REAL ESTATE IN GREECE

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REAL ESTATE PURCHASE IN GREECE

 

Buying a property in Greece is a unique investment for you and your family.
 
       Especially now, when real estate prices are significantly reduced, favorable conditions have been created for acquiring a house by the sea of ​​your dreams or in a traditional house in the picturesque Greek countryside.
        A mild and stable climate all year round, the sun's rays, in which there is virtually no winter in Greece, with a normalized ratio of humidity in the air and atmospheric pressure, environmentally friendly food, olive oil, citrus fruits - create unique conditions for human health and longevity .
       From a legal point of view, the ownership of property in Greece is forever retained by the owner, provided that the acquired property has legal documents verified by the lawyer, and the ownership transfers on the basis of the purchase, gift or heirs in accordance with the inheritance law of the country of his citizenship or by will.
      When purchasing real estate in Greece, the written consent of the spouse is not required.
 Useful tips for choosing the right property:
1. The choice of real estate
* consult a lawyer in Greece of your choice for advice in order to familiarize yourself with all the intricacies of Greek law in real estate and entrust him with the whole process of selecting for you suitable objects in accordance with the budget that you have until the transaction is completed.
* When contacting a real estate agency, be sure to have a license or ask us to recommend real legal realtors in Greece to you. When viewing a property, a lawful realtor provides for signing a receipt on viewing each property. The realtor's fee in Greece is paid by both parties, both the seller and the buyer in the amount of 2% of the value of the property each. If the parties try to hide from the realtor the fact of the sale of the property shown to them, the latter will have the right to collect his fee in court.
* in no case do not draw up any preliminary documents for the transaction and especially do not make an advance payment until the moment when the property you have chosen is checked by a lawyer in the local mortgage service.
* The legality of the transaction in Greece and the responsibility lies solely with the lawyer on the part of the buyer.
Choose the LAWYER for the transaction yourself, do not agree that a realtor, a developer or their Russian-speaking employee will provide it to you, because you will pay for his fee, therefore, there must be full confidence.
 Agree with a lawyer about his fee and sign a contract for the provision of legal services.
2. Legal due diligence  After the property is selected, it is necessary for the lawyer to check its condition.
3. Technical (engineering) inspection of the facility
    * If paragraphs 2 and 3 are in order, then you can proceed to the execution of the pre-contract between the seller and the buyer with an advance payment and an indication of the timing of the execution of a notarized contract of sale.
4. Opening a TIN (AFM) and bank account
* Accompanied by our office staff, this item will be completed as soon as possible and without bureaucratic delays with the provision of a tax representative in Greece to the buyer.
5. Submission of documents to a notary to draw up a contract of sale.
* in the case of contacting a notary who begins to execute a real estate transaction in Greece, and subsequently at the initiative of the buyer, the transaction will be transferred to another notary, the first notary is entitled to legal compensation in the amount of five hundred euros according to the current Notary Code in Greece.
6. Transferring funds for a transaction to your account in a Greek bank
7. Funds for the purchase of real estate can be sent from any account in any country in the name of the buyer or his close relative directly to the bank account of the seller in Greece.
8. Preparation by a notary of a declaration on renewal of ownership and tax assessment - payment of tax in tax
9. The signing of the contract of sale
10. Registration of ownership in the mortgage service
11. Registration of ownership in the national cadastre
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COSTS FOR PURCHASING REAL ESTATE IN GREECE
 
 A real estate transaction in Greece is accompanied by additional costs that burden it.
Part of the costs relates to the fees of professionals accompanying the transaction, and a significant part is made up of duties, municipal fees and taxes.
Attorney's fee Notary's feeRealtor's FeeTaxes Registration of a contract of sale in a mortgage service
Attorney's fee
It is determined by agreement between the client and the lawyer, whom he hires to check the legal status of the acquired property, accompaniment or act of attorney on behalf of the client in state instances for execution of other formalities of the entire purchase and sale transaction.
Notary's fee
It is 2% of the declared value in the sales contract plus VAT in the amount of 24% of the revealed fee.
 Realtor's Fee
It is 2% of the declared value in the sales contract plus VAT in the amount of 24% of the revealed fee.
 
TAXES:
 
Α) The tax on the re-registration of the right of ownership, which is paid by the buyer in tax, is 3% of the declared value of the property sold. If the declared value is lower than the state, then this tax is calculated from the state assessment and plus 3% of the amount of the calculated tax to the account of the Municipality.
B) 24% VAT - applies to real estate built after 01/01/2006 and sold by developers. The amount of this tax should be agreed initially with the seller and included in the final cost of the property.
C) Based on law 4172/2013, a tax is applied that only burdens the seller. It is calculated in the amount of 15% of the difference between the acquisition cost for real estate acquired after 31-12-1994 until today.
 
Registration of the contract of sale in the mortgage service:
The size of the fee is calculated from the value of the property specified in the contract. For real estate located outside the urban development zone, they make up 4.75 / 1000, i.e. 0.475% and 5.75 / 1000 (0.575%) for real estate included in the urban development zone.