Fantastic Condo Sio13 PBC Substantially Reduced for Quick Sale

[aussieal]

Pattaya Beach Condo(PBC)Sio 13, Top floor Corner unit Condo 55sq for sale.

This 1 Bedroom,

Fully Equiped Kitchen,1 bathroom,lounge comes fully Furnished. Beautifully Furnished by Thai Decor this Condo also includes 2 TV,2 Computers, 2 Air Conditioners,Washing Machine, Fridge, Microwave,Extensive Kitchen Equipment and so much more. With Fantastic sea and Panoramic views of Pattaya, Swimming pool, Parking and great location this Condo is Foriegn Owned.

The building has also just been fully renovated at considerable cost. It has been repainted, lifts upgraded, fire Systems installed, Swimming Pool upgraded, Common areas retiled and much more. The building is also very well run with a mix of Thai and farang on the Condo committee.

The Building is situated above the Sportsman pub and resturant, next to Sandy Springs. It well known as being the best sio in pattaya.

For sale B3.99M (negotiable for quick sale) Tel 0879403162

Email [email protected]

 

Note this has now been reduced by 500,000Baht as I need to Urgently return to Australia.

[jerry]

Nice location , nice view but i think 4 mill for a 55sqm condo with a 100k interior is still a lot of money , especially

with the bad rates and the extra costs at the landoffice of about 5% ( when it's in your name for a shorter period than 5 years ) .

 

Chok dee .

[austhai]

Nice location , nice view but i think 4 mill for a 55sqm condo with a 100k interior is still a lot of money , especially

with the bad rates and the extra costs at the landoffice of about 5% ( when it's in your name for a shorter period than 5 years ) .

 

Chok dee .

 

Under 3 years is the extra tax.

Edited December 4, 2010 by austhai

[ExpatDave]

Actually, I think the price is pretty reasonable. It really is a nice location over there.

 

I Wish you luck, and I will keep my eye open for you.

[Edge]

Under 3 years is the extra tax.

 

Strange, I've been told it's 5 years too.

 

Edit - I've been told from two sources, but also this guy seemed to know what he was talking about.

 

 

What recession? Thailands economy is going strong.

 

The tax has been that high since a very long time and was just a few years ago temporarily reduced. This reduction had been extended a couple of times but now the old taxes seem to be in place.

 

Get another real estate guy, this one is not worth his money.

 

See this link for example:

 

http://ezinearticles.com/?Thailand-Real-Estate-Transfer-Tax-and-Temporary-Tax-Breaks&id=2387266

 

In order to boost the real estate property sales business and the real property development business the Thai government has extended the tax breaks for all real estate transactions for another year till 28th of March 2010.

 

The renewal of the temporary reduction on the transfer fee rate from 2% to 0.01% has been announced prior to the previous tax reduction between March 29 2008 and March 28 2009. The renewal of the temporary reduction of Specific Business Tax, from 3.3% to 0.11%, on gross sales which also expired on March 28 2009 has been announced after the previous expiration date and is again applied by the land offices since May 18 2009. Over real estate property transaction (land, house or condominium) between the previous expiration date March 28 and May 18 and over which the full 3,3 % Specific Business Tax rate has been paid a refund can be requested at the Revenue Department.

 

The Thailand Revenue Department's refund form must be prepared and submitted with the Revenue Department.

 

Thailand's standard property transfer taxes (these will apply again after March 28 2010, unless the current tax reduction will be extended):

 

1 - A 2% transfer fee over the appraised or registered value of the property.

 

Appraised or registered value of land is an actual evaluation price of the land which calculated by the land office by reference to each area at which the land situated and some more criteria set out by the Land Department.

 

The appraised or registered value of a house by the Land Department depends on the floor area of the house, number of floors, materials used (e.g. wood or concrete).

 

Also condominium units have an a registered or appraised value based on calculation criteria set out by the Land Department.

 

2 - A Specific Business Tax of 3,3 % is calculated over the registered value or appraised value, whichever is higher. Specific Business tax shall be payable if the seller sells the property within five years of the purchase registration date. The transfer is not subject to business tax if the seller is an individual and has possessed the property for more than five years before the transfer. Companies with specific objectives are subject to Specific Business tax irrespective the period of ownership.

 

3 - Stamp Duty of 0,5 % over the registered value. If the seller is subject to Specific Business tax the seller is exempt from the payment of the Stamp Duty. However, if the stamp duty has been paid to the Land Department, the seller shall have the right to claim for a refund in full within 6 months after the payment.

 

4 Withholding Tax of 1 % over the registered value or appraised value (whichever is higher). Withholding Personal Income Tax depends if the immovable property is acquired by inheritance or gift or if the sale and purchase of the property has a trade or profit seeking purpose or not, usually the final Withholding Personal Income Tax income shall be calculated at progressive rate with a deduction depending on the number of years of possession.

 

In a real estate transaction in Thailand there is generally no fixed rule who has to pay which tax and at what percentage. Often transfer taxes are shared or the purchaser pays all or the seller pays all. This is part of the overall negotiation. In case of an official approved housing or condominium development there are fixed rules in the law who has to pay which tax.

 

It is in most cases worth while to have the sale agreement checked by a legal professional who is familiar with property transactions and transfer taxes. Often developers pass on taxes or request buyers to pay for certain taxes they are according to Thai law responsible for, or a buyer ends up with paying a larger amount at the Land Office than expected.

 

Robert Spelde (LL.M)

Legal Consultant For Thailand Law Online

http://www.thailandlawonline.com

 

 

One more thing about the 50/50 transfer costs.

 

As the business tax applies only if the property was transferred less than 5 years ago to the seller, one should be careful to agree about who is paying which taxes.

 

Acc. to Siam Legal the split is usually done this way:

http://www.siam-legal.com/realestate/thailand-property-taxes.php

 

Transfer fee paid by Buyer ( 2% of registered value )

Stamp Duty paid by Seller ( 0.5% of registered value )

Withholding Tax paid by Seller ( 1% of appraised value )

Business Tax paid by Seller ( 3.3% of appraised value ) if applicable

 

Splitting the transfer TAX 50/50 will be good for the buyer in any case while splitting all transfer FEES 50/50 will be costly for the buyer.

 

So get yourself informed BEFORE doing any deals. Don't guesstimate.

[ExpatDave]

Strange, I've been told it's 5 years too.

 

Same here. Only 1 year if you are Thai.

[aussieal]

Strange, I've been told it's 5 years too.

 

Edit - I've been told from two sources, but also this guy seemed to know what he was talking about.

 

 

Guys I think its 5 years as well. You are all getting a bit carried away with the importance of the transfer costs. Yes I've only had it 4 1/2 years but the total transfer costs which will be split 50/50 still will not be that much. I am confident my lawyer who I used when I purchased the property will get a very reasonable fee with the land registry office so we will not be talking 100,000's in baht in costs.

[jerry]

Guys I think its 5 years as well. You are all getting a bit carried away with the importance of the transfer costs. Yes I've only had it 4 1/2 years but the total transfer costs which will be split 50/50 still will not be that much. I am confident my lawyer who I used when I purchased the property will get a very reasonable fee with the land registry office so we will not be talking 100,000's in baht in costs.

 

The fee is fixed and no lawyer is getting a special deal at the landoffice .

Just bought a 1 mill condo for renting out and the transfer costs where already

over 50.000 bath so actually we are talking 100.000's of bath over 4 mill.

They also told me it's 5 years and not 3 as some people are telling here .

 

I think it's worth waiting the 6 months before transferring . It will be close

to 150.000 bath your saving .

Make a deal with the buyer he's renting it for 6 months before the transfer ,

makes it easier to sell i guess .

 

Good luck .

[aussieal]

The fee is fixed and no lawyer is getting a special deal at the landoffice .

Just bought a 1 mill condo for renting out and the transfer costs where already

over 50.000 bath so actually we are talking 100.000's of bath over 4 mill.

They also told me it's 5 years and not 3 as some people are telling here .

 

I think it's worth waiting the 6 months before transferring . It will be close

to 150.000 bath your saving .

Make a deal with the buyer he's renting it for 6 months before the transfer ,

makes it easier to sell i guess .

 

Good luck .

 

I appreciate your advice but I am still confident in my lawyer who has delivered several times for both me and my friends. You can always sell fixtures and fittings separate and do a few other things. I will put my money where my mouth is and any buyer worried about the transfer costs I will only charge them 40,000baht and I will take the risk and pay the rest. Hopefully this will end the discussion and I can get on with trying to sell my condo !!!!!!!!!

[Wifi-ads]

There are no pictures of the lounge area..... is the terrace in the picture part of your private property?

[aussieal]

There are no pictures of the lounge area..... is the terrace in the picture part of your private property?

 

I have attached a picture of the lounge (forgot to include it before).

The terrance is all common area which means that you are free to use it and have your own table and chairs on it if you like (as a couple of people have done on the terrance below this one).