Payment of taxes for condo sale

[boilface]

I'm about to sell my condo for 8,000,000. I know what paperwork is necessary, and I know me and the buyer go to the Land Office to transfer the deeds. At this point the buyer presents a cashiers cheque for 8 million made out to my name.

What isn't clear is the payment of taxes. It's going to be around 500,000. Am I expected to pay that on the day of the transfer?

What if I don't have enough cash in my bank account?

Ideally I would like to pay the taxes out of the money from the sale, from the 8,000,000. Is this possible?

[KittenKong]

Taxes have to be paid in cash before the transfer is completed. Only cash will do. If you arrange with the buyer to give you an amount in cash rather than a cheque then you can use that, of course. Or any other cash you happen to have. No one cares where it comes from.

[Paul944]

Cash only? Do they have a teller machine if you walk in with only 100 baht bills?

[gessi2000]

I put it in a bag... just picked up the money from the bank before going to the landoffice...

You need cash nothing else will be accepted...

[iluvbeaches]

Depending on how long you had the condo might be closer to 10% total fees and taxes.

[FracturedRabbit]

It doesn't have to be cash, at least not at the Pattaya land office. I paid by cashier's cheque. If you are not exactly sure of the amount, take a cashier's cheque for the likely minimum and some cash for the balance.

[KittenKong]

It doesn't have to be cash, at least not at the Pattaya land office. I paid by cashier's cheque. If you are not exactly sure of the amount, take a cashier's cheque for the likely minimum and some cash for the balance.

When was that? Last year it was cash or no transfer.

[FracturedRabbit]

It doesn't have to be cash, at least not at the Pattaya land office. I paid by cashier's cheque. If you are not exactly sure of the amount, take a cashier's cheque for the likely minimum and some cash for the balance.

When was that? Last year it was cash or no transfer.

July of this year.

[KittenKong]

It doesn't have to be cash, at least not at the Pattaya land office. I paid by cashier's cheque. If you are not exactly sure of the amount, take a cashier's cheque for the likely minimum and some cash for the balance.

When was that? Last year it was cash or no transfer.

July of this year.

Good. It was a very long time coming.

[hhgz]

The Bangkok Land office accepts cashier's checks. The tax is based on: the length of time you owned the property, the assessed value, and the actual sales value. Acute Realty has a very accurate tax calculator: http://www.acuterealty.com/Calculator.asp.