Condo Selling Costs

[chris2004]

Sorry i know this has been raised before and i have checked the previous replies but they are either out of date or give very conflicting results.

 

I am looking to sell my 4 million baht condo (bought for 4 million in farang name) which i have owned for 8 years. I am trying to guage the likely cost of selling, excluding for the moment any realtor costs, possibly 3-5 %.

 

Just looking at the taxes there seems to be 4 :-

 

Special business tax 3.3% but not applicable to me as i have owned the property for over 3 years.

 

Stamp Duty - seems to be 0.5% = 20,000

 

Transfer tax 2% usually split 50/50 with the buyer = 40,000

 

Withholding tax. This is the tricky one. Looking at an example quoted by one of the solicitors this seems to be calculated as follows:-

 

4,000,000 x 0.5 = 2,000,000  2,000,000/8 = 250,000 baht/year  100,000 x .05 =5,000  150,000 x .1 =15,000  total 20,000 x 8 =160,000

 

Therefore total taxes = 20,000 + 40,000 + 160,000 = 220,000 = 5.5% of the sale price.

 

On top there would be realtor costs 120,000 - 200,000 and legal costs ? so a total of maybe 400-500,000 baht.

 

This seems pretty excessive and would probably put me off selling. Has anyone recently sold a condo in this price bracket and is willing to tell what the total selling costs were.

[Mooner]

Google never lies

[chris2004]

Google never lies

 

Google might not lie but Google, and Thai Visa, searches don't provide any useful information.

[KittenKong]

You should probably allow for 6% of the Land Office appraised value (which may be more or less than the sale value) in tax, plus whatever you will be paying your agent. It might worth your while checking on what the LO value actually is in advance.

I think the costs of selling a property in Thailand are very high compared to other countries I have lived in.