Expected transfer fees on house purchase

[Larkin]

My Thai wife and I are in the process of buying a house in Jomtien for retirement purposes.  The price is 6.2m baht. 
 

The vendor and I will split transfer costs 50/50.  
 

Could someone in the know give me a sense of what those likely fees are - both in terms of specific different fees and an educated assessment of how much they are likely to amount to?

 

This is a personal transaction - ie not through a company structure and ownership will be in my wife of 15 years’ name. 

 

Thanks in advance for any input. 

Edited August 20, 2020 by Larkin

[thainet]

https://www.acuterealty.com/calculator.asp

Try this, it will give you a good idea.

 

But remember you don't pay tax on your purchase price, you pay taxes on the Government land appraisal price for that property, which could be higher or lower. Your wife can take a copy of the Chanoot to the Land Office and probably find out the appraisal price.

Good luck..

[thainet]

2 minutes ago, thainet said:

https://www.acuterealty.com/calculator.asp

Try this, it will give you a good idea.

 

But remember you don't pay tax on your purchase price, you pay taxes on the Government land appraisal price for that property, which could be higher or lower. Your wife can take a copy of the Chanoot to the Land Office and probably find out the appraisal price.

Good luck..

https://www.samuiforsale.com/real-estate/property-law-building-and-land-tax.html

Another informative site for you.

[blackcab]

16 minutes ago, thainet said:

But remember you don't pay tax on your purchase price, you pay taxes on the Government land appraisal price for that property,

 

You pay tax on the assessed value or the declared value, whichever is higher.

[Larkin]

Thanks all.  The calculator was very useful and while there are some variables I’ve had to assume the fee came to around 330,000 in total, which we are sharing.  
 

does that sound about right?  
 

The agents estimated around 300,000 and I was wanting to check if that was accurate or not.  

[baansgr]

Rule of thumb 5%....which both the agent and the calculator have have come up with. The days of envelopes to reduce tax payments have long gone. Welcome to Jomtien..fantastic place to live/retire

[khunPer]

On 8/20/2020 at 8:33 PM, Larkin said:

Thanks all.  The calculator was very useful and while there are some variables I’ve had to assume the fee came to around 330,000 in total, which we are sharing.  
 

does that sound about right?  
 

The agents estimated around 300,000 and I was wanting to check if that was accurate or not.  

Transfer fee is transfer fee, 130,000 baht if 6.5 million. You seem to share both tax, stamps and transfer fee.

 

Same land offices require a copy of the sales agreement, as tax and fees are calculated from highest price, which might be either actual sales price, or appraised price.

 

Normally seller pays tax, and buyer pays transfer fee, and sometimes transfer is shared.

 

Did you agree transfer or all transfer costs?

[khunPer]

43 minutes ago, khunPer said:

Normally seller pays tax, and buyer pays transfer fee, and sometimes transfer is shared.

Did you agree transfer or all transfer costs?

I was too late with "edit", it should say:

Normally seller pays tax, and buyer pays transfer fee, and sometimes transfer fee is shared.

Did you agree transfer fee, or all transfer costs?

????

[DrPhibes]

On 8/20/2020 at 10:45 AM, thainet said:

https://www.acuterealty.com/calculator.asp

Try this, it will give you a good idea.

 

But remember you don't pay tax on your purchase price, you pay taxes on the Government land appraisal price for that property, which could be higher or lower. Your wife can take a copy of the Chanoot to the Land Office and probably find out the appraisal price.

Good luck..

Just tried this calculator for a piece of full chanote property (land) my Mother-in-law has owned for 10 yrs with a sale value of 41,400,000 baht and gov appraised price of 5,000,000 (pretty much her purchase price).   Just one of those desperate owner deals who sells and then all kinds of things happened to increase the value over the years.  Came out to about 432,000 baht or about 1% of gross sales price for everything.  Very Cheap compared to US tax bill and sales expenses!

[brianthainess]

You normally pay 5% tax of the land value, decided by your local land office, payed after the land/chanote has been transferred to a new owner.