Facebook, advert in the enterance foyer, no need for lawyers, beware scammers/agents etc trying to hijack your property and jack up the price for their commission

When I've sold condo's in CM I've created my own contract in simple English specifying all the T&C's and the identity of the players and the condo. In one instance I asked for a small deposit as a sign of good faith, until a mutually agreed date on which we could both visit the Land Office - in the second instance I did a rent back for three months so that was the first contract to be agreed and signed. Agreeing the contract with a Thai person may not always be easy but my buyer was fluent in English so this wasn't an issue for me, I can imagine it might be for others.

If the condo is already empty and it's simply a matter of exchanging cash and reassigning the title, you could get away without a contract. The process at the Land Office is such that the tax must be paid and the purchase price paid, before the seller signs over the title to the buyer so it's pretty safe. Payment of sales tax is the first part of the proceedings and that must be paid in cash, the blue tax paid receipt is all important to the banks when exporting those funds overseas.

Finally, if the condo sale includes contents then a detailed inventory must be compiled, agreed and signed off.

The manageress of our Condo building was also the Juristic Person and she had links to the Land Office, she was able to find out beforehand what the LO valuation price was and that guided our selling price declaration and the tax amount - presumably that info. is available from the LO.

I cannot recall how the tax duty was formulated but is was as you say, a composition of three different taxes.

I didn't pay withholding tax, I'm not sure why I would since it's a capital item, it certainly wasn't declared on my tax return, again, why would it be?

Sorry that's probably not that helpful, having the condo. manageress in the middle was really helpful for me, we tipped her 20K for her assistance since she was also the person to point our buyer in our direction.

A note from a relevant article:



www.sbcinterlaw.com/acquisition-disposition-condominium

Depending on how old your condo is,there are differing tax levels, basically to stop specualtors.

The seller usually tries to reduce the selling price to reduce taxes.

We come back to the area of trust, I know Thais who act as agents and escrow brokers, the seller and buyer will be presented with a contract, and each will deposit,lets say 200k baht with a completion date, if either party backs out, the other keeps the others deposit.

Couple of sites you can try, Prakard and DD property, more for price comparision of what they list condos in your unit for.

Dont know if you have a mortgage or not, that leads to other problems when selling, means involving the banks etc, eg bank agent, you and the buyer will need to meet at land office, buyer turns up with two checks or bags of money , one for your mortgage provider and the other for you.

The going rate in Bkk is 3% commission for an agent/broker to sell property.

You might want to invest 20 baht and buy the following magazine at you local 7, ตลาดบ้าน, be aware its all in Thai.

I came across the following useful article:

Condo Apartment Unit Transfer Tax and fees
Transfer tax, income withholding tax, fees, stamp duty, business tax are paid at the land office
Condo conveyancing fees and taxes
CONDOMINIUM TRANSFER tax in Thailand is a tax imposed by the Thai government and paid at the local land office when transferring ownership of a condominium in Thailand. There are a variety of taxes and fees involved when transferring a condominium unit in Thailand; transfer fee, stamp duty, withholding tax (personal or corporate) and specific business tax (if applicable).

Transfer tax in case of a re-sale of an existing condo
Total transfer fees and taxes could range from a small amount to a relatively larger amount depending on the amount of income tax involved for the seller. Another variation of the transfer taxes and fees in case of a re-sale condominium relate to the agreement between the seller and buyer and how the buyer and seller of the condominium unit have agreed to share these costs.

Transfer tax and fees in a off-the-plan condominium project
Developing and selling new condominiums is a contract controlled business in Thailand and must comply with government regulations. One condition is that the buyer of a new unit or in an off-the-plan purchase of a condominium cannot be charged more than half of the 2% ownership transfer fee only. All other duties and taxes related to the registration and transfer of ownership must be paid by the developer. It is common that developers of condos in Thailand try to pass on transfer costs to the buyer for which they are by law responsible.

How to divide the conveyancing costs of an existing re-sale condo
How ownership transfer fees and taxes are split in a private sale, and at what percentage, depends on the agreement between the seller and buyer. As there is in a private sale no fixed rule or legal requirement how to split these costs it can vary from seller pays all to buyer pays all (which could include paying the seller's personal withholding tax). It is advisable for a purchaser of a re-sale condominium to clearly confirm with the seller in the condominium sale and purchase agreement who will be responsible for transfer fees and all taxes and/or at what percentage.

The local custom in Thailand in a private sale of a condominium is to divide the taxes and fees involved with the transfer of a condominium as follows:

Transfer fees rate= 2% the buyer's duty or shared
Specific Business Tax (SBT)rate= 3.3 % the seller's duty
Stamp duty rate= 0,5%* the seller's duty
Withholding tax (income) rate= 1% or progressive rate** the seller' duty (as this relate to the seller's personal or corporate income tax)
Note: stamp duty does not have to be paid if specific business tax is applicable. When a privately owned condo is sold within 5 years of acquisition the sale is considered 'sale of an immovable property in a commercial or profitable manner' (section 91 bis Revenue Code) and subject to 3,3 % sspecific business tax (assessment tax) calculated over the government appraised value (meaning the once every 4 years assessed market value of the condo in the opinion of the land and treasury department) or actual sale price of the unit, whichever is higher. The transfer is exempt from specific business tax if the condo is transferred without consideration, for example by inheritance to a legal heir or the owner transfers the condo to a legitimate child or when a privately owned condo is sold after 5 years from the date of acquisition. The transfer fee has a rate of 2 % and is always calculated over the government appraised value of the condo. Personal income withholding tax (retention tax) is calculated at a progressive rate based on the years of ownership using the government appraised value of the unit for calculation. Under Thai tax laws the land office must take the income withholding tax at the time of transfer, even if the the seller of the condo is a foreigner who is a resident in another country. When the condo is owned and sold by a Thai company the 3,3% specific business tax must generally be paid irrespective the years of ownership, and corporate income withholding tax is fixed at a rate of 1% of the registered sale value or appraised value, whichever amount is higher.

Sample clause Condominium SPA

Taxes and Expenses Relating to the Transfer of Ownership
The following taxes will be paid in full prior to the transfer of ownership of the Unit and will be paid by:


Transfer Fee
Stamp Duty
Special Business Tax (if any)
: the Buyer and Seller equally
: the Seller
: the Seller


The Seller shall be solely responsible for individual income withholding tax and other necessary expenses, if any, incurred in relation to the registration of transfer ownership of the Unit.

download this contract


Sample existing condo transfer tax calculation in Thailand
Condo transfer taxes and fees relate to the transfer of ownership of a condominium unit. In case of obtaining a registered long term leasehold interest in a condominium there are lease registration fees of 1,1% over the total rental involved and rental income from renting out the condo is subject to personal income tax.

The Thailand transfer sample tax and fees indication below is based on the transfer of a condominium apartment unit in Thailand with an appraised and registered sale value of 5 million Thai Baht and 3 years of ownership by the current owner. Approx transfer tax and fees of a condo in Thailand (value of 5 million):

Transfer fee 2% over 5,000,000 THB = 100,000 THB
Specific Business Tax Local Tax 3.3% = 165,000 THB
Individual Withholding Tax approx 100,000 THB
Application fee and others approx. 300 THB
See also:
The Revenue Department's personal income tax calculator(external)
How to calculate income withholding tax(external opens in new window)
Sample calculation withholding tax (condominium sale)
General real estate transfer taxes and fees (knowledge)
Thailand Property Legal Intro 'Condominium'
Thailand Condominium Frequent Asked Questions

Transfer Document List for individual foreign buyer of a condominium in Thailand
Passport (หนังสือเดินทางชาวต่างชาติ)
Evidence of money transferred from aboard to the value of the condominium Tor Thor 3/ FET Form or credit note.) The money should be transferred from abroad in foreign currency and exchanged into Thai baht by the Thai recipient bank. (ใบทธ. 3 เป็นหลักฐานการโอนเงินจากต่างประเทศ เท่าราคาอาคารชุดที่ต้องการซื้อ)
Marriage/divorce certificate (if applicable) (ถ้าได้ทาการสมรส หรือหย่าแล้ว ให้นาทะเบียน นั้นๆ ไปแสดง)
Power of attorney, if anyone but yourself is representing you, in Thai scrip with a notarization by Notary Public or if overseas by the Thai consul. (หนังสือมอบอานาจ ต้องมีฉบับภาษาไทยด้วย)
Certified copy of the I.D. cards of the person giving authorization and the authorized persons. (สาเนาบัตรประชาชนผู้มอบอานาจ และผู้รับอานาจ พร้อมลายเซ็นรับรองสาเนาถูกต้องทุกแผ่น)
Certified copy of the house registration of the person giving authorization and the authorized person. (สาเนาทะเบียนบ้านผู้มอบอานาจ และผู้รับอานาจ พร้อมลายเซ็นรับรองสาเนาถูกต้องทุกแผ่น)
Remarks:
All documentary evidence should not be exceed 30 days old หมายเหตุ หลักฐานและหนังสือรับรองต่างๆต้องไม่เกิน 30 วัน

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