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    Rules annd law regarding land and houses

    Sanuk Dee
    Sanuk Dee


    Posts : 11
    Join date : 2010-08-08
    Location : Chiangrai

    Rules annd law regarding land and houses Empty Rules annd law regarding land and houses

    Post by Sanuk Dee 20th August 2010, 7:47 am

    Land Office Fees Going Up March 2nd 2010, Friday Last Day for Low Fees

    BANGKOK: -- "A nationwide increase in land offices fees will go in effect on March 2," a spokeswoman for the Ministry of Interior announced in Bangkok.

    The fees for purchases and sales involving a Thai company limited which most foreigners use to buy land will go up from one percent to six and a half percent of appraised or contract value, whichever is higher.

    The head of the Chonburi Land Office, Director Vaiyavuth Surapruik, said, “In 2008 the fees were lowered to help the economy. This has stimulated the sale of properties. Since the fees were lowered almost two years ago there has been no slow-down in the number of transactions at the land office in Banglamung which services Pattaya so now fees will go back up in order to increase government revenues."

    As an example, a house on the East side of Sukhumvit Highway in Pattaya - which is owned or sold to a Thai company before Monday and given the valuation of 949,000 baht by the Banglamung Land Office would be charged significantly lower fees. The application fee, land office fee, personal tax, duty stamp, business tax and local fee would all added up to only 11,245 baht, or 1.1 percent of value if sold before the end of business on Friday.

    After this Friday, this same transaction will be much more expensive. Monday is a Thai national holiday, Makha Bucha Day, and the new higher charges go into effect Tuesday. So beginning Tuesday the company limited sales fee will be 6.5% of Land Office valuation plus all the other fees. The house valued at 949,000 baht and owned or sold to a Thai company would cost about 75,000 baht to transfer ownership on Tuesday whereas on this Friday the fees would only be 11,245 baht.

    Property transfered between individuals will be charged three percent fees if owned for more than two years by the current owner. If owned less than two years the fee is higher, between five and six and a half percent.

    For your information,
    Read in The Nation and recently checked at the regional land department of Chiangrai.

    Willem

      Current date/time is 29th March 2024, 1:45 pm