Once you find and decide to go for the suitable for your needs property, you have to go through the below described steps:
As property buyer you need to appoint a Greek lawyer preferably specialized in real estate. For non-EU citizens some restrictions are in place, if buying property in border areas.
A Civil engineer has to be appointed, who will check the building and will check whether all building and urban planning regulations have been complied with, needs to be appointed as well.
A public notary has to be appointed since the property purchase/transfer agreement will have to take the legal form of a notarial deed. The public notary will check if the property under sale has been registered with the National Cadastre, will examine if real estate taxes in relation to the property under sale have been paid and will examine other issues, like the legality of the buildings and their accordance with the existing building regulations.
The buyer must obtain the titles of ownership of the property from the current owner. Through the assistance of the lawyer, a research of the title deeds at the competent Land Registry or Cadastral Office must be carried out ensure that the property under sale belongs to the seller and whether it is free from any encumbrances, liens and disputes.
The buyer has to hold a tax registry number in order to be able to conclude the transaction.
A 3% transfer tax must be paid by the buyer to the competent tax authority before the execution of the notarial transfer agreement.
As mentioned previously, this has to done before a public notary and then the relevant notarial deed has to be registered with the competent Land Registry or Cadastral Office.
Through the appointed lawyers a certificate from the competent Land Registry or Cadastral Office must be obtained as evidence that the property belongs to the new owner and that the notarial deed has been registered with the books and that there are no encumbrances or disputes.
It is on the buyer’s duty to satisfy the following costs:
The Public Notary’s fees amount to 1,3% approximately of the property value, whereas the lawyers’ fees are freely agreed.
a) 3% Transfer tax and 3% Municipality tax levied on the amount of the transfer tax.
b) Land Registry fee amounting to 0.45 % of the property value, plus VAT 23%, if applicable.
c) Real estate agent fee varies depending on the agent firm. It is not expected to exceed 5% of the property value.
Taxes on property and Public Notary’s fees are calculated on the greater between the "objective" value and the purchase price of the property.
“Objective" value of a property is the minimum accepted value for transaction purposes determined by the Tax Authorities based on a specific formula taking into account the zone value and other factors.
Athens February 2016More news