Purchasing Property in Aegina
What you need to know when you buy land or a house.
Buying land or property abroad can be a very bewildering experience.
AHL will fully support and navigate the customer through the process of buying, from selecting the land/house through to completion.
We will help you to source land/ property which reflect your requirements.
Most Greek land is protected by laws which serve to preserve archaeological sites and the natural environment. We will therefore organise an archaeological search before applying for a building licence on all plots of land bought for development.
Appointing a Lawyer
AHL will then help you to appoint a lawyer to protect your interests throughout the whole purchasing process; the lawyer will then conduct a thorough search of the land/property to ensure clean title. Once he/she is satisfied that the property is clear, he will inform the buyer to proceed with the purchase and a deposit can be secured. ( 10% )
Appointing a Notary
AHL will appoint a public notary ( a Greek civil servant ) who is accountable to the Ministry Of Justice and the Public Prosecution Authorities. The notary deed is essential to determine the certainty, security and precision of the purchase and it is this document which joins the vendor and seller in the contract.
OBTAINING A TAX NUMBER
AHL along with the lawyer, will obtain your obligatory tax number ( AFM ) which all citizens, whether resident abroad are required to have when buying land/property in Greece. The AFM serves as a compulsory tax identity for each individual.
All property owners, whether native or foreign are legally required to pay a transfer tax at the point of purchase which is currently set at 3 percent. The property is assessed for a government value which is usually different to the market value. Both these values are written in the contract and the buyer pays the transfer tax on the higher value.)
EVIDENCE OF PURCHASE
Greek taxation law requires the buyer to verify the origin of finances used to purchase their land/property. It is therefore imperative that money brought in from abroad is proven by the presentation of pink slips. AHL will advise on how to obtain these from your bank and to ensure that they are kept safely for presentation.
As a licensed estate agency, AHL will ask for 2% from BOTH the VENDOR and the BUYER of the total market value. This will be paid on signing the final contract in the presence of both the notary and the lawyer.
Total expenses less the agents’ fees on purchasing land/ property amount to approx, 10%. This includes notary fees, legal fees, taxes and VAT. AHL will explain this fully, stating the expected amount before the completion of the contract .
REGISTERING YOUR LAND/PROPERTY
Once the contract is signed, AHL will ensure that your deeds are registered with the land registry.