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The total cost of buying a property in Grete,Greece

15 Mar 2019

Market, by Broosco Team

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Selling price vs Total buying cost : Information and guidelines about all the costs that are linked with buying a property in Crete,Greece. We present you what you need to budget for and all the costs you need to be prepared for so you have everything covered.

When we are looking to buy a property we know one thing for sure, our budget. So we usually start to search for properties that match our criteria and of course the selling price is up to our budget. However sometimes we underestimate the fact that the selling – or asking - price is always lower than the total buying cost.

We don’t want you to fall in love with a property only to find out that the cost of buying the specific property is finally over your budget. Here’s a guide to the line items you should be considering, so you can make a more efficient research.


Transfer Tax (3.09%)

The purchase tax is paid by the buyer necessarily prior to signing the contract. The calculation of the tax is based on the value of the property to be transferred mentioned in the contract. In case the value of the property according to the local tax office estimation is higher than the declared price by the parties, the tax calculation is based on the higher value. The transfer tax imposed on the buyer is 3% of the transfer price of the property, plus a 0.3% concerning City (Municipal) Tax.


Agents Commission (2%plus VAT)

Usually the agents commission is 2% + VAT on the selling price.

 

Notary’s Fees (1%-2% plus VAT)

The notary prepares the deed which is signed in the presence of the parties and their lawyers, if appointed. Following the contract signing, the notary prepares an application and a summary of the act signed to be sent and registered at the local land registry/cadastral office so that the property transfer is by law completed. The minimum notaries' fees are defined by the Greek Law defines below which it is forbidden to agree on any fee. Generally, the fee for the notary, who draws up the final purchase contract and practically ratifies the transfer, is usually between 1%- 2% plus VAT on the property transfer price.


Attorney’s Fees (1%-1.5% plus VAT)

While it is allowed to complete the legal aspects of buying a property yourself, it’s generally recommended that you engage an attorney to prepare the documents for you and provide advice. Attorney’s fees are approximately 1%-1,5% VAT on the selling price.


Land Registry

Tax paid for the Cadastral Office. The amount depends on the type and the price of the selling property.

 

Example

In the following example  the buyer is interested in buying a property with selling price 128.000€

 

 

 

 

 

Conclusion

All in, you’re usually looking at an average of 7% to 9% of the selling price of the property. In Broosco.com for each property listed for sale you will find an analytical table with the all the costs until the completion of the transaction. We hope that this approach will help you in your research.

Good Luck!


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