When buying property, please check at Sangkat level
When buying property, please check at Sangkat level
An interesting and still on going problem to resolve.
Purchased land from a family member of the missus,
They have a registered mtge with the bank, all is ok- we pay a deposit equal to the mtge to release the mtge to allow the transfer to take place.
Come time to settle up we find out that there is an unregistered mtge at Sangit level.
This debt is almost equal to the purchase price, we find out that the the sister in law has 2 mtge against the property with a combined value of $15k more than the sale price.
My missus is devastated by the lies and bullshit, sister in law has the deposit and used it to pay off debt, slim chance of recovery
So after learning of this, all I can say is.
It would be wise to check at Sangit level for any debt pledged against the property.
Don't just rely on bank records.
Ho, Hum...,
Live and learn.
Purchased land from a family member of the missus,
They have a registered mtge with the bank, all is ok- we pay a deposit equal to the mtge to release the mtge to allow the transfer to take place.
Come time to settle up we find out that there is an unregistered mtge at Sangit level.
This debt is almost equal to the purchase price, we find out that the the sister in law has 2 mtge against the property with a combined value of $15k more than the sale price.
My missus is devastated by the lies and bullshit, sister in law has the deposit and used it to pay off debt, slim chance of recovery
So after learning of this, all I can say is.
It would be wise to check at Sangit level for any debt pledged against the property.
Don't just rely on bank records.
Ho, Hum...,
Live and learn.
I refuse to go out with nothing more than a whimper followed by a small farting sound and a shit stain on my bed sheets..
Just thought I'd share that with you.
Just thought I'd share that with you.
Can't you spell mortgage?
Anyhoo. Even if they borrowed off the land why is that your problem?
Does it stay with the land, is it soft title?
Anyhoo. Even if they borrowed off the land why is that your problem?
Does it stay with the land, is it soft title?
pew, pew, pew, pew!
Live and learn indeed...sounds like an expensive lesson for you though.
Before purchasing any property in Cambodia you should always consult the local Sangkat, as well as the Cadastral Office, for information on the property, to ensure there are no discrepancies with borders, monies owing, conflict over ownership, etc., even if you are purchasing from family members.
Before purchasing any property in Cambodia you should always consult the local Sangkat, as well as the Cadastral Office, for information on the property, to ensure there are no discrepancies with borders, monies owing, conflict over ownership, etc., even if you are purchasing from family members.
I'm not a negative person, I encourage people all the time...it's usually to f**k off! But, whatever.
Especially if buying from family members, apparently.
What the covfefe are you talking aboot ?Yatingpom wrote:Can't you spell mortgage?
Anyhoo.
Gtfkd!logos wrote:What the covfefe are you talking aboot ?Yatingpom wrote:Can't you spell mortgage?
Anyhoo.
pew, pew, pew, pew!
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Sangkat should always be the first place to check regardless. I guess you have an unwanted partner.
Good luck and hopefully you find some resolution.
Good luck and hopefully you find some resolution.
" Tho I am wise I have to wait like any other fool"
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Did the sister offer an explanation for not telling you about the other mortgage?
"Oh sorry I forget, I not lie, very confused, my head hurts, cher kbal, did you eat yet?"
"Oh sorry I forget, I not lie, very confused, my head hurts, cher kbal, did you eat yet?"
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I am confused by this. For example, you're buying land for $30,000 purchase price. The mortgage known is $17,000. You pay $17,000 as a deposit to release the mortgage.
You later find out she has a $28,000 hidden mortgage, i.e. $15,000 more than the purchase price.
I'm not trying to guess the exact amounts but tell me if I have the gist of what occurred.
My questions are:
(1) Why did you pay a deposit to release the mortgage? When was the remainder to be paid and why didn't you just pay all at once at the time of transfer to pay off the sister and the bank at the moment the land is transferred? Was there an agreement with the sister that she would go right to the bank and pay the mortgage off? Was what the timeline for what was supposed to happen next?
(2) If the purpose of the deposit was to release the mortgage, why was this paid to the sister and not to the bank?
(3) Is the second mortgage with the same bank or a different bank or with someone else? Did the first bank know about the second mortgage?
(4) Does the sister now have exactly the same ownership interest in the land as she did before, but now with the benefit of your money? Or has she actually signed over all her interest to you?
(5) Did she really spend all the money already to "pay off debt" or is that bullshit? How long ago did you pay her?
I'm sorry this happened. In-laws are the worst. Except Ricecakes' in-laws. They're amazing.
You later find out she has a $28,000 hidden mortgage, i.e. $15,000 more than the purchase price.
I'm not trying to guess the exact amounts but tell me if I have the gist of what occurred.
My questions are:
(1) Why did you pay a deposit to release the mortgage? When was the remainder to be paid and why didn't you just pay all at once at the time of transfer to pay off the sister and the bank at the moment the land is transferred? Was there an agreement with the sister that she would go right to the bank and pay the mortgage off? Was what the timeline for what was supposed to happen next?
(2) If the purpose of the deposit was to release the mortgage, why was this paid to the sister and not to the bank?
(3) Is the second mortgage with the same bank or a different bank or with someone else? Did the first bank know about the second mortgage?
(4) Does the sister now have exactly the same ownership interest in the land as she did before, but now with the benefit of your money? Or has she actually signed over all her interest to you?
(5) Did she really spend all the money already to "pay off debt" or is that bullshit? How long ago did you pay her?
I'm sorry this happened. In-laws are the worst. Except Ricecakes' in-laws. They're amazing.
Last edited by gavinmac on Wed Jun 21, 2017 11:37 am, edited 2 times in total.
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Don't banks hold the title deeds for mortgage loans? If so, then surely the first loan is the only secured loan.
I don't really understand about what a loan at Sangkat level means. Is it from a bank or from a money lender? Do they just lodge notice of the borrowing with the local Sangkat?
I would be questioning whether the second loan is indeed secured against the property or just in the name of the borrower.
I don't really understand about what a loan at Sangkat level means. Is it from a bank or from a money lender? Do they just lodge notice of the borrowing with the local Sangkat?
I would be questioning whether the second loan is indeed secured against the property or just in the name of the borrower.
Yes the bank have a mortgage on the property.
Documents supporting the Bank mortgage were presented to us and because family were involved and needed the cash to stop paying interest, a large deposit was paid.
Come time to settle the sale and pay the balance we find another party has an interest against the property at Sangkat level and refuses to place his thumb print on the sale and release the property to us until he is paid out by the sister in law.
So now the fun begins.
Documents supporting the Bank mortgage were presented to us and because family were involved and needed the cash to stop paying interest, a large deposit was paid.
Come time to settle the sale and pay the balance we find another party has an interest against the property at Sangkat level and refuses to place his thumb print on the sale and release the property to us until he is paid out by the sister in law.
So now the fun begins.
I refuse to go out with nothing more than a whimper followed by a small farting sound and a shit stain on my bed sheets..
Just thought I'd share that with you.
Just thought I'd share that with you.
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Why didn't you pay the bank directly?
Who is the other party? A loan shark? Ex-boyfriend/husband?
Who is the other party? A loan shark? Ex-boyfriend/husband?
Follow my lame Twitter feed: @gavin_mac
And why is his thumbprint necessary on the document? Is he one of the owners? How could that property been used for a second loan if the title was hold by the bank?
It doesn't make much sense, I guess answers are hard to come by. They hate discussing anything embarrassing.
It doesn't make much sense, I guess answers are hard to come by. They hate discussing anything embarrassing.
It appears that nothing will make sense for a few more weeks.logos wrote:And why is his thumbprint necessary on the document? Is he one of the owners? How could that property been used for a second loan if the title was hold by the bank?
It doesn't make much sense, I guess answers are hard to come by. They hate discussing anything embarrassing.
The bank mortgage is not the issue, it's at the Sangat level where things have gone tits up.
The transaction is missing a final thumb print from another party that has an interest in the property against monies loaned that the bank do not know about.
Yes it is complicated, it's more along the lines of how many people can I sell this donkey to without actually delivering the donkey.
Ho Hum,
Such is life.
I refuse to go out with nothing more than a whimper followed by a small farting sound and a shit stain on my bed sheets..
Just thought I'd share that with you.
Just thought I'd share that with you.
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