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Transfer of ownership charges


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#1 devee8

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Posted 06 July 2011 - 07:47 AM

I bought a new condo off the plan about 1 year ago and it got handed over to me last December but it was not ready for ownership handover. They now tell me it is ready to be transferred to me and they wish to charge me about bht159,000 for the transfer. The condo cost about bht3.2mil but no one had any of this an the contracts that I agreed to and have paid in full last December, does this sound about right ?

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#2 OnTheEdge

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Posted 06 July 2011 - 07:59 AM

They're talking about the Transfer Tax payable to the Land Office, which is quite high now.
It wouldn't be in your Contract as a Government Tax, but responsibility for it should have been covered.
It doesn't seem fair that you have to pay it on a new place, but that's what happens, though you usually share 50/50 with the seller.
Yours sounds high, but I can't remember the numbers - 6.5%???
You could check the numbers at the Land Office yourself if you're not using a Lawyer.

#3 sweetpea

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Posted 06 July 2011 - 08:05 AM

Thailand property taxes and how they are calculated in Thailand.

WHICH PARTY NORMALLY PAYS


Transfer fee - Buyer - 2% of registered value

Stamp Duty Seller - 0.5% of registered value

Withholding Tax - Seller - 1% of appraised value

Business Tax - Seller - 3.3% of appraised value

Thus, it seems excessive :GiveBeer1:

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#4 devee8

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Posted 06 July 2011 - 09:54 AM

Thanks for the info I am asking the seller a full breakdown of what the charges are for.

#5 sweetpea

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Posted 06 July 2011 - 10:48 PM

Me thinks, that they have just handed you the entire fees & taxes bill in the hope that you would not check and just give them the entire amount. Whereas the company saves the money or one of their employees pockets the seller's charges.

They think you have paid for the condo, this farang can afford the small change.

If there is nothing in the contract, i would also try to squeeze the seller to pay half the transfer fee ... let us know how you got on :GiveBeer1:

Edited by sweetpea, 06 July 2011 - 10:50 PM.


#6 devee8

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Posted 07 July 2011 - 10:41 AM

Thanks sweetpea, I have asked them for a full breakdown including percetaghes and what they are related to. I have also told them it is not in my contract for this payment. I am waiting on a reply.

#7 sweetpea

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Posted 08 July 2011 - 12:28 AM

Just for some more info, if you do a basic google search the information seems to be the same, this one offers some small practical advice as well:

"In a normal transfer of ownership of a real estate property in Thailand there is no fixed rule who pays the transfer fee, stamp duty, specific business tax or even personal withholding income tax. As a standard rule the following general formula for sharing these costs is advised in a private sale and purchase of real estate:

[*]Transfer fees: the seller's or the buyer's duty or shared [/*]
[*]Specific business tax: the seller's duty [/*]
[*]Stamp duty: the seller's duty [/*]
[*]Withholding tax: always the seller's duty[/*]

The above fees and taxes are paid in the land office at the time of transfer of the property. The sale and purchase agreement should clearly specify who will be responsible for the above taxes and fees. Only in a government licensed housing or condominium development the law specifies that only up to half of the 2% transfer fees may be transferred to the buyer by the developer. All other transfer costs are by law the responsibility of the developer, even though it is common that developers try to charge a higher percentage in the sale and purchase agreement."

I would carefully check your sales contract to make sure that it does not contain provisions as to who is to pay what, but it would seem to me that the person whom prepared the contract was lapse or lazy, as it should be a gimme clause. :GiveBeer1:

Edited by sweetpea, 08 July 2011 - 12:30 AM.


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#8 sbf

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Posted 25 July 2011 - 05:56 PM

Pity you didn't have your contract checked by someone (lawyer would have been best and not too costly for property advice) before you signed it. The legal contract in Thailand is the one that is in the Thai language (you would have signed without being able to read it). You probably also signed an English language contract as well, but its the Thai one that counts in practice. So there may be something in the "real" contract you signed that is missing from the English translation that you are reading and claiming that there is nothing in the contract about transfer fees. It seems you are between a rock and a hard place because it you don't want to pay all the fees that are needed to transfer the unit into your name then the owner will simply not transfer it and that leaves you with a contract that says you own a unit but it will not be legally in your name. When you want to sell it to someone in a few years time you effectively have nothing to sell. It seems you will just have to grin and bear it now because it you refuse to pay you are worse off then if you pay.

#9 Devianti

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Posted 05 December 2011 - 08:24 AM

Interesting thread.

I have also bought a condo and am getting to the stage of having the property transferred into my own name at the land office. I received the quote from the developer which seemed to be on the steep side. Having read the information here I decided to read through my contract and low and behold there was the get out clause for the developer. Looks like they have me by the short and curlies.

Section 6 in my contract states: "The Buyer agrees to pay for the cost of premium, stamp duty and the various expenses necessary for the transfer of ownership of the condominium unit to the Buyer at the government assessed value".

For anyone else out there who is considering buying a condo please check your contract and know the law before you sign. This has been a good lesson for me and unfortunately too late. Hopefully it will help someone else in the future. You should only be paying 1% or 2% max for the transfer costs of your condo.

Good luck,

Alexi.

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#10 Norwich

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Posted 17 March 2012 - 12:17 PM

Thanks for the info I am asking the seller a full breakdown of what the charges are for.

So what was the outcome Devee8 ?


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