Buying a house, transfer fees?

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hulltoon
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Buying a house, transfer fees?

Post by hulltoon » Sun Nov 12, 2017 3:29 am

I am thinking of buying a house for3 million baht,with all the transfer fees and taxes how much extra would it be.

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laphanphon
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Re: Buying a house

Post by laphanphon » Sun Nov 12, 2017 9:56 am

Depends on m² of house, and size of land lot, along with assessment for that area, and your negotiating skill. Buyer / seller % of payment, -0-, 50 / 50 or 100 %.

Also what you tell them the house is sold for or what they tell you it's worth / assessed at.
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hulltoon
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Re: Buying a house, transfer fees?

Post by hulltoon » Sun Nov 12, 2017 3:43 pm

Thank you

Edmin
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Re: Buying a house, transfer fees?

Post by Edmin » Mon Nov 13, 2017 12:44 pm

I think, hulltoon was asking what percentage of price for transfer fee, business tax, withholding tax, stump duty etc would be. He (or she) did not ask about negotiating. If you, laphanphon, can't answer or, don't want to, don't be smart a...leck.

If someone did Due Diligence report before buying house he (or she) could give an idea. I will appreciate it such information too.

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StevePIraq
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Re: Buying a house, transfer fees?

Post by StevePIraq » Mon Nov 13, 2017 1:57 pm

The legal requirments are as follows:
https://www.thailandlawonline.com/thai- ... n-thailand
Transfer fees
In a sale and purchase agreement of a new condominium unit or a land and house in an official government licensed housing development the law specifies that the developer may ONLY pass on up to half of the transfer fee to the buyer, all other tax and fees are by law the responsibility of the developer. In other situations (private sale, or private apartment or housing development) the parties are free to divide the transfer fees and taxes and it could vary from purchaser pays all to seller pays all depending on the agreement between the parties. The following conveyancing taxes and transfer fees are involved with transfer of real estate in Thailand:
- Transfer Fee of 2%
- Specific Business Tax of 3.3% (if applicable)
- Stamp Duty of 0,5% (does not have to be paid when Specific Business Tax is charged)
- Withholding (Income) Tax calculated at a progressive rate for individuals and is fixed at 1% for corporations.
The above tax rates are the general tax rates that apply on the transfer of ownership of land, land and house, condominium or the transfer of a house separate from the land. The above taxes and fees are charged at the time of transfer of the property. For more specific information visit the page 'real property conveyancing and tax'.
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Edmin
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Re: Buying a house, transfer fees?

Post by Edmin » Mon Nov 13, 2017 10:27 pm

Thank you very much for such a good answer.

dundrillin
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Re: Buying a house, transfer fees?

Post by dundrillin » Sun Nov 26, 2017 1:32 pm

I am trying to organise change of ownership of my house from mr and mrs Dundrillin to mr Dundrillin.
I have been quoted 155000 baht for land office and 50000 to the developer. Plus legal fees.that seems pretty steep to me. Land is leased under the 30 year rule.

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Nereus
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Re: Buying a house, transfer fees?

Post by Nereus » Sun Nov 26, 2017 4:26 pm

dundrillin wrote:
Sun Nov 26, 2017 1:32 pm
I am trying to organise change of ownership of my house from mr and mrs Dundrillin to mr Dundrillin.
I have been quoted 155000 baht for land office and 50000 to the developer. Plus legal fees.that seems pretty steep to me. Land is leased under the 30 year rule.
Hmm, that sounds like a nightmare waiting to happen. The Land Dept. do not usually pre-quote any figure, so where did that amount come from? If they view it as a normal sale the tax is assessed on the "value", which is not really something that is black and white. Depending on how long you have owned it you may also be up for "business tax".

The developer will have to draw up and register a new lease, on which he will have to pay stamp duty / tax, but the amount is calculated on the total lease payment, so maybe in the ballpark, but I doubt it. If he does that you will also then get a new 30 year period.

Be careful of what "lawyers" tell you! Good luck.
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laser
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Re: Buying a house, transfer fees?

Post by laser » Mon Nov 27, 2017 4:28 pm

dundrillin wrote:
Sun Nov 26, 2017 1:32 pm
I am trying to organise change of ownership of my house from mr and mrs Dundrillin to mr Dundrillin.
I have been quoted 155000 baht for land office and 50000 to the developer. Plus legal fees.that seems pretty steep to me. Land is leased under the 30 year rule.
Excel says that assuming a 4.7 million appraised value for a 50% owned property over 3 years, the seller would pay 1% transfer fee (@ 50% sharing) = 47 k + 3.3% spec business tax = 155 k + Stamp duty = 0 + insignificant amount for other items. The extra withholding tax would be ~112 k. The buyer would pay the other half of the transfer fee (47 k).
These are speculative numbers but seem to match the given data, hence may be realistic.

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