Transfer Fee Is 2% , Is It Legal For A Developer To Ask For More ?

[balo]

You are buying in foreign name and not company name

I paid 200k extra for foreign ownership . Not sure where that money goes ....

Edited April 9, 2013 by balo

[jack1964]

You are buying in foreign name and not company name

I paid 200k extra for foreign ownership . Not sure where that money goes ....

It goes right up the Developers bottom my friend, That is bottom line, that is life xoxoxox

[54321]

You are buying in foreign name and not company name

I paid 200k extra for foreign ownership . Not sure where that money goes ....

I believe, and am afraid to say, it goes into the pockets of the developer. I looked at a new development and they gave me the Thai price list, I expressed an interest and then they said I had the wrong price list and the foreigner list was plus 100,000 baht. I told them I was interested but not prepared to pay over the odds. I had bought from the same developer in the past and gave them proof. They agreed to use the Thai price list.

Maybe I missed it, but how much deposit have you already paid? when you wish to sell it you will be competing with Thais who paid 200k less (they can sell for a 200k profit whereas you would only be breaking even at their price). Maybe it is time to walk away, or perhaps call their bluff

[jbrain]

You are buying in foreign name and not company name

What has the status of the buyer have to do with the taxes and/ or fees paid at the landoffice ?

[Khun Jean]

You pay the transfer fees and that is it.

Anything can be written in a contract and agreed upon but if parts of the contract are against the law, then the law is supreme and the contract can even be voided.

Once in the land office you can point that out and maybe a good idea to print out the section you need.

The condo act requires standard contracts, a can of worms when you have a specific contract that does not conform to what is in the law.

Of course TiT.

[balo]

You are buying in foreign name and not company name

I paid 200k extra for foreign ownership . Not sure where that money goes ....

I believe, and am afraid to say, it goes into the pockets of the developer. I looked at a new development and they gave me the Thai price list, I expressed an interest and then they said I had the wrong price list and the foreigner list was plus 100,000 baht. I told them I was interested but not prepared to pay over the odds. I had bought from the same developer in the past and gave them proof. They agreed to use the Thai price list.

Maybe I missed it, but how much deposit have you already paid? when you wish to sell it you will be competing with Thais who paid 200k less (they can sell for a 200k profit whereas you would only be breaking even at their price). Maybe it is time to walk away, or perhaps call their bluff

I have paid all of it, and I moved in here in February. But the building will not be completed until June , thats why I am still waiting for the transfer to my name.

Since I made a reservation early in 2011 I saved around 400k , so thats ok as long as I am the owner and can resell it to another foreigner without any problems.

[cheeryble]

I have paid all of it, and I moved in here in February. But the building will not be completed until June , thats why I am still waiting for the transfer to my name.

Since I made a reservation early in 2011 I saved around 400k , so thats ok as long as I am the owner and can resell it to another foreigner without any problems.

You paid in full and unfortunately now you have no bargaining chips and as yet no title....

Did you realise part of what you are paying for is common areas, pool, gardens....of which you will be part-owner?. Not sure why I would pay in full until it is completed....in full.

Still at least you saved the 400k you risked by buying off plan. Well, you saved it then you spent it.

As luck would have it you came out about even.

As to further action, difficult now.

But the transfer has not yet happened maybe you can still work on the fees.

It may even be possible that price discrimination based on race is bpit godmai.

In any case when you're sorted forget about it and hope you enjoy your condo don't waste your time being bitter it's done,

Edited April 10, 2013 by cheeryble

[BlackPuddingBertha]

Anything can be written in a contract and agreed upon but if parts of the contract are against the law, then the law is supreme and the contract can even be voided.

That depends on how the law is written. It is often possible to quite legally sign away one's legal rights to something, even in highly civilised countries.

But some laws are specially written to give unalienable rights to certain people, and these usually cant be signed away.

As to which applies in this instance, I dont know because I am not a Thai lawyer. Though I would be somewhat surprised if a large developer such as this one was asking buyers to sign contracts that wouldn't stand up in a court of law.

[thaiwanderer]

Given the interest in 'legal' rights how much rent is Balo paying from feb to june?

[chris2004]

If you bought in Paradise Park then the transfer fees are the least of your problems.

[balo]

If you bought in Paradise Park then the transfer fees are the least of your problems.

Can you explain that ? I am still waiting for a reply from them about the fees. Its almost impossible to get in contact with the right people at Matrix....

[Mikkihiiri]

According to the Thailand Condo Contract Regulation (in attachment) the ARTICLE 3(6) says:

The business owner shall be responsible for income tax, specific business tax (SBT) and duty stamp with regard to the transfer of ownership. Particularly, with respect to registration fee or contract fee, the business owner and the consumer shall equally be responsible.

So, the Consumer (the Buyer) will have to pay only half of the Registration Fee. At the moment the Registration Fee is 2% so 1% goes to te Seller, Matrix in this case, and 1% goes to the Buyer. That is what the law says and regardless what it is written in a contract the Developer cannot over-rule the law.

For sure Matrix will die hard and will refuse to transfer the property unless you pay the full Fees and Expenses.

Furthermore, in their contracts Matrix always mention that the Buyer have to pay for the Cost of Premium, Stamp Duty and the Various Expenses but they do not mention Sales Tax or Withholding Tax and a tax is a tax, not an expense. So, in the worst case, any tax should not be paid by Matrix anyway.

Get a goog lawyer and fight for your right. By the way, as long as a Developer hold the Title Deed (Chanote) they have to pay for the Maintenance Fee. That is what the Condominium Act says.

For further and deeper details on condo law feels free to contact me: [email protected]

I have quite an experience in condo matters :-)