. 

With yours, I don't know at this point.  The condo is likely only in her name as is the loan.  You could go to an attorney and have them draw up a mortgage that puts you second behind the bank.  That would mean that she would have to pay you should she ever sell the condo but if you split and she remains there it would do nothing for you.  

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4 hours ago, thaibeachlovers said:

Most men marry to have sex, so it's kind of important.

Really? You invest all that time and money for a cheap commodity?

 

The only advantages to being married are, a family, if you are into that - - and companionship... 

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You can own the condo in joint names, which would mean owning 50 per cent of the property each. This is problematic, because you have not paid for 50 per cent of the property. You will pay 1.3 million and your partner will pay 3 million via a mortgage.

 

In addition, the bank would also have to agree to your being a joint owner, which in this situation they would only do if you were a joint mortgagee.

 

As such it is improbable that you would be registered on the title deed as a joint owner.

 

This then leads us on to the question of whether or not you could have an encumbrance registered on the title deed in your favour. The problem with this is that the bank providing the mortgage will insist on being listed as the first mortgagor of the property. This position then allows them to accept or decline whether any other encumbrance is placed on the property. In all probability, the bank will not allow another encumbrance to be listed as it would affect their ability to sell the property if your partner did not repay the mortgage.

 

The final position you are in is that it is most unlikely that you will end up with a real property right. The best you will be able to do is to sign a civil contract with your partner which would not be secured against the property. If your partner declined to not repay your loan then the only option you would have is to take the matter to Civil Court. This would be an expensive option, and there is a substantial likelihood that after years of protracted litigation that you would have to pay for, you would still not receive any repayment at all.

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Various off topic posts have been removed.

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Can't you have an usufruct agreement drawn up on the condo? At least she won't be able to sell it without your consent if I am right.

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