Any Tax Or Fees On Buying Condo?

[dannishgung]

I have made 10% deposit for buy a small condo of 1.5 million. I have to pay the rest of it when finish next month. (1) If I want to register in my own name, do I need to get a copy of the bank transfer document to prove that money is from overseas?? (2) Is there any advantage if I register in my Thai wife's name??

(3) My third question is when I and my wife go register the ownership after we pay the rest of the payment next month, is there some property transfer tax?? Is it paid by seller or buyer. My condo agent said both sides have to share the transfer fees. Is that correct? or is he taking advantage of us not knowing about the rules? and how many percent is the transfer tax and fees?? (4) is there any anual property tax or condo tax in Thailand?

[mbkudu]

1) Yes, it is called a Tor Tor 3 (may have a new name now). This proves that the money was brought from overseas. The government earns a commission from the foreign exchange, but more importantly; if you resell in the future, this document will be necessary. 2) Not that I can think of. It's one of the few types of substantial

property that we can own outright, so take advantage of it. 3) There is indeed a transfer tax. Make agreements with the seller beforehand to declare a lower selling price to get the taxes down. If it is 1.5 million, declare that you are buying it for 1.0 million. The land department knows people do this; it is just part of the ritual song and dance. The seller should pay these taxes, but you must push for this as a negotiating tool during talks first. More than likely he has already put the price higher than it should be, so by making him pay the transfer taxes, you're not getting stung as hard. Likewise, by declaring a lower selling price, the taxes are lower for him, so everyone is happy. If you want things to roll quickly at the land office, think about paying a few extra baht. If you don't, you could sit there all day. I can't remember what the percentage was when I did it, sorry. 4) No property tax as far as I know, but you will be required to pay CAM (common area

upkeep fees) to the condo administration to take care of grounds, ect. This fee is based on the square area of your unit. I pay 12,000 baht per year for a 36 sq. meter unit.

[mijan24]

Front page of the Nation today 3/5/48 talks about the % tax transfer etc.

[expatinasia]

There is no advantage in having a condo in your Thai wife's name. As a matter of fact, that would make it very easy for her to sell it without either your permission or knowledge.

The responsibility of the transfer tax, and the payment to the sales agent, is as negotiable as the sales price. Originally the seller of the unit I bought wanted to split it 50%/50%; my offer was for him to pay it 100%, and he accepted.

There is no property tax in Thailand but, as another posted noted, you will have to pay a "condominium association" or "maintenance fee".