In the event that someone wishes to make a purchase or sale in Greece, one has to take into account every aspect and details required so as to ensure your investment. Therefore, there is information that the potential buyer or seller must be aware of and Domgreek is here to provide you with their knowledge and consultation in anything you need.
Below we provide you with some basic terms, that may be useful to you while examining your opportunities to make a purchase in Greece.
There are a number of questions regarding purchasing a property in Greece, and Domgreek is in a position to answer all your questions before you even ask.Read more
Is it necessary to use a lawyer?
Property purchase and sale constitutes an integrated process regarding the transfer of property rights, which might be involving risks not only for the buyer but also for the seller, if they are not familiar with the parameters they must take into account. At this point it is necessary to hire a lawyer. It should be noted that in the past years, the representation by a lawyer was necessary at any case. Nowadays it is no longer necessary to use a lawyer, although legal representation seems to be particularly valuable, as it ensures the validity of the process and the complete, legitimate and accurate nature of the titles of ownership, in order to carry out the purchasing process as soon as possible. Domgreek, in cooperation with lawyers, specialized in Real – Estate business , is near you throughout the whole process, in order to guide in every step of the way.
The need of a notary
The execution of the final transfer agreement constitutes legal obligation of the notary and legal need, as the notary draws up the official document which ensures the legal interests of both contracting parties of the purchase agreement. The notary is obliged to read the agreement in detail to the contracting parties in order to ascertain that it is understood by them and that no questions will arise in the future. The final transfer agreement is then signed in the presence of a lawyer and the process is completed with the payment of the agreed price. Our agency maintains cooperation with skilled lawyers, who can guarantee the valid and quick execution of the agreement.
What costs does the purchase and sale process entail?
In the event that you wish to buy a property in Greece, you must be ready to undertake the costs for the services of the Real-Estate agency, which will have helped you, find the chosen property. Our payment is agreed upon signature of the assignment, according to the market prices (plus VAT). The buyer must also bear the costs that arise from the legal representation throughout the purchase and sale process. The level of remuneration for the lawyer depends on the services provided and it is agreed between the lawyer and the client. The notary costs will also be borne by the buyer, and the level of the notary fee is specified by the Law and it is the same for all the citizens, and it amounts to 0,8% of the property value (plus 23% VAT for property value over 120000€). The buyer is also obliged to pay a transfer of property tax, which after 2014 is estimated to 3% of the property value, as specified in the notary act. Finally the buyer needs to transcribe the property at the property in the land registry or the Hellenic Cadastre, which incures an extra charge of κατά 0,475% - 0,575% (plus VAT).
The costs entailed by the sale of a property include originally the services provided by the engineer, for the issuance of an energy certificate and certificate of legality (if not already existed) and the fee of the engineer agreed between the parties. In addition, whenever that is necessary, the seller is also obliged to pay a betterment tax, in case the property that is to be sold, was acquired after 1995. At this point it should be noted that the payment of the said tax is postponed to 31/12/2016.
For any information regarding matters of Real – Estate you can call us, in order to suggest you some useful links that maybe helpful to you, while trying to find information in relation to the property management and the purchase and sale process.Read more
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