The Banglamung Land Office announced that land title transfer fees have been cut to nearly zero for the next year as part of the government’s push to revive the economy.
The new policy, improved by the Cabinet early last month, sees the rate reduced to 0.01% of a home or land parcel’s sale price. The discounted rate remains in effect until April 28.
The move prompted an immediate reaction, with crowds up by about a third at the Soi Bonkai office when the discount took effect Oct. 29.
The Banglamung Land Office was packed on the first day that land title transfer fees were cut to nearly zero percent.
Land officer Amnart Jaemjaeng said the usual transfer costs for homes and property are 2 percent of the total sale price. Mortgages usually cost 1 percent. Both have been reduced to 0.01%, and made free for assets worth less than 200,000 baht.
This new policy will take effect on unallocated properties like commercial buildings or property and buildings. A transfer cost for vacant land has not been reduced. Types of building include single-family homes, duplexes, rowhouses and commercial buildings.
Resident Amnuay Prasertsin said he came to the land office immediately after learning of the discount. He said he had just purchased an 800-sq.-meter plot of land on which he plans to build an apartment house. He was happy the government has reduced the transfer costs, and six months is more than enough to attract more buyers.
Normally he would have had to pay 16,000 baht. Now that fee was reduced to 80 baht. He was so happy, he said he donated 3,000 baht of his savings to charity.