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Buying or selling a condo or house in Thailand; what are the costs involved?

real estate, house, silhouette

When you buy or sell your condo or house, there are various tasks and services which you may need to take care of. These depend on the size of the condo/house, as well as its location. Below is a list of items and services which may be included when buying/selling a condo/house as per condo for sale pattaya:

Deed registration fee for condos

For condo sales, a deed registration fee is typically charged. When buying a condo, it’s important to check with the condo/house association to see what the cost is for registering your deed if you buy from another owner.

The land title purchase price for houses

The condo price for sale in Pattaya is the property price of condo units for sale in Pattaya. The condo price of the condo unit for sale in Thailand is different from condo prices in other countries. The house for sale in Pattaya is the property price of house units for sale in Pattaya. It differs from house prices if sold overseas. When condo units for sale in Pattaya are purchased, condo fees will apply.

The land title purchase price of house units is the property value of land titles (similar to freehold land ownership) for houses or house units for sale in Thailand. This factor greatly affects housing prices. A 100 square meter piece of land with 8m height may hold several condominiums, but only 1 house unit with restrictions on building heights and limited numbers of floors can be built on it.

Home loan pre qualification process

The home loan pre-qualification process is a process that lenders use to evaluate the potential borrower’s creditworthiness and to estimate the down payment required. This process is done in order to determine if someone is eligible for a home mortgage and how much they can afford in monthly mortgage payments and other related expenses.

Condo board approval – if applicable

The condo board approval is not always required for condo residents who are buying a condo in the condo’s building. They are only required to be approved if they want to buy a condo where condo board approval is necessary.

Other cost involved include the below;

– Real estate agent’s commission + Vat & Bht filing fee (if sale) – typically between 3.5% – 5% from saleprice

– Agent’s commission + Vat & Bht filing fee (if purchase) – typically between 2.5% – 3.5% from condo price

– Stamp duty for condo purchase (3%) or house purchase (7%)

– Legal fees (1% – 1.5% from condo/house value)

– Land tax if condo is under 50 sq.m & land is over 15 rai in size + 0.25% of the condo price to be paid per year on condo ownership and transfer costs (~50,000 THB)

A few key things to remember:

There are often additional taxes that you pay when buying a condo/house; these include:

– Sales VAT (7%)

– Transfer tax (1% from condo/house value)

Agent’s commission is taken when selling, and is typically around 2.5 – 3.5%. The agent’s commission plus Vat and filing fee in case of purchase typically add up to be between:

3% – 5% agent’s commission + 1.2% Vat & Bht = 4.2% – 6.2% total sale price

4% – 6% agent’s commission + 0.3% Vat & Bht = 4.3% – 6.3% total condo/house price

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