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Serifos Real Estate

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Property Purchase Procedure

After finding the ideal property through our office and completing the negotiations, the below procedure is followed:

  1. Assign to a capable lawyer to check the title deeds.
  2. Assign to an architect-engineer to check:
  3. For land: Suitability of the size & shape and buildability.
  4. For houses/commercial properties: Legality, static, construction quality.
  5. Sign a private agreement-engagement between the two parties to remove the property from the market with a downpayment of an amount equal to the 10% of its value.
  6. Choose the notary and schedule the date of the final contract signing.

For European Union residents

  1. Issue AFM (Greek Tax Identification Number) from Paros Tax Office.
  2. Open an account in a greek bank.
  3. Select a translator to accurate translate the final contract.
  4. Issue to an accountant the annual tax return.

For Third Countries residents

According to the new law 4146/18.06.2013 third countries nationals grant a 5-year residence permit as long as they lease or purchase a property with minimum amount of 250.000€.
The mentioned residence permit is also granted to the members of their family as well as to the support staff in case of people with special needs. The residence permit can be renewed for equal period as long as the property remains in their ownership and possession.

  1. Issue AFM (Greek Tax Identification Number) from Tax Office or throught internet ,we help you to find a specialist to do it for you.
  2. Open an account in a greek bank.
  3. Select a translator to accurate translate the final contract.
  4. Issue to an accountant the annual tax return.

Property Purchase Contract Expenses

  • Property Transfer Tax:
    1. For newly built houses VAT 23% of the value written on the purchase contract.
    2. For any other property, the property transfer tax is estimated 3% of the value written on the purchase contract
  • Local Government Tax: Estimated an additional 3% of the above Property Transfer Tax.
  • Lawyer’s Fee: Upon agreement to perform the legal check of the property. For the lawyer’s presence at the purchase contract, the fee is defined at 1% to 1,5% plus the legal tax 23%. The lawyer’s presence is not any longer obligatory, but his/hers participation is needed for both parties to be ensured.
  • Notaty’s Fee: Defined at 1,2% to 2% of the value written on the purchase contract plus the legal tax 23%.
  • Realtor’s Fee: Defined at 2% plus the legal tax 23%.
  • Land Registry Fee: 0,475% of the value written on the purchase contract plus the legal tax 23%.

 

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