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Basic points of the purchasing of land in Greece and Cyprus

 

Our property for sale section offers a wonderful selection of properties for sale throughout Middle-East , Europe, Asia, USA, Africa ( citizens ,individuals, companies or corporations) . With a strong pound currently creating a very competitive marketplace, now is the ideal time to buy your overseas holiday property. The freedom and flexibility to come and go as you please, has long made villa holidays a popular choice for holidaymakers. Ownership increases that freedom with the ability to visit whenever and as often as you wish Our company is responsible for obtaining all the planning permissions for the construction of a villa or a complex and to accomplish any further development according to any personal needs, under any circumstances.

· The citizens of the European Union can buy property in Greece whenever they want. Legally they are treated by the Greek government in the same way as Greek citizens.
· A lawyer takes care of the legal interests of the prospective buyer, especially in his absence. Furthermore, he checks the legal position of the building or land. Of course, any possible mortgage on the respective property has to be verified. As such the land register must be checked.
· There are four different kinds of records which must be checked by the buyers lawyer before the purchase:
· All transcriptions ( the copies of the notary contracts ) are collected in the Transcription Records.
· The mortgages of the property are recorded in the Mortgages records. The possible legal encumbrances are found in the Vindication record and the categories of sequestration orders are shown in it also.
· In the case of a commercial real estate purchase, the present legal constitution of the respective company must be examined. The confirmation of the Forestry Office that the property is not on public land must be obtained before the purchase of the property by legal action. In addition, the title pursuance ( transfer of ownership ) must be carried out.
· For the properties we offer, usually these necessary examinations are completed or are in the procession of completion. When a prospective client has decided on a specific property, he can issue power of attorney to a lawyer of his choice ( A power of attorney should be issued only to a professional jurist ). This power of attorney enables the lawyer to sign the contracts on behalf of the buyer.
· The contracts are drawn up in Greek, but they can be translated into any other language as required. We recommend in any case the translation of the contract into German / English and before the date of signing at a Notary Public to re-check its correctness.

· Before signing the final notary contract, preliminary contracts are often drawn up and signed, but for the final signing a notary contract is obligatory in order to acquire the possession of the real estate.
· The preliminary contract specifies to a large degree the content of the final contract and for this reason a lawyer should be involved already at this point. Before signing the contract the local Tax Office ( in Greek: Eforia carries out an estimated value fixing of the property. The property tax is based on this amount. Currently this is about 12% of the estimated value in Greece.
· Normally the Tax Office estimate is lower than the market price, in following the tax burden decreases for the buyer / seller. Before the transfer of the property on your name, we apply for a Greek tax registration number from the local Tax Office.
· Upon receiving the tax registration number it must be submitted to the Notary Public, after which the property can be transferred to your name. The property may be resold and bequeathed in the same way as in Germany. The use of the lawyer can have a favourable influence in lowering the estimated tax value.
· The contract will be drawn up by the Notary Public. After signing the contract at the Notary Public the changed ownership of the property will be entered into the relevant records.
· If you wish, we can accompany you up to and including the signing of the final contract. This service is free of charge, where the purchase is EUR 100.000,00 and more.
· One of the secrets of buying real estate from outside of the Greece is the loosening up of laws regarding imported funds. In Greece, the buyer pays a government transfer tax based on the amount of the sale. This usually runs about 9%. It is a tax paid on the transfer of the ownership. However, any property bought with funds which are brought from outside of Greece for that purchase is NOT taxable. So the price for any land bought this way can be substantially less than if the funds came from within Greece. This also applies to anyone with Greek lineage even though not a citizen of Greece.

 
     
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