The procedure for purchasing property in Greece





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Foreign citizens may freely acquire real estate in Greece of any type - residential, commercial or land. Buying permitted as a physical and a legal entity.

The only restrictions for citizens of countries outside the EU relates to areas near the state border and on certain islands. To purchase real estate in these regions is required to obtain permission from the Ministry of National Defense of Greece. But, as a rule, this procedure has complications and is a mere formality.

WHERE DO WE START

Before starting the procedure of buying property in Greece, should be familiar with pre-existing market offerings. Information about the objects can be obtained from the Internet, specialized publications and thematic exhibitions.

If you want a deal you can do yourself, without resorting to the services of estate agents. However, treatment of established companies providing security procedures and frees the buyer from having to understand the intricacies of legal documents in an unfamiliar language. You can apply to the Greek real estate agency, or representative office in Russia, or Russia's independent firms that choose to sell real estate in Greece, through its Greek partners.

The most faithful representation of the real estate can be obtained only after a personal inspection. Therefore, most companies offer a familiarization tour to Greece. Typically, the buyer shall pay a visa, flights and accommodation, and services company for the inspection of objects for him free of charge. For very large purchases, and these costs can be compensated. Regardless of the amount of the transaction the buyer accompanies the agency during the inspection of objects (usually by car companies) are involved in negotiations with the seller and when you make a transaction, provide an interpreter. More can be done meeting at the airport and organized excursions.

As a rule, organized by the examination of 10-15 sites, most of the requirements of the buyer. Duration of tour is two to three days. At the most liked items may be additional visits for a more thorough examination.

The whole procedure processing the transaction (if you do not need permission from local authorities) took four to six weeks, depending on the degree of preparedness of documents for the seller.

You can not delete PURCHASE


In the case where the buyer is not possible to make a purchase in person, he can buy a property remotely, not leaving for Greece. This would draw power of attorney to a representative or directly to a lawyer to accompany the transaction (see below). The document must include the conditions of the contract, including cost and characteristics of the object. Without this information, power of attorney becomes legally binding.

Power of attorney can make a Notary in Greece or the Greek Consulate in Russia. If the document is drawn up in Russia, it must be certified by apostille.


AFTER THE SELECTION OF THE OBJECT

After the object is selected, the design of the transaction take two experts - lawyers and notary public. As a rule, agencies already have established business relationships with specific expertise and are advised to refer to them. In accordance with Greek law required the participation of counsel. He will represent the interests of the buyer and provide legal support for the deal.

The notary will certify the legality of the transaction. Under Greek law the acquisition of any property by signing the enclosed private documents (ie without the participation of a notary) is prohibited, and this transaction is invalid. Also, a notary will be calculated on the transaction. For calculations, the buyer transfers funds to a special account of the notary, from which the funds will be credited to the account of the seller. If the owners of real estate are a few people, transfer of all funds should be implemented through a joint account. In the case when using multiple personal accounts, the size of the amount transferred must match the share of each owner. For more information on how to open an account abroad and transfer the money on it, see the article "Financial matters: how to pay for the deal?".

A necessary step is to obtain AFM - Local TIN. Getting a tax identification number is required for all calculations on the transaction. TIN is issued in the local tax authority. Typically, this involved a lawyer.

After selecting an object in Greece, as in buying real estate in many other countries, it is necessary to reserve. For the buyer makes a deposit of ? 5-10 thousand - depending on the value of the object. The deposit can be made both in cash and transferred through the bank. In the form of cash payment the seller presents the buyer a receipt for the funds in non-cash, the buyer are bank documents confirming the transfer. For the seller, it serves as a guarantee of the seriousness of the buyer and the buyer can be sure that the object will not be sold to anyone else. In case of failure of the transaction through the fault of the buyer loses the deposit, if the fault of the seller - the deposit is returned to the double. To unsubscribe from the deal without losing the deposit to the buyer, usually given for seven days.

After making the deposit the buyer inspects the lawyer ownership of the mortgage registry (Ipotekofilakio. To do this, the lawyer asks the buyer the seller a copy of the document of title to real estate. The owner of the facility must provide this document. Check Mortgage registry takes from five to seven days and needed to find out:
• whether the owner has absolute ownership of real estate;
• whether the object is not on bail;
• whether all the necessary taxes on the ownership of real estate paid by the seller.

At this stage, the buyer makes a tax on the transfer of ownership. The processing of payments also being a lawyer. Confirmation of tax payment must be submitted to the notary.


TENTATIVE AGREEMENT

After checking the purity of real estate law is a preliminary contract. It is drafted in two languages - Russian and Greek.

At the same time the buyer makes a prepayment. Its size depends on the particular transaction, but usually is 40-60% of the property value for finished objects. For property under construction is less than the size of prepayment.

If the property is acquired in the border areas or islands, with a special regime for Russians needed permission from the Ministry of National Defense of Greece must receive at this stage of the transaction. These territories, including include Halkidiki, Crete, Rhodes and Corfu. Obtaining permission to engage a lawyer, but from a buyer (or his representative) is required in person with your application. From the documents needed a birth certificate, certificate of no criminal record, an income statement, as well as a copy of the passport. All documents should be translated into Greek and to assure Apostille. Despite the formality of procedure, it takes six to eight months. In anticipation of the approval the buyer can leave the country.


CONTRACT OF SALE


Once a permit from the Ministry of National Defense received, you are ready to conclude the main contract of sale.

The sale contract is obligatory in the presence of a notary and a lawyer. The document also prepared in two languages. At the same time the buyer makes the remaining value of the property and receives the keys of the object. After signing the contract between buyer and seller of a lawyer is engaged in its state registration.

STATE REGISTRATION TRANSACTIONS


For registration of transfer of ownership rights lawyer registers the contract beyond the mortgage registry, which receives a special certificate of ownership the new owner. In addition to the original, the new owner an official certified by the Russian-language copy of the document.

A copy of the contract and the certificate of registry of the Mortgage will be required to register as a new owner in the cadastre (Ktimatologio. However, inventories do not exist in all regions of Greece, as in this country the process of creating this structure has not yet been completed. Therefore, in these areas, ownership of the buyer is provided by the Mortgage Registry.

RELATED COSTS


Attorney's fees depends on the cadastral value of the property specified in the certificate of ownership. If it does not exceed ? 44 020, the fee is 1%. If real estate is more expensive, the tax rate will be lower, namely: additional charge 0,5% of the amount exceeding ? 44 020. Additional services of a lawyer (such as legal analysis of transactions with non-standard situations) are in agreement and are paid separately.

Notary fees are also about 1% of the cadastral value of real estate. But each transaction conducted individual calculation of these payments. Paid separately notary fee for the preparation of the contract of sale (? 500).

Tax on transfer of ownership of 9-11% of the cadastral value of the object. It is also necessary to pay a small council tax - 3% of the amount of tax on transfer of ownership. Join the mortgage registry would cost 0.5% of the cadastral value.

If the license for construction of the facility was issued after December 31, 2005, tax on transfer of ownership is replaced by VAT at 19% of the declared value. However, it is included in the cost of the project and related costs is not. Municipal tax in this case, respectively, calculated from the VAT.

Commission Real Estate Agencies on average 2% of transaction amount, some companies do not charge a commission, if the object is acquired directly from the developer.

The associated costs when buying property in Greece
License for construction of the facility was issued: The minimum size of the associated costs
in the cadastral value of up to ? 44 020

in the cadastral value
from ? 44 020
until 31 December 2005 11,77% of the cadastral value
+ ? 500 11,77% of the cadastral value + 0.5% of the cadastral value of over ? 44 020 + ? 500
after December 31, 2005 2,5% of the cadastral value
+ 0.57% of the declared value of 500 + ? 2,5% of the cadastral value + 0.5% of the cadastral value of over ? 44 020 + 0.57% of the declared value + ? 500

MORTGAGES


In November 2009 an alien may well get a mortgage in Greece. The loan is for 50% of the value of property, usually for a period of 15 years. The rate on the mortgage is 5,5-6% per annum, but in some cases you may receive the credit and at a rate of 3,95%. The documents must be required to provide an income statement form 2-PIT, as well as letters of recommendation (from the banks where accounts are opened, and others). Since January 2010 is expected to simplify the lending policies to stimulate the property market.

Some banks in Russia provide an opportunity to draw a mortgage in Greece without leaving Russia. However, in this case the interest rate will be higher, and the term of the loan - is shorter.

Building land

In building on their own land should be kept in mind several limitations. Construction of facilities is prohibited in the area of protected forests, archaeological sites and excavations. In building on the banks of the minimum distance from the beach is 35 m.

All land in Greece are divided into two types: ikopedo and agrotemahio. Ikopedo - this is the land included in the plan of building settlement. Maximum allowable area of the plot of this type is 4 thousand square meters. m. It is also necessary to take into account the coefficient of building. For ikopedo it is 0,4-2,4. For example, with a coefficient of 0.4 the maximum allowable area of the house for a plot of 200 sq. is 80 square meters. m.

The second type of plot - agrotemahio, sites not included in the plan of urban development. Construction on agrotemahio possible only if its area is equal to or more than 4 thousand square meters. m. rate of building depends on the size of the site. For example, in the area from 4 to 8 thousand sq. permitted the construction of homes in 200 sq. hours plus quadrature obtained by multiplying the area of the site, more than 4 thousand square meters. m, by a factor of 0.02.

Factor for development of commercial real estate (hotels, offices, villas, rental, etc.) is 0.2, regardless of area of the site.

RENTAL PROPERTIES

Upon arriving in Greece in order to purchase real estate, the buyer can not only stay in a hotel, but in a rented accommodation. The process to rent the real estate similar to Russia. Foreign citizens are advised not to engage in the process itself, but to turn to intermediaries. Provide service to find a removable housing may, for example, the same real estate agency to which the alien applied for the purchase of real estate. This provides maximum legal protection tenant.

The lessee and lessor necessarily enter into a lease agreement stating the location of the facility, cost and term of the lease, the rights and obligations of the parties, etc. Simultaneously, the tenant makes a deposit, usually - in the amount not less than one month's rent. The owner of housing did not return the deposit the tenant, if at the end of the lease term housing damaged furniture, paneling, etc.

The cost of rent depends on the type of property, its quality and location. For example, an apartment in the center of Athens can be rented for ? 300-450 per month, house in a suburb of the capital - for ? 1,5-2 thousand per month.
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