What transfer fees and taxes paid? Used Condo.

[Happy Grumpy]

What transfer fees and taxes are paid when purchasing a used condo?

I believe there is a sellers tax, which the seller pays.

And a transfer fee.

%'s of the value of the unit as declared by the DoLT.

Transfer fee is usually split 50/50 between vendor and purchaser.

What other taxes/fees are to be paid, and what % of the value are they usually?

Thanks.

[ezzra]

Here you go...

http://www.samuiforsale.com/real-estate/condominium-transfer-tax-and-fees.html

Usually transfer fees and agent commissions are 50/50, depend on the sale price

and how desperate the seller/buyer is, if one is desperate to sell or keen to buy

than that 50/50 split can be moved around....

[BEVUP]

Hello all

sorry to jump onto this topic, but need some clarification along these lines (new House from Developer in new Moo Baan )

So lets say when a Developer says 50/50 at the Amphur is he suggesting it will be 3.3%+2% + 1% = 6.3%

OR is it just the 2 %

[PattayaPhom]

Ask the land office, If you have a copy of the Chanote they can tell you in advance so no nasty suprises on the day

[hhgz]

This calculator is accurate within 1000THB: http://www.acuterealty.com/Calculator.asp.

As for "who pays for what", it depends upon how well you negotiate.

[condo bought]

I am buying a small condo (45sqm)

We agreed that the seller would pay 100% of the seller's tax (income tax and sales tax, or something), and we would split the transfer fees 50/50.

The seller went to the land office and we will be using the value that they state.

Which is quite low.

Turns out that the transfer fees amount to less than 100b, and the tax that they were to pay 100% of is about 15k baht.

So I would pay 50 baht, and they would pay 15k baht.

They asked that we change the agreement and make the contract so that we split the tax 50/50 too.

I was fine with that and happy to agree. 7.5k baht each. I was expecting more than that for my 50% of the fees anyway.And they get half their tax paid by me. NO bother. Cheap as peanuts and a steal from my PoV.

Edited December 2, 2015 by condo bought

[chang14]

Do you need legals to look over any of the process, paperwork, contracts etc when purchasing a pre owned condo

[tolsti]

Make sure that there is an up to date no-debt certificate in place issued by the CJP

[ballbreaker]

I am buying a small condo (45sqm)

We agreed that the seller would pay 100% of the seller's tax (income tax and sales tax, or something), and we would split the transfer fees 50/50.

The seller went to the land office and we will be using the value that they state.

Which is quite low.

Turns out that the transfer fees amount to less than 100b, and the tax that they were to pay 100% of is about 15k baht.

So I would pay 50 baht, and they would pay 15k baht.

They asked that we change the agreement and make the contract so that we split the tax 50/50 too.

I was fine with that and happy to agree. 7.5k baht each. I was expecting more than that for my 50% of the fees anyway.And they get half their tax paid by me. NO bother. Cheap as peanuts and a steal from my PoV.

I would re-think agreeing to do 50/50 split of all taxes and fees paid at time of transfer.

I do not think the seller has provided correct information because below are transfer cost and what a smart buyer would agree to pay.

Transfer fee rate= 2% of value set by land office and paid by buyer but can be shared

Specific Business Tax rate= 3.3% of value set by land office and paid by seller (only due if seller owned less than 5 years)

Stamp duty rate= 0.5% of value set by land office and paid by seller

Withholding Tax rate= 1% or progressive rate and paid by seller

One rule in buying anything never believe the seller.

Its hard to believe land office asked to change terms of contract to 50/50 on taxes but is more likely something sellers wants after seeing how much he would have to pay under current contract.

The seller told you transfer fee was less than 100 baht but to generate a fee of that amount the land office would have the condo valued at 5,000 baht and that's not likely. The fact the seller now wants you to do 50/50 split on all the fees should tell you something.

A condo valued at just 1 million baht by land office would mean the transfer fee alone would be 20,000 baht. The other fees due at transfer would add another 50,000 baht.

If you really like the condo agree to pay "transfer fee" only and other fees (taxes) due at transfer are his responsibility.

Remember there are many condo's for sale in Pattaya so its a buyers market.

[KittenKong]

One rule in buying anything never believe the seller.

Dont believe agents, representatives and lawyers either.

When it comes to money in Thailand about the only thing you can believe is that everyone lies.