Understanding Condo and House Transfer Fees: What You Need to Know

Buying a property involves more than just the purchase price. One significant expense that property buyers should be aware of is the condo or house transfer fee, also known as the real estate ownership transfer fee. Let’s delve into what this fee entails and who is responsible for paying it.

What is the Condo or House Transfer Fee?

The condo or house transfer fee is a fee imposed on property buyers during the transfer of ownership. Currently set at 2% of the property’s appraised price or selling price, this fee ensures that transactions are conducted transparently and prevent underreporting of property values.

How is it Calculated?

The fee is calculated based on either the appraised value or the selling price, whichever is higher. For example, if a townhouse is purchased for 2.5 million baht with an appraised value of 2 million baht, the transfer fee will be calculated from the purchase price, resulting in a fee of 50,000 baht.

Who Pays the Fee?

Traditionally, the 2% transfer fee is split equally between the buyer and seller. However, this can vary depending on the agreement between the parties involved. Some developers may offer promotions where they cover the entire fee, while individual sellers may negotiate to pay all or part of it.

Government Measures to Reduce Fees

In 2024, the government has implemented measures to reduce transfer and mortgage fees for certain property transactions. These include reducing real estate transfer registration fees from 2% to 0.01% and mortgage registration fees from 1% to 0.01% for properties with a purchase price and capital assessment price not exceeding 7 million baht.

Final Thoughts

While the condo or house transfer fee is just one aspect of property transactions, it’s essential for buyers to understand its implications. By familiarizing themselves with these fees and government regulations, buyers can make more informed decisions when navigating the real estate market.

Whether you’re a first-time buyer or a seasoned investor, being aware of these fees ensures a smoother and more transparent property buying process.

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