Support documents required only if the buyer requests the transfer tax exemption for the first home purchase. In this case, he/she must present to the property TAX office together with the transfer tax declarations and the following:
- Just copies of income statements for the last 5 years.
- A copy of the E9 form, certified by the tax office.
- If she is married, she will need a marital status certificate and sign a responsible declaration under article 8 of Law 1599/86 with the content indicated by the tax registrar.
FMA (Real Estate Transfer Tax)
VAT is paid to the tax office before the contract is drawn up, so that upon signing it there is proof of payment of the tax. The tax is calculated on the value of the contract as determined by the buyer’s notary. In the housing market, for the first 15,000 € the tax rate is 9%, while for the remaining amount is 11%. The first residence is exempt from this tax, up to € 65,000 for the unmarried, € 100,000 for the married, € 20,000 for each of the first two children and € 30,000 for the third child. A municipal tax of 3% is imposed on the amount of the tax. The corresponding amounts for land purchase are differentiated downwards.
REAL ESTATE AGENCY
These costs amount to 2% of the real price and are subject to 24% VAT. The payment is made when the contract is signed.
TAP (Real Estate tax rate)
It is due by the seller. The rate is set by the municipal council in the area, from about 0.25 ‰ to about 0.35 ‰.
The rights of the Land Registry are set at 4.5 ‰ of the value of the property as it appears in the contract and charge the buyer. Each certificate issued costs about € 5.
For purchases over € 29,347, the lawyers of the seller and the buyer are required. The minimum legal fee for each of them is 1% for the first € 44,020 and 0,5% for the amount up to € 1,467,351. The rate is gradually reduced for the remainder of the price. The buyer is also burdened with his lawyer’s fees for checking the securities, which is about 1% of the price. Lawyers’ fees may vary upwards as appropriate.
Notary fees are paid by the buyer and amount to 1.20% of the contract value plus € 130. The resulting figure amounts to 9% to the Legal Fund, 6% to the Notary Public Insurance Fund, and 85% to the notary’s fees. Copies are charged an extra € 9,27.
We utilize the skills of all our practice areas and affiliated professionals to ensure we advise our clients on every opportunity and corresponding risk their matter presents. We make sure our clients are aware of, and can react to, the complex issues which real estate transactions often raise.
We can assist you with the following:
- Property sales & purchases
- Timeshare acquisitions.
- Purchasing off-plan property
- Sale of real estate assets
- Leasing of commercial property
- Urban regeneration
- Due diligence
- Structuring of real estate investments
- Debt financing
- Capital raising
- Environmental issues
- Real estate tax planning
- Joint ventures
Our office has been successfully representing high net worth individuals, companies & corporations embarking upon investment projects in Greece.
Our professional services include tracing property titles all over Greece and investigating and providing due diligence reports on the legal and actual status of the property in question, that is whether it is clear for transfer, whether ownership of property is disputed, any third parties’ rights exist etc.
On larger projects we appoint topographers, engineers and supervise the whole process ensuring flawless transactions and successful end results.
We represent, advise and assist our clients in every stage of the real estate purchase procedure, providing the following basic services:
- Finding and Negotiating the price of the Property;
- Assisting the client in getting a Tax Number;
- Opening a bank account in a Greek bank;
- Conclusion of the Contract of the Property before the Notary Public;
- Registering the Contract with the competent Land Registry;
With respect to real estate investments in Greece, we can provide the following extended services:
- Evaluate the client’s investment budget and recommend locations for investment;
- Guide the preparation of documents required for buying a property in Greece;
- Analyze the properties selected;
- Negotiate the merits of the agreement with the seller(s);
- Issue a Tax Number with the competent authority;
- Open a Greek Bank Account;
- Appoint Notaries & Accountants;
- Draft a PoA for all actions related to property acquisition;
- Approve promissory agreements and negotiate with sellers and their proxies;
- Conduct due diligence on real estate property title deeds & competent Land Registries & Cadastral offices for burdens, liens, confiscations, third party rights;
- Communicate with realtors, sellers, notaries, lawyers during the process of the transaction;
- Review notarial documents and drafts;
- Review sellers’ certificates and approve them if they are satisfactory;
- Attend and represent our clients on the signing of the conveyancing agreements (final contracts);
- Provide oral translation in English on the date of signatures;
- Register the property with the tax authorities;
- Register the property with the competent Land Registry or Cadastral Office;
- Appoint Property Management Teams & Renovation Teams;
- Rent our client’s property;
- Draft and sign lease agreements with tenants;
- Register the lease with the tax authorities;
- Provide continuous support;
- Conduct annual property management;
- and more services available on request.