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Realistically Add 20% To The Contract Value
24-Aug-08 - You must budget for costs on top of the purchase price of the property you want to buy in Greece. As a way of estimating costs, you should add approximately 20% of the contract value. The 20% will include; 11% for purchase tax (payable to the tax office), 2% for your lawyer, 1.22% for legal council fees, 2% for the Public Notary, 1.5% for land registry and 2% for real estate agent fees. Fees are often negotiable and if you buy direct from the owner without using an agent, then your costs will go down. But as a worse case scenario, adding 20% to the actual selling price (as strictly speaking that is what the contract value should be) will ensure that you have enough money to buy a house in Greece.
The Public Notary will calculate:
- tax due for payment by the buyer based on the objective value or the agreed selling price WHICHEVER is the higher.
- fees due to the Greek Law Association which must be paid by both lawyers (and passed on to their respective clients) and
- fees due to the land registry office.