Know the asset transfer fee before you buy one
Do you know that buying an asset has a number of procedures and costs that include expenses in addition to the cost of the asset?
Because many taxes and asset transfer fees will be charged on the ownership transfer date. Asset buyers need to know the basics: What are the costs of the asset transfer? And most importantly, who will take care of it?
In order not to lose the benefit or be taken advantage of by the sellers.
What is the asset transfer fee?
It is an expense incurred on the day of asset transfer, which is not limited to just an asset transfer fee or asset ownership transfer fee, but also other expenses such as duty, income tax, mortgage, etc.
If someone is buying an asset with a real estate development project, normally buyers would have already been informed about the cost of the asset transfer date in advance. But if they are dealing with an individual, this information may not be provided by the seller exactly what it costs and how much it is.
Who is responsible for the asset transfer fee?
One might wonder, who has to pay for what portion of the asset transfer fees? Which will have both cases where the buyer pays, the seller pays, or both the buy and the seller pay together. However, there are no rules that specify who pays what portion of the asset transfer. This depends on the agreement between the buyer and the seller as appropriate, but generally pay as follows:
1. Asset transfer fee
Accounted for 2% of the appraised value of land including buildings. This is generally a shared cost and distribute 1% different payments between buyers and sellers There may be cases where the individual seller has not reduced the asset price but the seller offers to pay all fees, transfer or otherwise by agreement between the purchaser and the seller by checking out the appraisal of the bank guard.
2. Specific business tax
Generally, the seller's expense is charged at 3.3% of the purchase price. However, the seller must own the asset for a period of not more than 5 years, but if it is in possession of more than 5 years or have been in the asset registration for more than 1 year, the specific business tax will not be paid and the seller has to pay stamp duty instead.
3. Stamp duty
Generally, the seller's expense is 0.5% of the purchase price but must not be lower than the appraisal price of land, if lower, use the land appraisal price to calculate. However, if the seller is subject to specific business tax, the seller does not have to pay stamp duty.
4. Personal income tax
If the seller is a person, the seller has to pay for this tax because they are the earner of the transaction. The personal income tax is calculated on a progressive basis and the amount of taxable money depends on how it has been acquired on the number of years held. For example, if acquired by buying and holding for a long time the seller will have to pay large amount of asset transfer tax. This is based on the appraisal price of land and buildings by the Department of Lands without taking into account the actual trading price.
5. Mortgage
Accounts for 1% of the total loan amount and is charged for asset buyers by borrowers, which if buying in cash, the buyers do not have to pay for the mortgage fee.
Asset transfer fee calculation to prevent benefit loss
In order not to lose the benefit or be taken advantage of by the seller, every time before making a purchase, the buyers should calculate the asset price plus the total asset transfer cost in the amount paid by the buyers. This includes the joint payment between the sellers and the buyers, then compare the costs with other sellers so as not to be fooled by the sellers who want to make benefit from buyers and become at the disadvantage of paying more than necessary.
However, before entering into the contract, the buyers and sellers should agree on the asset transfer fee. This includes tax, fees and expenses which should be clearly stated in the contract: Who pays what part and which part will be paid together, since the asset transfer fee is quite high and in order to prevent any controversy and disagreement on the transfer date.
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