Buying a "condo" in China with my new spouse

[Fu Lai]

We are getting married 12/12/12 but my girl has a chance through her company to buy (in her name) a nice 3 bedroom flat in a new high rise.

 

The location is perfect for us, the space is good, the price is right, and in 5 years we would own the right to resell it if we wanted,

 

Her mom lent the money for the downpayment (she would be living there with us) but my girl and I would pay it back as well as make the monthly payments.

 

Not to be too wary but should I be paying money on all this without having any right to the thing?

 

Do I have a choice?

[dan1984]

I think we will be doing this as well in 1-2 years when all the paper work gets worked out - getting a new apartment at a super discounted rate (actually through my lady's mom's company back in her hometown - she's letting us take it on as an investment, and then can have the money made from it come a few years down the line).

 

Hmmm, I'm not sure if you're asking if this is legitimate in China or if you "should be trusting you future in-laws." As for acquiring a piece of property in this manner, yes, it is done all across China, and many of my friends have gotten their homes in this discounted way either through their own company/government office or that of a family member. As for if you should be investing this way without having your name on anything, that's a call for you to make on your own. 1-2 years down the line I'm going to investigate if it is feasible to also get my name on the deed and things of that nature, but if not, then that is just something I'm going to have to accept I guess, as if I don't have this trust in her, I probably shouldn't be considering marriage...

[Fu Lai]

Yes I know it is regular for this type of thing here in China. I understand since it is through her employer that only her name can, at least initially, can be on the 70 year "deed".

 

I did ask her when my name could be included on it and she said in a couple years it could. We have very frank discussions about the ownership thing. But I was wondering about if I could have any real, enforceable ownership stake in the thing since I am not Chinese.

 

I trust her of course but marriages do go sour and it would be bad if in the end she could walk away with the place and I would have no recourse. Not trying to look on the bad side but just wondering about my legal rights.

[credzba]

I ask my wife how this could be done.

 

She has 2 ideas.

1) Ask that they buy the property now, for the discount, but do not get the real estate certificate until after your married. That way both your names can be on the certificate. I know, this is strange in US property transaction, but my wife and I have had a property in China for almost 3 years now, and we have not both been back at the same time, so we have never gotten the certificate yet. Unlike in America, the actual certificate comes long after the transaction.

2) If #1 is impossible, ask if your name can be added later. This one we are a little doubtful of, but maybe can be done.

 

One warning, you pay extra tax on buy and sell transaction if foreign devil name is on certificate.

[chilton747]

My wife and I bought a place in China and it was put in both of our names. Nothing to it. You just need to go to the Chinese notary and receive a Chinese name so you can us this name to sigh for the property.

[Fu Lai]

I ask my wife how this could be done.

 

She has 2 ideas.

1) Ask that they buy the property now, for the discount, but do not get the real estate certificate until after your married. That way both your names can be on the certificate. I know, this is strange in US property transaction, but my wife and I have had a property in China for almost 3 years now, and we have not both been back at the same time, so we have never gotten the certificate yet. Unlike in America, the actual certificate comes long after the transaction.

2) If #1 is impossible, ask if your name can be added later. This one we are a little doubtful of, but maybe can be done.

 

One warning, you pay extra tax on buy and sell transaction if foreign devil name is on certificate.

Thanks for the words. I like it all buuuuuttttttt... "you pay extra"!

[Fu Lai]

My wife and I bought a place in China and it was put in both of our names. Nothing to it. You just need to go to the Chinese notary and receive a Chinese name so you can us this name to sigh for the property.

I think because it is through her company and she is not married now they only allow her name on it.

[Fu Lai]

OK, cleared up this question for me.

 

The company owns the place for the first five years allowing us to purchase it now at the great discount as an employment spiff. She stays employed there and in five years we get the paper. Leave before then and we get our money back and no paper.

 

If we're married then we are both included on the deal from the start. So since we are getting married before the deal is done, no problem with me being on the dotted line.

 

Whew.

 

We are planning to rent the place out until we completely pay for it - about five years - since I have a free place as a teacher. I'll be asking you builders here about things I can do to the place before renting as it will be brand new - basically a cement box.

[Fu Lai]