The expenses that the buyer has to pay when purchasing a property, are based on the selling price of the property. However, in cases where the Objective Value is higher than the selling price, then it is taken into account and consideration in the Purchase Contract. Below you can find a brief list of the expenses that one is to expect during a property purchase:-

Transfer Tax
All property purchases in Greece are subject to taxation. It is obligatory for the purchase tax to be paid prior to signing the contract. The amount of tax is calculated on the selling price of the property. The transfer tax is charged at 3,09% of the property price. Ιf the seller is also a developer-contractor, taxation of 24% VAT of the purchase price will apply but here at A Home in Crete that expense is already included in the selling price.

To be 100% accurate the scale according to ΦΕΚ 13/2012 ΤΕΥXΟΣ Β are:

ValueNotary Fee
0€-120.000€0,8 % + approx 500€
120.000€-380.000€0,70 %+ approx 500€
380.000€-2.000.000€0,65%+ approx 500€
2.000.000€-5.000.000€0,55% + approx 500€
5.000.000€-8.000.000€0,5% + approx 500€
8.000.000-10.000.000€0,40% + approx 500€
10.000.000-12.000.000€0,30% + approx 500€
12.000.000-20.000.000€0,25% + approx 500€

Notary Fee
The notary fee is calculated in most cases at 0.8 % + 24% VAT, of the property sale price in the contract. This fee is decreased as the amount of the purchase price is increased.

Land Registry Fee
Land registry fees include registrar’s rights, certificates, and stamp duty. They are calculated at 0.475-0,575 % of the sale price in the contract, plus 24 % VAT.

Lawyer Fee
The legal fee is a matter of agreement,but usually it is 1% of the property price or a minimum of 1.500 Euro plus 24% VAT. The legal fee is also affected by the extent of the service provided by the Lawyer and it is all upon agreement by mutual consent between the buyer and the Lawyer.

Real Estate Agent’s Commission
The buyer pays 3 % + 24% VAT of the property price as a fee for the real estate agent.