Transfer Property in Pattaya

Property Transfer in Pattaya Thailand Ownership Transfer

When you purchase real property, you pay to take ownership title of the property you are buying. While there are several preliminary steps such as due diligence, title search, and contract review, the most essential step is the payment process and 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 a property from a developer before development is completed(off-plan), 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 certain installment payments have been completed in accordance with the signed contract. The remaining or final balance of the purchase price is usually paid on the day or along with the transfer registration at the land office.

Required Documents for Transfer of Property Ownership in Pattaya Thailand

Transfer Condominium Transfer House transfer Land Pattaya

The following documents are to be presented and submitted to the Land Office during the transfer of property ownership:

 

Documents for Transfer Condo

  • Original Title Deed of the property (Chanote)
  • Certification of No-Debt from Condominium Juristic person/Foreign Quota in case of foreign buyer
  • Copies of passports or identification documents of the Seller and the Buyer
  • Copies of immigration stamp in the passport of the foreign party
  • Foreign Exchange Transaction Certificate (Thor Thor 3) for the foreign party. This is a document issued by banks upon receipt of a foreign currency into the foreigner’s bank account in Thailand. The remittance of funds from overseas to be used for the purchase of a condominium unit in Thailand is a government regulation that must be complied with. Non-compliance with this requirement will hinder the registration of the property under the buyer’s name.
  • Company Affidavit within the last 3 months

Documents for Transfer Land and House

  • Title Deed of the Property (Chanote), House ownership document in case the Land and the house owner are different parties
  • Copies of the passports or identification documents of the Seller and the Buyer
  • Copies of immigration stamp in the passport of the foreign party
  • Company Affidavit within the last 3 months

Just supply us with all of the above and we will take care of it for you. You can also visit us at our company located in Pattaya. Click here for our location on Google Maps

Property Transfer in Pattaya Thailand Ownership Transfer

Taxes and Transfer Fees

In addition to the balance of the purchase price, you may also be liable to pay certain taxes and transfer fees.

Generally, when purchased from a developer, 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 as the law does not provide exact liability of the fee and taxes.

  • Transfer taxes – The land department levies 2% of the property value based on the value registered.
  • Withholding tax – 1% of the appraised property value will be levied (explained below).
  • Special business tax – Is only payable if the property is sold within its first 5 years of ownership and is levied at the rate of 3.3% of the appraised value. Otherwise, stamp duty will be assessed instead.
  • Stamp duty – A total of 0.5% of the registered value will be taxed. A stamp duty need not be paid if specific business tax is applicable.
  • The tax liability should be negotiated and written into the sales contract before visiting the land department for registration.

Income Tax (Withholding Tax) from the Sale

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 the transfer of property. The rates differ between natural and juristic persons when:

  • the property seller is a company, the withholding tax is 1% of the sales price or 1% of the assessed value, whichever is higher.
  • the property seller is an individual, the withholding tax is calculated on a progressive income tax scale.

 

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