12 Agias Paraskevis St., 12123 Athens, Greece
Τ +30 210 8322 007
Property Transaction Costs
For the transfer / purchase of a property, the heir / purchaser, in addition to his actual value, is charged with additional costs including fees, levies, taxes and fees for certain professionals such as notaries, lawyers, brokers and engineers.
Property Transaction Tax (P.P.T)
The latest legal framework of the Greek Ministry of Finance imposes the realties conveyances on the Property Transaction Tax (P.P.T) according to the property objective value.
The property objective value, usually referred also as contact or market value, is determined as the legal contract indicated price of the property. All in all, the P.P.T estimation comes from the percentage of 3% of the objective value of any immovable property.
The notary fees are part of the obligatory expenses charging the vendor/legatee as well as the presence of the notary is necessary for the completion of the transaction process.
Specifically, the notarial fees include the expenses of the fixed fees, stamps, second sheets, tax returns, summaries, copies of the contract etc. and the notary payment which is estimated as a percentage of the contract (objective) value of the property and differs each time. Indicatively, a usual average fee ranges from 0.80 to 1.5 % of the P.P.T.
Throughout the realty transfer, the representation of the lawyer and eventually the legal fees are optionally determined since January 1st, 2014. The attorney contribution concerns the authenticity check of both parties’ documents while also the writing and signing of the transaction contact. The charge is free for negotiation and is depended on the objective value of the property.
Thus, the attendance of the lawyer is not mandatory, it is highly advisable in order to ensure that the purchasing process will be actualized in the most secure and legal manner and avoiding any financial damage.
Real Estate Agents Fees
Similarly, the complicity of the real estate agent is oriented as optional and the respective fees are instituted as free for negotiation, regarding the latest brokerage law. In general, the brokerage charges range from 1 to 2 %.
Urban Planning Evaluation
A should be step before sailing or transferring a property is the urban planning evaluation. The urban planning evaluation includes the review of the property’s legality and quality and however, it is not mandatory to be staged by an expertise, is usually carried out by civil engineers and architects. Their fees are differently settled each time.
Specifically, the process of the legacy evaluation reviews the property’s urban planning status, meaning the relation of its urban planning permission and actual utilization with its registered title, while the process of the quality control examines the property’s integrity, construction condition (the possibility of preserving the existing utilization and conversing it to an alternative one), and the ant seismicity of its construction. Also, general visual inspection is performed about problems of humidity functionality etc.
In addition, in case of an off- plan property, an extra examination is needed examining any possible classification of the property’s location as a coastal land zone, habitat, forest and reforestation area
Land Registry Fees
In conclusion, the vendor is additionally charged with municipal tax which must be paid at the and registry fees.
Terra Real Estate • 12 Agias Paraskevis St., Athens 12123, Greece • Tel +30 210 8322 007 • E-mail: email@example.com