Transfer Of Condo Title

[chiang mai]

I'm trying to help out a friend who lives overseas, he bought a condo off plan and now finally the units are finished and the owner is now ready to transfer the title over to him. He's unsure what the process is that he needs to follow and I haven't a clue. It seems that he will almost certainly turn around and resell the condo to a private buyer at some point in the near future and that seems like two sets of transfers, both of which are taxable.

If anyone has experience of this scenario and can offer advice, it will be appreciated. Obvious questions include: transfer to my friends company or to him as an individual; how to minimise taxes payable resulting from selling on the unit.

If in addition anyone can point at a reasonably trustworthy legal firm in Phuket to manage this process, that would be great.

[pkrv]

Hi - chiang mai - The developer should handle most of this for him. I know we would not do this in the UK but it is common practice here

He will need to sign a limited power of attorney to allow the developer to transfer

Core documents to receive are:

Blue house book (without his name in it)

Chanott ti din (large brown bit of parchment paper larger than US legal paper size) with his name translated into Thai on it.

A Foreign Exchange Transfer Form for any payments over 20,000 USD

Bank letters called Bai Rap Rong (s) for any 'instalments/payments' below 20,000 USD

Edit - Assumes Freehold Farang Quota - Point him to the pinned thread on condominiums on this forum it is slowly but surely covering a lot of the questions asked including taxes (via other threads)

Edited March 1, 2010 by pkrv

[chiang mai]

Thanks for that PKRV, do you happen to know how the taxation system works on something like this in Phuket, is the unit taxed based on the value that the registry office values it at or is tax based on what you paid for the unit, remember, this is the first sale from off plan. I also need to understand what the tax calculation is, if you have any idea.

cheers

[pkrv]

Hi - chiang mai - Trajan is probaly your best bet on this subject - he is a superb poster.

http://www.thaivisa.com/forum/Cash-Condo-t340087.html

[chiang mai]

Hi - chiang mai - Trajan is probaly your best bet on this subject - he is a superb poster.

http://www.thaivisa.com/forum/Cash-Condo-t340087.html

Ta muchly.