Expenses paid by the buyer
Expenses paid by the buyer
- lawyer’s fee of 0,8-1,2% on the commercial value of the property plus VAT.
- Calculation of the costs of the notary is quite complicated, but in general, these costs also account for about 1.2% of the cadastral value plus VAT, plus a fixed amount (notary fee) in the amount of € 500 (plus VAT) for the preparation of the treaty.
- Tax on transfer of ownership of property in Greece is 3% (modified 01.01.2014) on the cadastral value. However, if the commercial value of property above the inventory, then the tax authorities may calculate the tax on the basis of it. If a building permit is issued after 31/12/2005, then instead of the tax on transfer of ownership VAT is paid in the amount of 24% from the declared and approved by the tax authority of the cost.
- Municipal taxes account for 3% of the tax on the transfer of ownership ( no municipal taxes in case of VAT)
- The cost of registration in the register of the mortgage is 0.5% of the cadastral value.
- Real Estate Agent Services usually does not exceed 2% of the sales value of the property plus VAT.
Example:
Example: commercial value - 250.000 €, cadastral value of the property -120.000 €,
Expenses are as follows:
Lawyer fee: (250.000x1,2%) = 2500 € + VAT 24% = 3720 €
Notary fee: (120.000x1,2%) +500 € (contract) plus VAT= 2405 €
Tax on the transfer of the ownership (120.000x3%) = 3600 €
Municipal tax: 3% 3600x0,03 = 108 €
Registration in the Register of Mortgage: 120.000x0.5% + 24% (VAT) + 80euros = 824 €
Real estate agent Payments: 250.000x2%+VAT = 6200 €
Total cost 16.857 € (this amount cannot be considered as a percentage of property value)
- Additional costs:- translation services (translation of contracts, etc.)
- One-time cost to connect to electricity and water networks.
