PROPERTY TRANSFER TAX
The Property Transfer Tax (PTT) is payable to the competent Tax Office (D.O.Y.) before the contract is signed, so that when the transaction is completed there is proof that this tax has been paid. The tax is calculated by the notary in accordance with the value of the property as recorded in the contract.
For purchase of a residence, the tax is 3%.
For the purchase of newly constructed property (apart from a first residence) with a building permit dating from 1st Jan. 2006 on, the tax becomes 24% VAT.
The lot-owner is also charged VAT in the case of an exchange (i.e. of the lot for an apartment in the building to be constructed on the site (known in Greece as antiparohi).
REAL ESTATE AGENT’S FEE
The real estate agent’s fee in the event of a purchase is calculated at 2% of the real value of the property; VAT of 24% is payable on this fee. Payment is made upon signature of the deed.
The corresponding fee of the real estate agent for property rental amounts to one rent plus 24% VAT.
The land registry expenses are determined at 4.5% of the value of the property as set out in the deed, payment of which is the obligation of the purchaser. Every certificate issued carries a charge of 5% (which differs from one registry office to another).
The purchaser likewise pays his lawyer’s fee for checking the titles, which is about 1%-2% of the price. Lawyers’ fees may exceed this percentage according to the individual case and the total services rendered.
Notarial fees are borne by the purchaser and amount to an average of 1%, which is reduced as the price cited in the deed increases. The purchaser is likewise charged an analogous added fee for copies of the deed, declarations of transfer tax, etc.