Costs With Buying Property

[BaanOz]

Hi,

Can someone please give me an approximation of the costs involved to buy a moobaan (townhouse) in Bangkok for 1200000 Baht.

ie: title transfer, loan fees etc

Thanks.

Regards, BaanOz

[lopburi3]

If you are not Thai you can not buy so you will not have any fees to pay.

There are several charges during land transfer based on selling price of property. It was reduced for a long period but believe it is back to the normal rate now (think maybe 3% but has been too long to remember clear). Several other fees are also collected (tax stamps and such) but relatively minor.

As for loans do not believe they use point payment system but downpayment is likely to be large and most require both borrower and a co-signer.

You can also expect attempts at creative accounting and such in any such dealing with bank employees not being exempt. Do not take any paper at sight and require full explanation for every charge. They are experts at double talk.

[BaanOz]

Hi lopburi,

Thanks for that.

There's no foreigner ownership here. My Thai wife is helping some relatives in their names.

The bank apparently is a government one "Arkarn Songko". Anyone heard of this bank?

As for loans do not believe they use point payment system but downpayment is likely to be large and most require both borrower and a co-signer.

Yes, understand the deposit is 20% or so of the buying price.

You can also expect attempts at creative accounting and such in any such dealing with bank employees not being exempt.

Thai style.

Here is some info on fees. I cut and pasted the relevant bit below. Don't know if it's up to date:

-------------------------------------8<---------------------------------

Fees on transfers of land The land transfer fee for transferring ownership to land, buildings or condominiums is 2% of the assessed value no matter what amount is declared. In addition there is a 0.5% stamp duty based on the receipt actually or constructively given for purchase price. The 0.5% stamp duty is based on the amount declared or the assessed amount which ever is higher. For those who sell land or buildings held for less than five years (less than one year if the owner has his registered domicile at the place being sold) there is a specific business tax of 3.3% (this includes municipal tax) of the declared amount but if this tax is paid, then the 0.5% stamp duties referred to above is exempted.

-------------------------------------8<---------------------------------

If it's up to date looks like 2.5% of the price so on 1.2 mill, 30000 Baht. Plus bank fees.

Do you think 50000 Baht might be enough to cover costs?

Cheers BaanOz

Edited April 12, 2005 by BaanOz

[ZOVOX]

Hi,

Can someone please give me an approximation of the costs involved to buy a moobaan (townhouse) in Bangkok for 1200000 Baht.

ie: title transfer, loan fees etc

Thanks.

Regards, BaanOz

<{POST_SNAPBACK}>

I don't know about loan fees, because i paid in cash. I don't know about the other fees either, because they were paid by the housing developers as an incentive to buy. They also gave us a 10% discount on the purchase price. The trick is not to look overly interested: wait for them to phone you and they may give you a lot of freebies.

[Thetyim]

These fees are all by "arrangement" and as Lopburi said the bank will be up to all sorts of zig-zagging.

I bought a house from the bank and the Land Office said the fees would be 70k baht. No-one in the bank would speak about the fees.

When I bought the house I went to see the head and spoke very politely to him and he charged me 35k baht.

A year later the bank came to visit me and asked for the receipt so that they could claim it back. TiT