A dream of owning a home abroad on the Greek island of Paros is turning into reality. This is likely to increase as people choose Paro as their destination and getting acquainted with the Greek culture through business.
The presence of an airport and frequent transportation to the island by sea either by regular sea liners or high speed vessels, bring Paros as close to you as never before. Paros has become a popular international destination.
Property ownership has many benefits, both financial and personal. It provides a way to accumulate wealth in the form of appreciation as time goes on.
In addition to the purchase value of the property, there are several other costs associated with it, which are directly dependant on the price declared on the deed, calculated as a percentage of this amount. Associated fees for property transfer are summarized bellow as follows:
At closing the real estate sales person commission of 2% plus 23% VAT ( total of 2.46% ) is paid.
In order to sell, the vendor first has to provide at his cost, the Engineer's Certificate, stating that the property for sale is been build accordingly to the building permit. It's recommended that the investor hires an engineer acting on his behalf to checks if the provided Engineer's Certificate thoroughly covers the property for sale.
Our solicitor who acts on buyer's behalf, checks the credence of the title deed and inditement of the contracts. The lawyer is the one who negotiates the terms of contract and supervises if the procedure of property transfer is proper. His fee is 1% to 0.5% of the property's value (decreases as price goes up). His presence is not required by law but strongly recommended.
The notary public will check to see if all documents escorting the deed are in order. His fee is 0.8% of the purchase value on the deed. Furthermore, he will register the property deeds with the Land Registry as freehold for a small fee. The Land Registry office fee is approximately 0.8%.
The property tax on a second hand property is 3% on the value registered in the deed. If the property is new build, sold for the first time by a developer the tax is 23% and is included in the agreed price. It is not on top of the agreed price. This different approach has to do with the developer's taxation.
Through the following, the investor is given the opportunity to become familiar with the basic concepts of property transfer in Greece, as well as the services provided by our office:
These steps are just an illustration of a typical process for buying property in Greece. They are in no way complete and depending on each case, procedure may vary. For complete information please contact Lafis.gr so an engineer, a solicitor, or an accountant can advise you.
Normally the procedure of property transfer is completed in under a month.
Our company is in no need of hiring an engineer or a contractor; we are the engineer-architectural designers and contractor. The whole project's design and supervision is on us, ensuring technical work of the highest quality and the lowest feasible cost for the client avoiding middlemen and unnecessary expenses.
Our clients choose lafis.gr services for one more important reason. Their property renovation will not require their presence on site. They can be confident that everything will be performed in the best way without the stress and expenses of constant traveling and endless meetings with architects, engineers, technicians, contractors and material suppliers.