5 stages to register the sale and purchase of property in Greece
According to Greek and EU legislation the whole procedure of registration and title transition of property in Greece should be absolutely transparent, fully controlled and public.
In case if the buyer of property in Greece is not a Greek citizen, he should pass through the following five stages for the purposes of registration of the transaction:
The Power of Attorney is drawn up by a Greek notary in the presence of the accredited translator (mandatory). Only this document entitles your authorized lawyer to perform all the actions required for conclusion of the principal sales and purchase agreement.
Your authorized lawyer acting in your name and on your behalf will undertake the issuance of the Tax Identification Number (TIN) in the competent Tax Authorities. Only this document entitles your authorized lawyer to open a bank account in a state bank.
Your authorized lawyer performs a detailed legal checkup of the documentation related to the particular property (such as identification of the documentation, encumbrances, mortgages etc.) in the state Land Registrar. A property report, signed and certified by the same lawyer is then after passed to you.
The authorized lawyer submits the Tax return to the local Tax Authority. Currently, the tax rate amounts to 3,09% (instead of 10% as it was before 01.01.2014) in case if the property is sold by the developer and the building permission was issued before 01.01.2006 and to 23% in case if it was issued after this date. If the property is sold by the private owner the tax regardless of the date of construction will amount 3,09%.
The Principal sales and purchase agreement is signed by the both parties in the presence of a notary and a translator. After the agreement is signed the authorized lawyer registers it in the state Land Registrar. After passing this final integral and compulsory stage of the registration of the sales and purchase transaction, the buyer receives the full package of the above mentioned documents, duly certified and translated into Russian, along with the as follows:
- Building permission
- Energy Performance Certificate
- Property layout plan
- Topographical plan
The information was provided by the Legal department of the company Elionis.
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Documents required for Property Purchase in Greece
If you applied to the company Elionis in order to purchase a property in Greece, then we can guarantee that whole property purchase and registration procedure will take no more than 10 days.
You need to submit to our Legal department the as follows documents:
- Valid passport with a entry visa valid for Greece
- Document confirming permanent residence address (national passport of the country of residence)
- Employment certificate, (a document confirming main occupation of the prospective buyer
- Copy of Tax declaration (or Income Tax Statement, or any other income statement (salary statement, bank statement).
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* This document is required for opening of a bank account and the income amount stated is not relevant to the value of the purchased property.
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Property registration expenses in Greece
The property registration expenses in Greece depend on its commercial or cadastral value (if it exceeds commercial value) and on the Title Transition Tax rate.
Τhe total amount of the property registration expenses in Greece should not be deemed as a service fee calculated from the property value and includes the Title transition tax, lawyer’s fee, notary fee and the estate agent’s fee.
In case if the commercial value of the property is 100 000 € and the Title transition tax amounts to 3,09%, then you will have to pay the following property registration expenses:
- Lawyer’s fee : 100 000 х 1,5% = 1 500 € (plus VAT 23%, which is added to this amount) = 1845 €
- Notary’s fee: 100 000 х 1,5% = 1 500 € (plus VAT 23%) = 1 845 €
- Title transition tax: 100 000 х 3,09% = 3 090 €
- Land registrar fee: 100 000 х 0.5% = 500 €
- Estate agent’s fee: 100 000 х 2%= 2 000 € (plus VAT 23%) = 2 460 €
Total: 9 650 €.
In case if the commercial value of the property is 100 000 € and the Title transition tax amounts to 23%, then you will have to pay the following property registration expenses:
- Lawyer’s fee: 100 000 х 1,5 % = 1 500 € (plus VAT 23%, which is added to this amount) = 1 845 €
- Notary’s fee: 100 000 х 1,5% = 1 500 € (plus VAT 23%) = 1 845 €
- Title transition tax: 100 000 х 23% = 23 000 €
- Land registrar fee: 100 000 х 0.5% = 500 €
- Estate agent’s fee: 100 000 х 2%= 2 000 € (plus VAT) = 2 460 €
Total: 29 650 €.
Pay note, that if the cadastral value of the property in Greece exceeds the commercial value, then all the expenses of your purchase registration are calculated based on the cadastral value of the property.
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