How To Sell A Condo?

[aussiebebe]

Hi everyone, I'd appreciate some pointers from others who have sold a condo in Thailand - did you do it alone or hire a law firm?

The reason I'm asking is that I thought it best to hire a local law firm when I purchased my condo from the developer - for the fee they really didn't do that much and their grasp of English was minimal; I paid a booking fee and deposit to the developer, the law firm sent someone to look at the unit, then they accompanied me to the land office where I handed over three cheques, paid some tax and electricity insurance and received the blue book and title deeds.

I've found a buyer through a listing on prakard and I understand a little about the taxes; transfer fee 2%, Specific business tax 3.3%, stamp duty 0.5% and withholding tax - is this something I can do myself or do I need a law firm? Particularly the difference between the registered and appraised value - does the land office calculate that? The actual sale; are there any ways to be scammed?

If anyone with experience could outline the steps they took, I'd appreciate it. I've never sold a condo before and don't know the procedure.

Thanks

[Boater]

use an expert local thai lawyer, it will cost you around 20K , but well worth it, not using a lawyer at all could end up costing you alot more in the future

[Darrel]

Cant see the point of using a lawyer if the condo is in farang name. The Land Office decide everything and all you need to watch out for is that the payment is for the right amount and that the cash or cashier's check is real.

Personally I would probably take a couple of thugs with me rather than a lawyer.

[PattayaParent]

If you're going to the land office anyway then no need for a lawyer.

I've only used a lawyer as power of attorney to save having to wait around all day at the land office

[Hooters]

I just sold a condo and settlement is in a few days. Have never used a lawyer and you actually get some good advice right here believe it or not.

"Particularly the difference between the registered and appraised value - does the land office calculate that? "

what do you mean?

Just a question for those in the know, does the biz tax of 3.3% go away after 5 years?

[PattayaParent]

^yes there's no business tax if you're an individual(not a company) that has owned the condo for more than 5 years.

"Particularly the difference between the registered and appraised value - does the land office calculate that? " means that the selling price of a condo is under-declared to reduce the tax paid.

[Hooters]

^yes there's no business tax if you're an individual(not a company) that has owned the condo for more than 5 years.

"Particularly the difference between the registered and appraised value - does the land office calculate that? " means that the selling price of a condo is under-declared to reduce the tax paid.

thanks PP so is under declaring common practice here? what paper work does the land office need to substantiate the selling price

[sparebox2]

^yes there's no business tax if you're an individual(not a company) that has owned the condo for more than 5 years.

"Particularly the difference between the registered and appraised value - does the land office calculate that? " means that the selling price of a condo is under-declared to reduce the tax paid.

thanks PP so is under declaring common practice here? what paper work does the land office need to substantiate the selling price

You can under or over declare as much as you like. They don't care. They have an "estmated price list", which they use to calculate tax.

Edited January 30, 2012 by sparebox2

[Hooters]

^yes there's no business tax if you're an individual(not a company) that has owned the condo for more than 5 years.

"Particularly the difference between the registered and appraised value - does the land office calculate that? " means that the selling price of a condo is under-declared to reduce the tax paid.

thanks PP so is under declaring common practice here? what paper work does the land office need to substantiate the selling price

You can under or over declare as much as you like. They don't care. They have an "estmated price list", which they use to calculate tax.

That makes sense.