Goutos PropertiesClosing Costs and Expenses for the Buyer

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Buying property carries additional fees and expenses that the buyer is liable for in addition to the potential financing that he needs in order to acquire the property-. These expenses concern legal and technical inspection fees along with tax and other local government expenses. The buyer must inquire in these charges so he can have a realistic picture of the total expense incurred from his decision to buy property. 

 

Attorney's compensation

The Law dictates that the attorney receives compensation for being present at the closing. He is obliged to be present at the closing if the value of the property to be sold is at least 29,347.0286 Euros for properties located in Athens and Piraeus districts and 11,738.8114 for properties located in the remaining districts of Greece.

There is a minimum amount of compensation that the attorney should receive for his services and that is as shown below:

 

Amount (in Euros)

Percent

Up to 44,020.5429

1 %

44,020.5458 - 1,467,351.4306

0.5 %

1,467,351.4336 - 2,934,702.8613

0.4 %

2,934,702.8642 - 5,869,405.7226

0.3 %

5,869,405.7256 - 14,673,514.3066

0.2 %

14,673,514.3096 - 29,347,028.6133

0.1 %

29,347,028.6162 - 58,694,057.2267

0.05 %

58,694,057.2296 and over

0.01 %

 

The attorney receives additional compensation for assessing the legal status of the property. You should be calculated in the fee VAT 24%

 

Notary Public s Compensation

The compensation of the Notary Public ranges from 1.2% up to 2% of the contract value of the property. Additional charges here concern copies of contracts, organizing tax returns, fixed local and state fees etc. You should be calculated in the fee VAT 24%

 

Real Estate Agent compensation

In case the buyer employs a real estate agent or broker he will be asked to pay 2% on the market value of the property. You should be calculated in the fee VAT 24%

 

Registration fee

Since the buyer must submit the sales contract for registration at the Register of Deeds, he will be asked to pay 0.475% on the contract or the market value of the property (depending which one is higher).  You should be calculated in the fee VAT 24%

 

Fee for the registration of the Mortgage Pre-Notation

If there is bank financing included then the buyer must pay a 0.75% to 0.80% fee of the contract value for the registration of the mortgage pre-notation at the Register of Deeds. 

 

Transfer Tax

The buyer is liable for the Transfer tax which is 3% for the property. The buyer may be eligible for a transfer tax exemption if he is buying property for the very first time. However there are certain variations on the tax exemption, i.e. if he is single he may be exempt for buying property.

 

VAT 24%

It is calculated on the contract value of the property. It concerns properties whose construction permit was issued or renewed from January 1, 2006, onwards.

Buying property carries additional fees and expenses that the buyer is liable for in addition to the potential financing that he needs in order to acquire the property-. These expenses concern legal and technical inspection fees along with tax and other local government expenses. The buyer must inquire in these charges so he can have a realistic picture of the total expense incurred from his decision to buy property. 

 

Attorney's compensation

The Law dictates that the attorney receives compensation for being present at the closing. He is obliged to be present at the closing if the value of the property to be sold is at least 29,347.0286 Euros for properties located in Athens and Piraeus districts and 11,738.8114 for properties located in the remaining districts of Greece.

There is a minimum amount of compensation that the attorney should receive for his services and that is as shown below:

 

Amount (in Euros)

Percent

Up to 44,020.5429

1 %

44,020.5458 - 1,467,351.4306

0.5 %

1,467,351.4336 - 2,934,702.8613

0.4 %

2,934,702.8642 - 5,869,405.7226

0.3 %

5,869,405.7256 - 14,673,514.3066

0.2 %

14,673,514.3096 - 29,347,028.6133

0.1 %

29,347,028.6162 - 58,694,057.2267

0.05 %

58,694,057.2296 and over

0.01 %

 

The attorney receives additional compensation for assessing the legal status of the property. You should be calculated in the fee VAT 24%

 

Notary Public s Compensation

The compensation of the Notary Public ranges from 1.2% up to 2% of the contract value of the property. Additional charges here concern copies of contracts, organizing tax returns, fixed local and state fees etc. You should be calculated in the fee VAT 24%

 

Real Estate Agent compensation

In case the buyer employs a real estate agent or broker he will be asked to pay 2% on the market value of the property. You should be calculated in the fee VAT 24%

 

Registration fee

Since the buyer must submit the sales contract for registration at the Register of Deeds, he will be asked to pay 0.475% on the contract or the market value of the property (depending which one is higher).  You should be calculated in the fee VAT 24%

 

Fee for the registration of the Mortgage Pre-Notation

If there is bank financing included then the buyer must pay a 0.75% to 0.80% fee of the contract value for the registration of the mortgage pre-notation at the Register of Deeds. 

 

Transfer Tax

The buyer is liable for the Transfer tax which is 3% for the property. The buyer may be eligible for a transfer tax exemption if he is buying property for the very first time. However there are certain variations on the tax exemption, i.e. if he is single he may be exempt for buying property.

 

VAT 24%

It is calculated on the contract value of the property. It concerns properties whose construction permit was issued or renewed from January 1, 2006, onwards.

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