Transfer Fees for Owning a Condo in your own name

[Chris78]

Greetings,

I am almost at the point of paying off my condo and then will go to the land office with the seller to transfer the title deed of the condo to my name.

The information about transfer fees, stamp duty, specific business tax and witholding tax has been contradictory and a little unclear.

If you look at the attached screenshot from one site, https://freshbangkok.com/taxes-buying-selling-condominiums-thailand/

you can see that the only fee relevant to the purchaser is 50% of the transfer fee and the remainder of the taxes etc. are the responsibility of the seller.

However, written as a clause in the purchase agreement is, 'all transfer fees, taxes, stamp duties incurred hereunder and under the Purchase and Sell Agreement or for the registration of transfer of the property shall be borne equally by the intending purchaser and intending vendor.'

Is this typical for all the fees to be split 50/50 or, in the case of transferring the name over, should the purchaser only be paying for the transfer fee as the information attached would suggest?

Edited September 21, 2019 by Chris78

[Peterw42]

Whatever you have agreed to in the contract overrides who usually pays fees and taxes. A Typical agreement is 50/50 on transfer fee only, but can be any agreed to arrangement.

Not a great situation for you to be in as you will be paying half of SBT if its due (property owned by seller for less than 5 years).

[Chris78]

Yes, agreed, not a great situation to be in.

Thank you for your reply.

[Peterw42]

2 minutes ago, Chris78 said:

Yes, agreed, not a great situation to be in.

Thank you for your reply.

Maybe not that bad, if the seller has owned the property for more than 5 years, or has occupied it as home, the SBT isnt payable.

[Chris78]

The seller bought the property back in mid 2013, and I have been paying a mortgage off since mid 2017 which I believe means the property has been owned for over 5 years all up as the place is not yet in my name. This would mean that stamp duty is paid in lieu of the SBT?

[khunPer]

Normally seller pays taxes and stamp, and buyer pay transfer fee; however it can be arranged different in a sales agreement; i.e. 50/50 split of transfer fees, or 50/50 split of all expenses.

 

If you have an agreement stating the split, then so it is.

[inThailand]

With a copy of the condo title deed in hand go to the Land Office to get a cost estimate of the title transfer. They will ask for the sales price. I found it usually amounts to 5-6 percent of the sales price.