Closing cost guide
Property - Houses and Condos

SELLER
Broker: Typically 5% depending upon size and marketing
Own Attorney: Consult your attorney
Transfer Taxes:
 Transfer Fee: The government transfer fee is 2% of the government assessed price of the property. Whether the Seller or Buyer pays this fee is dependent on negotiations between the Buyer and Seller. Normal custom is to split the tax 50/50 between the Buyer and Seller, and should be specified in the Sales and Purchase Agreement.
Stamp Duty: The Stamp Duty is .5% of either the government assessed value or the sale price, whichever is greater. Again the normal practice is to split this 50/50 between the Seller and Buyer, but should be specified in the Sales and Purchase Agreement.
Specific Business Tax (SBT): SBT will only be imposed on properties that are owned for less 5 years. The rate is 3.3% of the selling or assessed value (whichever is greater). Normally the Seller is responsible for the SBT.

PURCHASER
Own Attorney: Consult your attorney
Bank Fees: varies by bank
Application, credit check, etc: varies by bank
Miscellaneous Bank Fees: varies by bank
Title & Lien Search: Consult your attorney


Government Relief from Transfer taxes:

Until March 28, 2010:
Transfer Fees and SBT for Property Transactions completed before March 28, 2010
 1. House sales where the land is less than 1 Rai will have their transfer tax reduced to .01% of the government assessed price. If the property is subject to SBT, the SBT is .11% of the government assessed price or actual purchase price, whichever is greater.
2. Condo Units: All of the above applies to condo sales as well.