6 Things You Need to Know Before You Buy Greek Property

Buy Greek Property

Opportunities abound for buying property, however, the process can be daunting. Here are 6 things you need to know before you buy Greek property.


Thinking you might buy Greek property?

Right now is actually a great time to buy a Greek property. Many opportunities are available, however, the process can be daunting. From fees, taxes, and other rules, you must do your homework before you buy, so there are no surprises. Read on for some tips to prepare you, so you’re ready to go when you find that perfect property.

Buy Greek Property

6 things to know before you buy Greek property

There are many fees and regulations associated with your purchase. Here are the basic ones you need to know, to protect your rights, and your investment.

1. Purchase – Transfer Tax

Greek property purchases are subject to taxation. The purchase-transfer tax (φόρος μεταβίβασης ακινήτου), is levied based on the “assessed tax value” (ανιικειμενική αξία) of the property, or the sale price, if higher.
Who pays: BUYER

NOTE:

  • Purchase contracts may only be signed and authorized if this tax has been paid and proof of payment submitted to the Notary.  
  • Buildings with permits issued after January 2006 from a contractor, are subject to significantly higher taxation.

2. Registration Fees

Once the purchase-contract deed has been signed, it must be registered with the Hellenic Cadastre and/or the Mortgage Registry, depending on the location of the property. Registration fees again are levied based on the “assessed tax value” (ανιικειμενική αξία) of the property or the sale price, if higher.
Who pays: BUYER
NOTE: A purchaser does not obtain full ownership rights until the property is registered and fees are paid.

3. Notary Fees

You will need a Notary for this process, as he/she plays a significant role throughout the entire purchase process. Notaries, which in Greece function within the jurisdiction of the Ministry of Justice, draft the purchase-contract to lawfully secure and validate the ownership title for you, the buyer. The Notary is chosen by the buyer. Fees are based on the “assessed tax value” (ανιικειμενική αξία) of the property or the sale price if higher.
Who pays: BUYER
NOTE: Only the notary can validate the ownership title.

4. Legal Representation Fee

While legal representation may not be required by law, it is highly recommended so you’re not hit by surprises. Your attorney will conduct a title search to determine if the seller has clear title of to the property you wish to purchase, thus protecting and securing your property rights.
Who pays: BUYER
TIP: Don’t skip this step. If the seller doesn’t have a clear title, you will not have any legal rights to the property, even though you paid for it.

5. Architect-Engineer Technical Fees

When selling Greek land and/or buildings, the owner is required to provide a  “Declaration of Legal Property Status – Law No. 4178/13″ from a licensed Architect-Engineer. While you may not be required to provide this certificate as a buyer, when purchasing built property, we strongly recommend that you appoint your own Architect – Engineer, to be sure that your property complies with all property laws and regulations.

Who pays: BUYER

TIP: Have the Architect-Engineer conduct an inspection to verify that all built structures on-site comply with what has been declared on the lawfully issued building permits and floor plans.

6. Real-Estate Agents Fees

These fees are based as a percentage of the sale price and agreed upon by both parties in writing before the property transaction takes place. In most cases, Greek Real-Estate Agents do not request exclusivity for the property.
Who pays: BUYER AND SELLER

Fact to know: Greek Real-Estate Agents often directly represent both the buyer and seller.  

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