Purchase Procedure

Property Purchase Procedure
After finding the ideal property through our office and completing the negotiations, the below procedure is followed:
 
  1. Assign to a capable lawyer to check the title deeds.
  2. Assign to an architect-engineer to check:
    • For land: Suitability of the size & shape and buildability.
    • For houses/commercial properties: Legality, stability, construction quality.
  3. Sign a private agreement-engagement between the two parties to withdraw the property from the market with a downpayment of an amount equal to the 10% of its value.
  4. Choose the notary and schedule the date of the final contract signing.

Contact us for explanation

For European Union citizens
  1. Issue AFM (Greek Tax Identification Number) from Paros Tax Office.
  2. Open an account in a greek bank.
  3. Select a translator to translate accurately the final contract.
  4. Assign the annual tax of the property to an accountant.

Contact us for explanation

For Third Countries residents
According to the new law 4146/18.06.2013 third countries nationals grant a 5-year residence permit as long as they lease or purchase a property with minimum amount of 250.000€.
The mentioned residence permit is also granted to the members of their family as well as to the support staff in case of people with special needs. The residence permit can be renewed for equal period as long as the property remains in their ownership and possession.
 
  1. Issue AFM (Greek Tax Identification Number) from Paros Tax Office.
  2. Open an account in a greek bank.
  3. Select a translator to translate accurately the final contract.
  4. Assign to an accountant the annual tax return.

Contact us for explanation

Property Purchase Contract Expenses
  • Property Transfer Tax: The property transfer tax is estimated to be 3% of the value written on the purchase contract
  • Lawyer’s Fee: Upon agreement to perform the legal check of the property. For the lawyer’s presence at the purchase contract, the fee is defined at 1% to 1,5% plus VAT. The lawyer’s presence is not obligatory any more, but his/hers participation is needed for both parties to be ensured.
  • Notaty’s Fee: Depends on the price written on the purchase contract.
  • Realtor’s Fee:
    • Defined at the amount 2000€ plus VAT for properties priced less than 100.000€.
    • Defined at the percentage 2% plus VAT for properties priced more than 100.000€.
  • Land Registry Fee: 0,475% of the value written on the purchase contract plus VAT.

Contact us for explanation