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:-
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 calculated is calculated as 3% percent of the property value plus 3% (priceX3%=A, Ax3%=B, purchase tax = A+B) . If the construction is new, taxation of 24% VAT of the purchase price will apply upon net price AND NOT TRANSFER TAX. In this case you do not pay purchase’s tax.
To be 100% accurate the scale according to ΦΕΚ 13/2012 ΤΕΥXΟΣ Β are:
|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€|
The notary fee is calculated in most cases between 0.8 % (for amount upon 120.000 Euros) to 0.7% (for amount more than 120.000 upon 380.000 Euros) of the property sale price in the contract. This fee is decreased as the amount of the purchase price is increased. TO THIS AMOUNT SOME EXTRA COSTS ARE ADDED as: a) fixed amount of 20 euros, b) five (5) euros for each additional sheet of the transaction, etc and ALL of the above fees are charged with 24% VAT.
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.
The legal fee is a matter of agreement, but usually it is 1,5%-2% + 24% VAT of the property price. 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 Agents Commission
The buyer pays 3 % + 24% VAT of the property price as a fee for the real estate agent.