Need Help In What Is Required When Selling An House

[bwalker1973]

I have a house under a company name.

The time has come were I have basically sold the property.

What documents do I need to take to the Land Office in order to complete the sale?

Can this be done on my own? or will I need a Lawyer?

Never done this before, any advice would be appreciated.

Brian

[bigwilly]

Hi Brian.

You need to talk to the person who does your yearly accounting for the Company, as you will need the accountant to update the company papers, also you need a letter from the Company meeting of shareholders authorising the sale of the asset, and the Chanod, that is assuming you are taking the house and land out of the Company, if you are selling to another foreigner you will probably just change directors in the Company for a small admin fee(7-10,000Bt). Remember change of director is a cheap way to go, and no income tax and no visit to the land office. If you do take the House and Land out of the Company, expect to pay about 7% of the District Land Office valuation in tax's, then as a double whammy you will have to pay to shut the Company down, cost me about 25K just to do a final audit and close the Company.

Best of luck BW

[ThaiTrav]

You don't have to pay money to close the company . The company will close itself after 5 years of inactivity

[bigwilly]

Thai trav.

Hi I've never heard of that one before, you do incur a fine for late Audit so I would be surprised if there were no penalty for simply ignoring the audit requirement and preperation of balance sheets for 5 years. Over 12 years and five different Companys owning property my adviser never proposed that as an option for me.

BW

[ThaiTrav]

Hi BW

Yes thats correct your concern re the Annual Audit fee, but at the time of disposing of the Companies Only Asset , You also notify that the company will no longer be trading, So that there is from that point nothing to audit . Dormant Companies like in the western world are automatically closed after a period in Thailand its 5 years. There will be a fee or back payment due if that company is to be reinstated to trading status within that time frame.

[bigwilly]

Thai Trav.

Thanks for the info, we live and learn.

I will remember that if I ever have a need to dispose of a Company again.

Regards BW.