Re-selling your Condo
As such, purchasers tend to look into the second-hand market. There are two types of resale units: those in buildings under construction where investors want to resell before the transfer of title, and those in completed ready-to-move-in units where the title has already been transferred to the original buyer. In the re-selling of your condominium unit, it is a common practice that properties are advertised online or in print media or you may hire the services of a real estate agent.
This should be included as a condition in the purchase agreement to avoid any legal disputes. This is the importance of hiring the services of a property lawyer when it comes to buying or selling a property. A norm is that a buyer shall pay the full price of the property to a seller upon a transfer of ownership at the Land Department. 12. land title will be in the bank’s name. In closing the sale, the seller and buyer shall meet to sign the necessary documents. The authenticity of these documents as well as the relevant contract or agreement may be checked by a competent lawyer. The meeting usually takes place at the agreement of both parties either at the real estate office or, if a lawyer was hired, at the lawyer’s office.
A title search will list the legal owner(s) of the property. A sales agreement can be canceled by withdrawing the property from the sale and returning any deposit that has been collected. Make sure that all documents and agreements are notarized. If you buy a condominium from an individual, a sales agreement normally is a ready-to-use contract (an agreement which is not especially drafted for the sale between buyer and seller).
When there is a relatively small period between the signing of the agreement and the transfer of ownership at the Land Office, the Buyer may request the Seller to have the deposit in a lesser value. In case of re-sale of an existing condominium unit, a transfer tax shall be paid. To buy a condominium, a buyer (or a seller, or both parties, depending on an agreement between parties) shall be responsible for a registration fee, a stamp duty (in case of having owned the property for more than 5 years) or a special business tax (in case of having owned the property for less than 5%), and a withholding tax.
Considering the rise in prices of newly developed condominiums, buyers are seeking more affordable and spacious units compared to the new projects in the market. The resale market in Thailand is a good investment. Buyers, nowadays, are practical in the choice of properties. The property consultancy firm CBRE Thailand has reported an increase in demand for the existing second-hand market since the fourth quarter of 2018. As prices of second-hand units are often cheaper than those of newly launched projects. Current pricing shows that new condominium projects in greater Bangkok ranges from 55,000 – 350,000 THB per square meter; luxury condominiums may even reach 600,000 THB per square meter. As compared to older buildings, the newly launched projects are quite smaller in unit sizes and more expensive.
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