Jump to content
BANGKOK
Sexbomb

Wrong Price Stated on Registered Sales Contract at Land Office - Advice Needed

Recommended Posts

Does the Land Office's assessment value have some effect on the Revenue Department's calculation of your taxable profit? Don't they look at the actual purchase price and deduct that from the actual sale price?

 

It doesn't seem worth saving a 100k on LO taxes and fees if later you end up paying an extra million baht in income tax on profit that you did not make.

Edited by mahjongguy
typo

Share this post


Link to post
Share on other sites
5 hours ago, moonseeker said:

Landoffice has an assessed tax value for condos and other real estate. Nothing to do with the market value or price you paid. 

They have exact lists with details such as floor, seaview etc. etc. that show their range of value to be taxed and to be used in the LO contract per sqm. They are usually not even asking or interested in your personal sales contract. 

Assessment of values in the last 10 years or so have been adjusted upwards quite a bit and the difference between LO value and market value is much smaller than it used to be. The value finally  at LO is slightly flexible and can be discussed in special cases. Once had a buyer of a condo way back, who insisted in using his full paid price, back then much higher, they accepted and he paid 30% more than needed. A recent example in Central Pattaya. Sold my condo for 4.7 Mio, 

LO value was determined and written in contract to be 3.4 Mio. 

BTW, same thing in many countries. 

 

Regards.  MS>

It is not the contract between me and the developer.

 

It is in the purchase contract issued by the Land Office we are talking about.

 

Just want too be clear on that point.

Share this post


Link to post
Share on other sites
3 hours ago, Sexbomb said:

It is not the contract between me and the developer.

 

It is in the purchase contract issued by the Land Office we are talking about.

 

Just want too be clear on that point.

Sure, you are clear...? The price of the LO issued contract is lower than your contract with the developer. LO goes by their list of their assessed value. They sometimes go a bit lower or higher than what is on their list. The lower the better for a private buyer. Fees are percentages of THEIR assigned value. Tax consequences need be considered if bought in company name. If you have it at low level in books and sell on with big profit your company has to pay tax on profit. But there are people who know more about that than me on this forum. 

Good Sunday. MS>

Share this post


Link to post
Share on other sites
1 hour ago, moonseeker said:

Sure, you are clear...? The price of the LO issued contract is lower than your contract with the developer. LO goes by their list of their assessed value. They sometimes go a bit lower or higher than what is on their list. The lower the better for a private buyer. Fees are percentages of THEIR assigned value. Tax consequences need be considered if bought in company name. If you have it at low level in books and sell on with big profit your company has to pay tax on profit. But there are people who know more about that than me on this forum. 

Good Sunday. MS>

Upon transferring the ownership from developer to the purchaser at the Land Office after completion you are issued three (3) documents:

 

1. Title Deed (Chanote)

2. Blue Book

3. Sale Contract (or whatever the exact legal term might be)

 

The sale contract have the amount that the condo was purchased for and the amount that differ is not a 100K here and there but around 2.5MIL/THB.

 

If that should be the "estimated price", it would rank lower than much smaller and less attractive condos in this very development and ut should be a huge coincidence that the 2.5MIL/THB corresponds to the FET`s that were forgotten.

 

We have been in contact with the Head Office in Bangkok and they confirm the amount can be changed so so far so good.

 

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...