ballbreaker

First check the contract to make sure loss of deposit is only down side if you pull out of deal. The norm is loss of deposit but remember TIT.

I don't know about you but I believe most people if not everyone has sixth sense. You know that gut feeling you have inside that speaks to you from time to time when your about to make a decision or do something. I look back on my life and every time I did not listen to that voice I regretted the decision but when I listed I was happy with the outcome. If you have sixth sense how accurate has it been over your lifetime?

Being Thai does not exempt you from any of the transfer cost to my knowledge.

The following are current rates and payer of each is usually determined during contract negotiations. I noted what I feel was intended.

Transfer fee - 2% of assessed value. (buyer or shared)

Stamp duty - 0.5% of sale price. Paid only if owned over 5 years. (seller)

Special Business Tax - 3.3% of sale price. Paid only if owned less than 5 years. (seller)

Withholding Tax - progressive rate on assessed value. (seller)

Sale of condo requires payment of following fee/taxes on date of transfer at land office. Who pays which will be determined by bargaining skill of seller and buyer. I have noted what is generally intended.

Transfer fee - 2% of assessed value. (buyer or shared)

Stamp duty - 0.5% of sale price. Paid only if owned over 5 years. (seller or shared)

Special Business Tax - 3.3% of sale price. Paid only if owned less than 5 years. (seller)

Withholding Tax - progressive rate on assessed value. (seller)

If you want details on transfer fee, stamp duty and special business tax read website link.

http://www.doingbusinessthailand.com/thailand-property/selling-a-condominiumtaxes-and-government-fees-applicable.html

If you want details on withholding tax read website link.

http://www.doingbusinessthailand.com/thailand-property/selling-a-condominium-how-is-the-withholding-tax-calculated.html

I recently purchased a condo from someone based in the UK and he refused to give power of attorney to anyone in Thailand for reasons Darrel states. He used a broker to find buyer and we concluded contract signing via express mail but I had to wait 2 months till he returned to Thailand for transfer at land office.

Ask yourself if you are willing to give someone here power of attorney for you property and funds from sale. Its best to do the transfer and receive funds at time of transfer in person.

I would contact the department of land (www.dol.go.th) and discuss your situation.

You say the condo is financed and I believe SCB will be listed on chanote as lien holder so no change of ownership can take place without the okay of SCB. Not likely that will happen until loan is paid.

The below website has sample condo purchase contract you might be able to modify to meet your needs.

http://www.bangkoklawonline.com/

Its not a book but I recommend the following web site if your looking to purchase property: www.samuiforsale.com

Try taking the forms you have down to the main bank office and ask if they will issue FET or multiple FET's you need for condo purchase.

If property held less than 5 years you pay business tax of 3.3% but no stamp duty.

If property held over 5 years you pay stamp duty of 0.5% but no business tax.

Transfer fee of 2% and withholding tax which has complicated formula to calculate are also paid at transfer.

Does the letter need to confirm the length of time the money has been in the account, or can Immigration see from the bank passbook?

They will check passbook for that info.

My Bangkok Bank letter gives date account was opened and balance in account on date of letter. Make sure they know letter needs to be on bank letterhead.

This link has sample posted of their K-bank account.

A usufruct contract is a registered right to use, possess, management and occupy another man's real estate property for one's lifetime or a specified time period. A usufruct right exists for the term of the contract and at end of term property reverts to owner.

The usufruct must be recorded on the chanote at local land office to insure you are protected.

I am now hesitant and might look into the company's rights

If anyone has some ideas....thanks

Only two of us as members of the board

I should have asked how many share holders of company because if one of you two dies what happens to company?

As I have mentioned it we have a (small) company (for more than ten years)

Would it be an easier alternative to the usufruct knowing that we are both on the board and that we both have the signature?

What kind of duty (tax/declarations...) would that create

Who are the other members of the Thai company board?

I don't think you can beat usufruct because easy and cost very little.

Hey

Thanks. At last a precise, concise and useful response answering directly in line with my question

Thank you for reading the message....

One question though: If the quota is not full, then the land department HAS to record my name on the deed regardless of the fact that the money doesn't originate from overseas? Correct?

Appears to be a hassle but you can read link and decide for yourself.

http://www.thaivisa.com/forum/index.php?app=core&module=attach&section=attach&attach_id=123234

Buy the condo in Thai partners name and then have that person give usufruct in your name till death. It will be recorded on chanote. This gives you complete and uncontestable control of property but not ownership. Your partner can will property to whomever upon their death but new owner must accept usufruct. It remains property under your control till your death.

A will giving you condo is option but if foreign quota is still full then you must sell within one year.

The sinking fund is a one time charge paid by the first owner. Its intended to be used for major repairs of common property. For instance, if you have a communal swimming pool and it needs major repair then sinking fund is used. Should the sinking fund be used up on a major repair then either a one time accessment of each owner or increase in monthly maintenance fee to replenish sinking fund will occur.

The monthly maintenance fee is not the same animal. This fee is used for security and maintenance of common area's not major repairs.

The only big difference I see is the fee you fork out for their service but some people need their hand held as they travel through life.

I think you need to specify where your located before someone can recommend legal assistance.

It doesn't matter if the commission is included in what you call the sales price. If you really want the property then negotiate by offering less.

Seems to me you should pay off existing debt before putting at risk a property that is owned free and clear.

A move like you propose is how many people lose everything they own should employment end abruptly.

5% is pretty normal.

Buyer pays it

The sales commission is seller paid. Never heard of buyer willing to pay sellers cost for marketing of property.

Applied for and received another extension for retirement yesterday at CW.

I presented the following and nothing else asked for:

1. Completed TM.7 signed and with photo attached

2. copy of information page of passport

3. copy of latest Thailand entry stamp in passport

4. copy of TM.6 (departure card) front and back

5. copy of most recent extension stamp in passport

6. original letter from bank stating balance in account (using 800k method)

7. copy of info page and 3 months worth activity pages of bank book (letter date and last activity date were same)

8. 1900 baht

Process time took less than 15 minutes but waited almost 4 hours before number called.