Land registration fees are 0.3 to 0.5% of the “assessed tax value” plus a small amount for stamp duties and certificates. Real estate costs are usually 2% for the buyer and 2% for the seller and are calculated on the commercial value of the property. However, these fees may fluctuate upwards or downwards. There are many cases where proposals for possibilities are evaluated with higher percentages of up to 7%. This fee is charged with 24% VAT. The fees of the notary who drafts the final purchase contract and manages the sale are generally between 1 and 2% of the “estimated tax value” of a property. The fee also includes a small fee for each sheet and document included in the contract. There are a number of costs associated with buying a property in Greece, including property taxes, legal fees, and some additional fees. You should also consider the impact that exchange rates will have on the total cost of purchasing in Greece. If the buyer wishes, he can also proceed with the purchase of a property through a company / legal entity established in Greece, always bearing in mind that he can exercise such an option also as a natural person and exclusively in his name. It should be noted that, given the nature of the business, the incorporation costs are estimated between € 800.00 and € 2,000.00 (VAT of 24%, to which is added).
Legal aid covers the costs of proceedings, notary and bailiff fees and lawyer`s fees (Article 199 of the Code of Civil Procedure, as amended by Law 4055/2012). Before contracts, the lawyer has been checking the real estate titles in the books of the mortgage office for the legality of the property for 20 years. Another task of the lawyer is to check if there are any obstacles on the property, i.e. foreclosures, mortgages, promissory notes, claims from third parties or the Crown, etc. You will find information on lawyers` fees in the Bar Code or in the Bar Associations. Real estate purchase contract: fees and additional costs The provisions of Law 4689/2020 allow the granting of legal aid to low-income citizens of EU Member States, as well as third-country nationals and low-income stateless persons, provided that they are legally or habitually resident in the EU. LawyersGreece.com encourages the general adoption of a balanced billing policy for all partners, but does not charge minimum or maximum fees. We welcome with confidence our members and, in particular, their professionalism with regard to their fees, which must be adapted to the level of difficulty, complexity, level of litigation and other factors of the case in question. The purchase tax must be paid before the final purchase agreement is signed and the notary needs proof of payment (the receipt) to approve the sale.
The intricacies of the purchase tax make it almost mandatory to seek legal advice before proceeding with the purchase of a property. Lawyers agree with their clients when their fees will be paid. As a rule, these fees are paid in instalments during the procedure. Once a court has rendered a decision, court fees and expenses incurred by the winning party are generally paid by the losing party, depending on the magnitude of each party`s victory or loss. The court must also make this part of the decision enforceable. Costs and expenses shall be calculated in accordance with the above rules, taking into account in particular the provisions relating to lawyers` fees and any fixed costs of the parties in civil proceedings. The amount calculated is usually lower than the actual costs. Lawyers` fees in criminal matters are regulated by the Law on Lawyers (art. 58 et seq.).
Brokerage fees (usually between 2 and 5% of the purchase price) are usually paid by both parties, with sellers and buyers each paying half. Sometimes this is taken into account when setting the selling price so that the buyer actually pays. These costs relate only to certain legal actions. For each new promotion, it is agreed in advance that the fees must be paid in the same way. A forecast of the total cost of dealing with a case in full may be made upon request, but may not be binding, as it must be taken into account because the course of action and legal action required in the future of each case depends on unforeseeable factors, such as the outcome of the legal proceedings, the legal possibilities and choices of the opposing party, e.tc. Depending on the investment as such and whether it was made by a natural or legal person, and depending on the type of this entity, expenses increase from € 100.00 to € 400.00, depending on the specificities of the company, also adding a VAT rate of 24% per month. The above sums of money will be invoiced by the accounting firm responsible for managing these properties, which may or may not be a partner of our law firm. Legal aid may also be granted to aliens and stateless persons under the conditions provided for in these articles.