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London Boy

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

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First I had to check was if you just joined TV. 2014 it says. After all the reading in TV you decided to first buy and ask later how to prote t your assets. Well it seems you're screwed unfortunately. Only if you can get her to sign some kind of agreement but I guess asking that would start a not so good relationship for you.. 

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4 hours ago, Andy from Kent said:

Do you know for a fact that a legal document can't be drawn for a personal load guaranteed with proceeds from selling the property?  Forget about the bank.    I'm talking about a personal loan to be paid in the event the property is ever sold.  Maybe a legal expert can chime in but in the meantime I believe you have the wrong idea.🤪

 

 

I already answered this in my post #45..read it first.

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3 hours ago, chilly07 said:

Second charge/lien on title registered at land office

See my post #45...Cannot do this until the loan is 100% paid off, as until that time, the Condo is owned by the Bank.

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1 hour ago, Bigz said:

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.

No because she doesn't own it..the bank does until the Loan is paid off.

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1 hour ago, newnative said:

   My partner (Thai) and I (foreigner) bought a condo in Bangkok and we were both on the chanote.  The condo was in foreign quota.  We didn't use a mortgage, though, so not sure if that would work in your situation.  As others have said, I would consult a lawyer before doing anything else.  

You bring up a good point about the foreign quota. OP will need to research that, although until the loan is paid it is a mute point.

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9 hours ago, PatchinExPat said:

You better find a good trust worthy Thai lawyer now

later will be to late.

I don't know who that would be, maybe ask for lawyer 

recommendations rather than legal advice on here.

It is merely 1.3m THB, if it goes south, chalk it up to experience, most people spend this on lifestyle living over 3 yrs.

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5 hours ago, blackcab said:

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.

Thanks Black Cab. That’s the most sensible advice I’ve received. I get the feeling you’re a practicing lawyer or a retired lawyer?

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10 hours ago, bkk6060 said:

They are not married it is his GF.

Well,even worse.

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9 hours ago, London Boy said:

Actually that's not quite true. I bought a house in New Zealand with my ex wife. We bought it in the name of a limited company and the company took a loan from me, and when we unfortunately divorced, the loan had to be paid back. Houses in Auckland are quite pricey and the deposit was $210,000 so it was well worth paying for the legal work before hand. However both the loan, title and limited company were in joint names, so slightly different scenario.

It is a condo so it can be in a farang name or in joint names. If you get divorced you would have to sell and split 50 / 50 unless either of you could buy the other half out. Until the mortgage is paid off the bank will hold title so the condo would have to be sold, the bank would take what ever it is owed and maybe, what ever is left gets handed out. I know you have been divorced and had a property split before so will be on alert but if you have that much doubt about this relationship, don't even go there. 

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Just to clarify about ownership and mortgages:

 

If real estate such as land or a condo is purchased using money obtained from a mortgage, the property is not owned by the mortgagor. The property is owned by the mortgagee. In other words, the bank does not own the property.

 

The legal state of affairs is that the bank has an encumbrance that is secured on the property. This encumbrance gives the bank several protections which are designed to ensure that they get repaid according to the contract between the mortgagor and the mortgagee.

 

Crucial distinctions are that you do not need the bank's permission to improve the property and you do not need the bank's permission to sell the property as long as the sale results in the full and final payment of the mortgage secured against the property. Clearly, you cannot sell the property and not repay the bank in full as that would mean the bank would have no repayment and also no security, which is not a fair and reasonable situation.

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3 hours ago, Catkiwi said:

It is a condo so it can be in a farang name or in joint names. If you get divorced you would have to sell and split 50 / 50 unless either of you could buy the other half out. Until the mortgage is paid off the bank will hold title so the condo would have to be sold, the bank would take what ever it is owed and maybe, what ever is left gets handed out. I know you have been divorced and had a property split before so will be on alert but if you have that much doubt about this relationship, don't even go there. 

You don't know that it can be in a foreign name - some condos can only be owned by Thais.

They are not married so divorce is unlikely.

 

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