A Mortgage is a right of interest registered against real property in order to provide the lender of funds a security interest against the property owned by another, also known as the mortgagor.
The mortgagor has to be a registered and legal owner of the property and must have their name contained on the title deed on the property that they intend to submit to a mortgage. The title does not necessarily have to be clear and free of any liens or encumbrances however, the mortgagee is to be aware of such encumbrances and can determine so by verifying the title deed by performing a title search at the relevant land department.
The mortgagee can by either a Juristic person whether a corporation association, other organization and/ or company. This also refers to banks as well and also an individual.
In order for a mortgage to effective and legal, this must be registered at the relevant land department.
If the mortgage is not registered, the mortgage will be deemed inactive and void and will not be upheld.
Contact us for more information on the various issues associated with mortgages in Thailand as a general consensus, financial institutions do not providing such financial assistance to individual foreigners in Thailand.