Transfer costs

[GregBow]

Guys

My wife sold a house to her uncle a bit over a year ago and now he wants to sell it back.

Drama but ok, same price.

What are the extra fees she needs pay for transfer?

Transfer fee is 2% but for 2023 reduced to 1%.

Stamp duty is .5%

But there is another fee because of the time < 5 years the sale is made 

Can someone please tell me.

 Thanks

Greg

 

[Longwood50]

Particular business tax; In case seller possesses the property less than 5 years (Counting from day to day), they need to pay a particular business tax. However, it is exceptional for possessing over than 5 years or has the name in that house registration certificate. This tax is 3.3% calculated from the higher price of either evaluating cost or selling price. Also, the stamp duties fee is exceptional when you pay this particular business tax

[GregBow]

Thank you.

Guy is a bit shifty so good to know there can be no "extras".

 

[AustinRacing]

It is not uncommon for buyer and seller to negotiate the fees and taxes to be shared between them. If he’s desperate you can negotiate to your favor. 

[MikePBrown]

Greg - I assume what you are saying is that the land (with a house on it) is being sold, in which case the 5 years is probably a land office issue (i.e. where the chanote ownership change will be registered) where by the tax paid on the sale to the land office is higher for the first 5 years (after 5 years ownership the tax is less). In theory this is the responsibility of the seller but as the other post say these cost are often negotiated and split.

[khunPer]

Normally buyer pays transfer fee; stamp duty negotiated, but can also be buyer; seller pays tax. The uncle will as seller need to pay business tax of 3.3% for the property, if he has owned the property less than one year and had his name registered in the Blue House Book, or has owned the property less than five years without his name in the Blue House Book. In case of business tax there is no stamp duty. Furthermore there will be a withholding tax to pay by seller.

You can use the tax-calculator HERE.