For Buyers

Buying a property in Greece can be one of life's most exciting experiences - and one of the most challenging!

Transfer Tax

Realty/Property Tax Transfer
1. The tax is calculated based on the value that is written in the contract or the objective value (whichever is higher).
2. The tax computing contributor is 9% up to the price of 20.000 euro and 11% for the remaining price above the 20.000 euro.
3. For the out of town-planning realty/property and for the areas that do not have Fire Department stations, the similar contributions are 8% and 10%.
4. The tax calculated as described above is surcharged by 3% in favour of the Municipality or the community, that the realty/property belongs to. The transfer tax in the purchases is always gratuity payed before the contract signature. Only in case parental benefit foundation or inheritance, the tax can be paid segmentally.

Notarially Expenses
The are calculated with the percentage of 1,5% over the selling price that is written in the contract or the objective value (whichever is higher).

Solicitor Expenses
The solisitor works out the realty/property titles check. The law the solisitor fee is a percentage from 0,75% up tp 1,5% (scalable every thousand of euros and up to the total price) and in any case, exact fee is arranged after agreement, before him being present to the signing of the contracts.

Transfer Expenses
At the contract transfer to the Land Registry they are defrayed the land registrar fees, that are 0,45% of the selling price that is written in the contract.


Contract Papers

Documents for making a buying contract

Salaried Workers
1. Identity photocopy.
2. AFM photocopy.
3. Tax sentience affirmation.

Single Professionals
1. Identity photocopy.
2. AFM photocopy.
3. Photocopy of each of your laste three tax liquidating paper.



Purchase Contracts
The correct legal procedure for transfer of a realty/property is an exchange of a formal contract between a buyer and a seller. This contract sets out the details of the original owner (or owners) and the new owner (or owners) and states the agreed purchase price between the two parties (The buyer and the seller)
The basic steps in the process must be followed carefully and strictly. These are:
A. Detailed Realty/Property checks:
- A legal check on the title of ownership of the seller to establish his/her right to sell the realty/property.
- A town planning check on an approved ground plan of the realty/property. This is especially important for new building.
- Realty/Property condition check (To establish whether it is an old (exisiting) building or a new construction).
- Legal check on the transfer of ownership – either personal or for companies.
- Verification of the financial solvency of the seller.
- Check of the cadastre/land registry declaration.

B. Contract checks related to the Realty/Property transfer.
- The security of on-time delivery of a new construction.
- Terms of any penalty clause for late delivery.
- In the case of credit arrangements, details of the mortgage terms.
- In the case of bank loans, the registered borrowing price for the purchase of the property.

C. Full check of the seller and of any power of attorney.

D. Full verification of the Building Licence and the related designs which have been approved.

E. Full check of the proposed use of the property (Personal or commercial) This is especially important in the case of property intended for commercial use, which may have specific legal limitations Buying Realty/Property.


Buying Realty/Property

What you should be careful
Sometimes a realty/property is offered at a much greater price than its true market value, and may not be a good investment. Therefore, we advise potential buyers to study the market well, and especially to work with properly qualified and experienced experts who know the market of the specific area very well.

Make a full and detailed check of the titles to the realty/property. This is extremely important whatever the proposed use of the property – either private or commercial. Defective titles can cause serious problems. Therefore, the best course of action is to engage a reliable and experienced solicitor, who will undertake all the necessary checks, especially regarding all aspects of the legality of any existing building.

Take a Civil Engineer advice. Make a technical check to the realty/property with a trust civil engineer help, who has the knowledge to localization may bungling.

Calculate the above cost in the case of buying an incomplete realty/property. When a realty/property is placed on inaccesible areas, far away from a city, the increase of the construction cost can reach more than 20%, this percent must always be calculated from the buyer.

Before you buy the land ask to have a check from the Forest Service and from the Archeological Service. This concern specific areas, that may be wooded land or maybe there exists old archeological findings. In case that in the base procedure be found archeological components, all the operations stops immediately and the owner concerns in a time-consuming procedures, usually losing the deposit or a part of the deposit that he invested in the specific realty/property.

Ask valid information from the Town-planning Service of that area for buying land outside the approved town-planning design.. Usually, for building in an outside plot, it must have size at least four (4) stremmas (4.000 square meters). However, in some cases this limit goes up to 8.000 square meters or goes down to 2.000 square meters. Very important is to examine if the property comes from a partition, and when this happen, that is which is the minimun part of land that is par and buiilding. For example, a plot that has total size 8.000 square meters, does not mean that we can do a partition of two different parts of 4.000 squares meters each, if the Town-planning Service setsa term to exists a road between the plots.

Be careful buying a realty/property in areas that land has mixed use. This is why the buyer has not all the times clearness on what you can built in that realty/property. Constist in buying only if the enviroment is already setted, that is when there exists and other buildings in that area.

Rate the special assessment perspectives of the realty/property. To earn from the special assessment perspectives of a realty/property you must be informed for the medium-term and the long-term of designing tha area. If does not exists such a design or if progects that goes off the quality of life have been programmed (overpasses, highways etc. ) then the resale of the realty/property will fall off.

Be informed about the apartment building rules. The maintenance of the apartment building rules is obligatory and for the new owners. A rule that can put limits in the apartments use or to the communal areas of the realty/property (the portal can not be enough for parking all the cars of the owners of the building apartments.)


Your first buy

Buying a realty/property is usually a significant and important action in our life. Therefore, we add the following advice.

Prepare yourself for the purchase
- When one decides to buy, one should study the region which one is interested in very thoroughly. Start to look at it through the eyes of a long-term resident – the advantages and disadvantages. When one is sure that the area in question is the place one prefers, the best course is to engage the cooperation of a reliable and experienced realtor/estate agent.
- Working with a good agent will allow a buyer to compare the benefits of rental, instead of purchase, or the possibility of short term rental to allow time to search for a property which meets the buyer’s long term needs. Naturally, if a buyer is looking at the long term, ownership of a property is usually a better economic option than renting.
- The greatest benefit of cooperating with a reputable agent is that a buyer will have;
- A clear picture of the overall housing market in the area, based on good local knowledge and experience.
- Details such as, transportation, health facilities, social and educational services, environmental issues, etc.
- Details of all legal and town planning requirements
- Details of all costs associated with realty/property purchase such as; payment schedules, legal costs, etc, to allow a buyer to make an accurate budget to cover all forecast expenditure.
- Advice of an appropriately qualified and experienced civil engineer, which is essential to obtain any necessary licences and planning approvals.

Your Borrowing ability
- Banks will require a clear and accurate view of a buyer’s financial status. In all cases, there are two main issues;
- The client’s credit status.
- The actual value of the property in question. This is normally regarded as about 8% less than the market price.
- A bank will need to be satisfied that a client has adequate financial resources to cover all foreseable expenses, HOWEVER, any property in question will NOT be regarded as an asset.

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