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Once all the necessary searches have been
carried out and the lawyer has ensured the buyer that the property titles are
clean and that there are no problems (the buyer at this point must make sure
that everything said to him/her are completely understandable) the lawyer must
pass the paper work on to the Notary Public who will arrange the declarations
(the vendor will sign these papers first) that the buyer must take to the tax
office and calculate the purchase tax that has to be paid (purchase tax is
usually 9-11%) . When the Notary contacts the lawyer about the above then the
buyer must draw the amount of money for the purchase tax in a Bank check (not a
personal check) if it is over ¤1.000 and in cash if it is
under ¤1.000 (the money must be the
exact amount of money that is said to you). Next step will be for the buyer to
visit the Notary’s office with his/her lawyer to get the necessary declarations
for the tax office. The lawyer will then accompany the buyer to the tax office
were the declarations will be checked and the purchase tax will be paid. The
lawyer then must carry out one last search before signing the final contracts.
SIGNING
OF THE FINAL CONTRACTS:
According to the Greek Law, contracts
must be signed in the presence of a notary public, a lawyer appointed by the
buyer and a lawyer appointed by the vendor. It is advisable if the buyer does
not speak Greek to appoint a translator. All fees must be paid at the time of
the final signing of the contracts.
HERE
ARE THE FEES:
Purchase
Tax is usually 9-11%
Notary’s
Fees are usually 1,5-2% of the objective value
Lawyers
Fees are usually 1-1,5% of the objective value
Real
Estate Agents fees are 2% plus VAT of the purchase price
(Due
to the fact that a translator and a civil engineer are not always appointed one
would have to seek further information about their fees from the professionals
themselves)
DON’T
FORGET:
When you draw the money from the Bank do
not forget to ask for the pink slips and keep all the receipts – this is for
you to be able to show were you have acquired the money from or else you might
be faced with high tax bills.
Once the contract is signed by both
parties, it must be registered with the local public registry
(HYPOTHIKOFILAKIO) (The Notary will do this).The buyer will receive the
contracts after approximately 2weeks. After the acquisition of the property,
the buyer must declare it to the tax authority at the E9 tax form. This is done
only once, when the owner obtains the property and again once when he sells the
property. The buyer of the property must also fill out the yearly tax form (the
year after the acquisition of the property) in which he must show were he
acquired the money for the purchase of the property. (There is no annual tax in
Greece).
For further information on this matter you should contact an accountant. Also
the buyer must change the electricity and water bills into his/her name. (To
change the name on the electricity bill he/she will have to go into Corfu Town
to the electricity company and for the water bill to the local council were the
house is situated). Water bills come every 3months (they include a small charge
for street lighting and rubbish collection) – electricity bills come every
2months (they include a small charge for TV fees –ERT-) – telephone bills come
every 2months.
This is only a guide
For further informatiom please
Contact your lawyer!!!
Please feel free to contact us:
26630-64873
6946003802
6945946104
By K&K PROPERTY SERVICES
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