|
Seller(s) put their property on the market.
|
|
|
Real Estate Agent: If seller(s) use the
services of SaronicNet or another real estate agency, the agent will charge
the seller(s) a percentage plus VAT (at the current
going rate) of the final achieved selling price of the property IF
the property is sold to a buyer introduced by the agent. |
2% + VAT of the final selling price, payable by
seller. |
|
Buyer(s) search for their ideal property. Most
property on Hydra is sold "as is", meaning that it is the buyer's
responsibility to satisfy themselves about the integrity of the
structure, the extent of work to be done and likely costs of repair, renovation or rebuild
that might be necessary. The
cost of any surveys or other professional services sought by the
buyer, is borne by the buyer and will vary from case to case. |
|
|
Real Estate Agent: If buyer(s) use the
services of SaronicNet or another real estate agency, the buyer will
also be charged a percentage plus VAT (at the current
going rate) of the final achieved selling price of the property IF
the buyer was introduced to the seller by the agent. |
2% + VAT of the final selling price, payable by
buyer. |
|
When a seller accepts an offer from a buyer, normally
a cash deposit is made and a receipt given; under certain
circumstances a pre-contract might be necessary; contact details for the
seller and buyer's respective lawyers are exchanged and a copy of
the title deeds, plans and other necessary documentation is given to
the buyer's lawyer so that the contract of sale can be drawn up by
the buyer's lawyer and the Public Notary. |
|
|
Seller(s) Lawyer: The
seller(s) must, by law, be represented by their own lawyer. As a
minimum the seller(s)' lawyer must be present at the contract
signing and to have approved the contract of sale to ensure that
their client's best interests are served prior to signing. For this
minimum service, the sellers' lawyer typically charges 2% of the
contract value plus bar fees (approx.) 1.22% of the contract value. |
2% of the contract value plus (approx.) 1.22% bar
fees payable by seller. |
|
Buyer(s)' lawyer: does a
provisional check of the property and then with the Public Notary
drafts the contract of sale and obtains all the necessary papers
from the seller(s) or their lawyer. The Public Notary (who works for
the Greek Government) calculates the objective value of the
property. The buyer(s)' lawyer (as with the seller, buyers must be
represented by their own lawyer) as a minimum must be present at the
signing of the contract and to ensure that their client's best
interests are served prior to signing. For this minimum service, the
buyers' lawyer typically charges 2% of the contract value plus bar
fees (approx.) 1.22% of the contract value. |
2% of the contract value plus (approx.) 1.22% bar
fees payable by buyer. |
|
The buyer(s), their lawyer or their representative,
takes the draft contract and tax forms prepared by the Public Notary
to the tax office to pay the tax due on the objective value or
contract value (whichever is higher) into the buyer's tax (AFM)
account. Once paid the receipt for paid taxes is returned to the
Public Notary who can then issue the pre-requisite forms to the
seller(s), their lawyer or their representative so that they can
obtain their TAP statement. |
|
|
Normally on the day of signing, the buyer(s)' lawyer
will do a final check on the property to ensure that there are no
outstanding liens, bills, disputes or court cases outstanding on the
property. |
|
|
Public Notary: is a Greek Government official
who is required by law to oversee the signing process and notarise
the new title deed. The buyer(s) and their lawyer appoint whichever
Public Notary they wish to use and it is the buyer who pays the
Public Notary's fee, which is based as a percentage, typically 2%)
of the contract value. |
2% of the contract value payable by the buyer. |
|
Translation: All
contracts are written in Greek and during the signing must be read
out by the Public Notary in Greek. If the buyer or seller does not
speak Greek, a translator must be appointed and the cost of the
translator is borne by the person or split by the persons who do not
have a competent knowledge of spoken or written Greek. |
Calculated on a contract by contract basis, if
necessary |
|
As part of the signing process, the seller is
required to handover the final utility statements (which must have
been finalised against meter readings on the same day as signing or
as close to) and all keys for the property to the buyer. Typically
payment is made by banker's draft which is noted on the contract. |
|
|
Land Registry: After signing the contracts and
the Public Notary has notarised the sale in their book, an original
and a notarised copy of the new contract are given to the buyer. The
original is retained by the buyer, the notarised copy must be
delivered to the Land Registry Office on Hydra. The registry fee is
typically 1.5% of the contract value and is paid by the buyer. |
1.5% of the contract value payable by the buyer. |
|
The seller is also given a notarised copy of the
contract which they will need in order to deposit the payment
banker's draft whether they choose to deposit it in a Greek bank or
elsewhere in the world. |
|
|
Once the buyer has a contract proving their ownership
they can then apply to the water and electricity companies for these
utilities to be switched over into their name and for the bills to
be directed to them either via post or to their appointed bank for
automatic payment by standing order/direct debit. |
The buyer is required to pay for the change over of
name for utilities. |
|
We have outlined above a brief description of the
sales process, who the key players are, some of their
responsibilities and the basic minimum costs incurred by sellers and
buyers. It is a simplification and not an exhaustive list of things
that happen. Please keep in mind that there may be additional costs
especially for lawyer fees depending on the amount of work necessary
and the expenses of the lawyers if either party is unable to carry
out any part of the process themselves. There are also bank costs
for both parties to be considered. The
SaronicNet
Insider's Guide to Real Estate for Hydra presents all
the in's and out's of selling, buying, building and owning a home on
Hydra and goes into minute detail to help you to understand all
aspects of property ownership. |
