When you purchase real property, you pay because you want to possess the property you are buying. While there are several preliminary steps, the most essential step is the transfer of property from the owner or developer to you. Often the contract for the purchase of the property will specify how the property is to be transferred. The property transfer will generally take place at the land office where the ownership of the property will be registered upon the conclusion of the transaction.
If you buy property from a developer before development is completed, the transfer of property takes place upon the completion of your property. If the property had already been built, the transfer of property takes place once the installment payments have been completed in accordance to the signed contract. The remaining balance of the purchase price is usually paid on the day of transfer at the land office.
In addition to the balance of the purchase price, you may also be liable to pay certain taxes and transfer fees.
Generally, the Buyer will be liable for the Transfer fee and the remaining types of taxes are borne by the Seller. However, it can always be negotiated between the parties of how the total amount of payable tax and duty is rationed among them.
Income from the sale of property is subject to Thai income taxation. The land department will withhold a prepayment of the property seller’s gain from transfer of property is registered. The rates differ between natural and juristic persons when:
We provide a number of services that can help make the transfer of property easier for you.
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