Selling your Condo in Thailand
Are you considering selling your condominium in Thailand? Here’s an overview of what you should know and do before selling your property.
What to Consider When Selling your Condo in Thailand
When trying to sell a condo in Thailand, there are no standard terms or specific conditions; however, there are a few things to consider before making the sale. The following requirements are generally included in Thai condominium selling and purchase agreements:
- Ensure that the condo has been correctly priced
- Make a note of any flaws in the condominium
- Consider what precautions would be established if the transaction fails
- Cost of purchase and deposit
- Conditional warranties
- Transfer schedule
- Payment system
- Land Department and Transfer Registration Date.Making Sure That The Price is Right.
It is critical that you set your asking price perfectly in order to attract the right customer. You can get an idea of the asking price by looking at recent sales of units in your building or other condominiums in the area, appraisal firms in the city or an agent who can help you with the pricing of your condo.
Key Points
- Make sure your unit’s selling price is right.
- Before you sell your unit, make sure it’s free of damage and defects.
- Condominium transactions must be registered at the local district office.
How Would a Real Estate Agent Assist You in Selling Your Condo Unit?
Sellers without a real estate agent will need to devote a significant amount of time trying to sell their property. Selling on your own will take a long time and show little results if you are not a licensed real estate agent. Most homeowners believe that hiring a real estate agent would not make a significant difference, so they do not hire one to avoid paying the commission fee.
Agents do a lot more than just bringing in new clients and show them around. Selling a home is a full-time job that requires you to find prospective buyers, qualify them, decide how to advertise your home, schedule an open house, and show your home when a potential buyer arrives.
Remember that closing a deal necessarily requires a significant amount of paperwork, contracts, and taxes. If a document or a clause in an agreement is forgotten, it can lead to your transaction being delayed or even terminated. Some property owners are unaware that they are in charge of the majority of the closing process and must have a variety of documents ready to be processed.
What is the Best Way to Find a Real Estate Agent?
The goal of selecting the right real estate agent is to be able to sell your home for the best possible price, as quickly as possible, and with as much exposure as possible. Agents will protect you, save you time, plan a proper marketing strategy, and identify interested buyers; they will also negotiate with buyers or other Co-Agents to obtain the best deal at a price you all agree on.
You want an agent who isn’t distracted by other obligations, and someone who is engaged and knowledgeable about the real estate business and the law. You want an agent who knows the local market and has completed a limited number of transactions in your city. You should have confidence that your Agent will provide you with the services you require. A good agent can research all available properties in your area, as well as properties represented by other agents, this will information from your agent can provide you with the best advice possible based on the current market in your area.
Finding the right real estate agent or broker is the easiest and quickest way to sell your property in the most legal manner possible while still getting the correct price value for your unit.
Transfer Fees and Taxes When Selling a Condo in Thailand
There is a range of taxes and fees to consider when selling a condo unit in Thailand. There will be a transfer charge, stamp duty, withholding tax, and, if applicable a specific business tax. The terms of the selling and purchasing agreement will determine how these costs are shared between the buyer and seller.
According to consumer protection laws, when buying a condo, the seller can only pass on half of the 2% ownership registration charge to the buyer. If a condo unit is used for residential purposes, there are accepted proposals to implement a more general yearly property tax rate of 0,1% of the appraised value.
The right property price is essential for a successful deal.
How is the Title Deed for a Condo Unit Transferred?
The new owner will receive a title deed once ownership has been approved. The Land Department issues an ownership title deed to each apartment unit in a building, which must be transferred to the new owner.
The following information must be included in the title deed:
- the position and area of the condo’s land,
- the location and area of the apartment,
- the area and plan of the apartment showing the width, length, and height,
- the ratio of common property ownership and voting rights,
- the name and surname of the individual who owns the unit,
- It should also include the signature, position, and seal of the Competent Official.
Other Pre-Contractual Considerations
Before you sell your property, you should prepare the following things:
- Create a checklist of any defects on your property. This checklist should be disclosed to your potential buyer.
- Have a full and open disclosure of all physical aspects of your condominium.
- Include any liens or debts you have on the condo unit in the contract. While there is no legislative requirement to include it in Thailand, it can help prevent any potential problems with your buyer in the future.
Since Thai law retains the general principle of freedom of contract, you and the buyer have the freedom to conclude any agreements as long as it’s not against the law or against public morals.