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stubuzz

Buying a house with installments paid directly to the owner

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Posted (edited)
3 hours ago, stubuzz said:

So the terms can be added to the chanote?

Would the Land Office have any pre-made contracts for this scenario?

It is not the land offices job, its yours to put your house in order, so to speak! 

Of course they won't make such arrangements or contracts of this nature.

A previous poster has already told you to go to a lawyer and get an airtight contract.

What if they have already borrowed on the property? If it is informal it won't be registered. The chanote needs checking and a proper contract and deed of purchase needs doing. Do not fall for the old chestnut,  we are friends and known each other for years, its all <deleted>.

You seem to be asking for trouble and to lose money and get grief by not doing things correctly.

Go to the bank and do it properly. Besides,Interest rates worldwide are ridiculously low.

Edited by Scouse123
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9 hours ago, Yinn said:

No. 

You undersatnd “jumnong?”

same way.

Yes, Thai's cannot be trusted in money deals

 

You already mentioned lawyers.

 

If they were trustworthy, no need.

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think about how much money you want to lose. then invest that amount. 

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 Buy it with a 20 or 30 year bank loan with extremely low interest and pay that off in 12 months provided there’s no prepayment penalty which there shouldn’t be. Don’t tell the bank your prepayment plan just get the loan and overpay each month or just pay the amount due each month and save the additional money until you’re ready then walk in and pay it off. The interest paid might be less than a lawyers fees and you’ve got protection of a clean purchase. Tell her don’t be kee neow?

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As others have mentioned it can be done. My wife has bought or sold 3 properties using this method with the deal written up by a lawyer and registered at the land office. Its a common method among Thais. They have a name for it as well.

 

I think the last deal she made was a deposit followed by 3 x 6 monthly payments. The chanote is transferred once he final payment is made. If the buyer fails to make all the payments he forfeits his money. Up until final payment his payments are treated as rent.

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3 hours ago, bwpage3 said:

Yes, Thai's cannot be trusted in money deals

 

You already mentioned lawyers.

 

If they were trustworthy, no need.

I think your country if do deal like with people you never meet before it be normal to use lawyer. 

 

Stupid post. 

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8 minutes ago, Farma said:

As others have mentioned it can be done. My wife has bought or sold 3 properties using this method with the deal written up by a lawyer and registered at the land office. Its a common method among Thais. They have a name for it as well.

 

I think the last deal she made was a deposit followed by 3 x 6 monthly payments. The chanote is transferred once he final payment is made. If the buyer fails to make all the payments he forfeits his money. Up until final payment his payments are treated as rent.

Good post.

 

experience and real knowledge.

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Posted (edited)
1 hour ago, mariohh1 said:

i sold 3 houses this way and bought land this way never any problem and of course you do a contract with a lawyer like anywhere else too.

 

 

key words. lawyer and contract.

 

12 minutes ago, Farma said:

As others have mentioned it can be done. My wife has bought or sold 3 properties using this method with the deal written up by a lawyer and registered at the land office. Its a common method among Thais. They have a name for it as well.

 

I think the last deal she made was a deposit followed by 3 x 6 monthly payments. The chanote is transferred once he final payment is made. If the buyer fails to make all the payments he forfeits his money. Up until final payment his payments are treated as rent.

 

key words lawyer and written deal as in contract.

 

To the OP, this is what experienced buyers and sellers are telling you. Add me to the list as I have bought and sold in companies and also done usufructs all through lawyers and contracts.

 

Incidentally, when I bought the land for my other half twenty years ago, the family was all about ' No need for lawyers and that kind of expense, we are all family ' 

 

I insisted and pushed ahead.

 

They have land adjacent to us separated by a 7ft wall. The mother transferred their portion of land to the daughter with a verbal agreement it would be shared with the remaining brothers.

 

Guess what? The daughter borrowed off moneylenders, the brothers paid them back, TWICE, and now she doesn't want to transfer the land to the brothers.

 

This is Thai families with each other!

 

My partner to this day still thanks me for digging my heels in.

 

 

 

 

 

 

 

 

 

Edited by Scouse123
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3 hours ago, bwpage3 said:

Yes, Thai's cannot be trusted in money deals

 

You already mentioned lawyers.

 

If they were trustworthy, no need.

That is people in general though, not just Thais

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You rent the house for one year and go live in it.Make a contract with the landlord that you will buy it and pay cash in one year.

You can pay rent one year up front as down payment.

You have one year to make up your mind.

There will not be too many people who are buying now so the seller should agree.

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21 hours ago, jvs said:

You rent the house for one year and go live in it.Make a contract with the landlord that you will buy it and pay cash in one year.

You can pay rent one year up front as down payment.

You have one year to make up your mind.

There will not be too many people who are buying now so the seller should agree.

 

Good idea!

 

Even if they don't want to l,ive in it, they could still rent and have use of it whilst they get their money together in full. It makes far more sense than overstretching themselves. If they haven't got the cash in full after one year, all they have lost is a years rent.

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On 6/6/2020 at 1:11 PM, stubuzz said:

Has anybody heard about or used this kind of arrangement before?

Yes, it's done, but it's a simple question of trust.

 

Best is to transfer the land at the land office upon the 50 percent down payment, and at the same time declare a loan servitude for seller, just like a mortgage.

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Do it through a bank. Have done this twice without any early payback penalty at SCB. Much safer as bank ensures legality at land office. Only additional cost is their insurance.

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