So you are thinking of selling or buying a property on Alonissos Αλόννησος - Alonnisos...
Buying or selling a Greek property can be daunting. Here are some of the procedures you might find useful when you sell or buy a Greek property.
From various fees, taxes, and other rules, you must do your homework before you buy or sell, so there are no surprises.
We at GREEK KEY PROPERTIES™ hand hold you throughout the process. Greek Key Properties will oversee all the small print so you’re ready to go when you find that perfect property to buy or when you are prepared to sell .
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.
Purchase contracts may only be signed and authorised 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.
Before the sale procedure starts, Greek Key Properties will make sure that the owner is aware of the points above.
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.
A purchaser does not obtain full ownership rights until the property is registered and fees are paid.
You will need a Notary for this process, as they play 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 based in Skopelos. Fees are calculated on the “assessed tax value” (ανιικειμενική αξία) of the property or the sale price if higher.
Greek Key Properties can take the buyer personally and introduce you to the Notary. We can also act on behalf of the buyer or seller for the purchase of the property by being given Power Of Attorney. Only the Notary can validate the ownership title.
Legal Representation Fee
While legal representation may not be required by law, it is highly recommended so you are not hit by any surprises. Your solicitor will conduct a title search to determine the property has a clear title, thus protecting and securing your property rights. They will go through the entire process with you explaining the total costs. This enables you to budget accordingly. An estimated guide of additional costs to the purchase price would be in the region of 10% of the value of the sale price or property value.
Greek Key Properties can put you in contact with multilingual solicitors or accountants to assist. If the seller doesn’t have a clear title, you will not have any legal rights to the property. Having legal representation therefore is strongly advised. Having said that it is the sellers solicitor’s responsibility to insure that the title is legal and ready to change hands. Many properties have been bought without the buyer having legal representation and thus a large saving of costs has been made. The choice is there for you to make.
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.
Greek Key Properties can arrange an Architect-Engineer to 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.
Greek Key Properties fees:
These fees are based as either a percentage of the sale price and or a fixed fee and agreed upon by both parties in writing before the property transaction takes place (often a confirmation email of the terms).
Sometimes a mutual agreement during the negotiation process is made by all parties concerned. The fee can often be shared between both parties proportionally.
Facts to know:
Greek Real-Estate Agents often directly represent both the buyer and seller. At Greek Key Properties, we will assist the seller and buyer in the entire process of the selling and buying procedure. This helps the vendor to have the confidence that all the elements are taken care of and assures the purchaser that their hands will be held all the way.
The above is just a guide and by no means definitive. Greek Key Properties has just provided this guide to inform and help with the sale and purchase of property on Alonissos. Greek Key Properties believes at the time of writing this and that the descriptions of properties, statements, and services to be true and will not be held responsible or accountable for any loss or damages because of misrepresentation by Greek Key Properties or of the Greek laws and procedures that are constantly changing. Your legal representation will guide you through all the various steps at the time, as and when.
The internet is not secure and therefore Greek Key Properties do not accept legal responsibility for the contents of this website and for any damages whatsoever that is caused by errors, misrepresentation or viruses being passed. Any views or opinions presented are solely those of the author and do not necessarily represent the company; Greek Key Properties. The author has no legal responsibility for any inaccuracies that may have been stated but believes at the time of writing for them to be true. By proceeding with either a purchase, sale or service with Greek Key Properties is with the understanding and acceptance of the contents of this page together with the terms and conditions and the statement that Greek Key Properties cannot be held accountable for any damages that may have resulted in proceedings or works with either a sale, purchase or service provided. Our code of conduct, ethics and practice follows strict guidelines to ensure that both buyers and vendors are protected. The small print is part of the 'Terms and Conditions' that can be found elsewhere.
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