The role of the notary in Greece
Unlike other European countries, the notary in Greece plays a more limited role in the real estate transaction. His intervention is mandatory to authenticate the deed of sale, but he does not take care of the legal part of the transaction, which is usually managed by the buyer’s lawyer. In Greece, it is recommended to have a lawyer to accompany you throughout the purchase process in order to secure the transaction and verify the documents.
How much are notary fees in Greece?
Notary fees in Greece vary depending on the value of the property. Generally, they represent about 1% to 2% of the purchase price of the property. This percentage includes the drafting of the deed of sale and its registration. Here is a more precise overview:
- For low-value properties (up to €120,000): notary fees will be around 1.2% to 1.5% of the purchase price.
- For properties with a higher value (over €120,000): the percentage decreases slightly, and the fees can be around 1% of the sale price.
Important note: Notary fees are generally subject to VAT at a rate of 24%. This means that the final cost may be a bit higher.
Some tips for managing notary fees in Greece
- Negotiate fees: Some notaries may be open to negotiation, especially if the transaction is simple or if you are buying a high-value property.
- Compare fees: Don’t hesitate to compare the fees of several notaries to make sure you get the best service at the best price.
- Plan for an additional budget: When calculating your purchase budget, always include a margin to cover all ancillary costs, including notary, lawyer, registration, and real estate agent fees.
Other costs to expect when buying real estate in Greece
In addition to notary fees, there are other costs to consider when buying a property in Greece:
- Lawyer fees: Although not mandatory, it is strongly advised to have a lawyer. His fees generally vary between 1% and 2% of the purchase price.
- Land registration fees: Registering your property with the land registry costs about 0.5% to 0.7% of the value of the purchase.
- Real estate agent fees: In Greece, real estate agents usually charge 2% to 2.5% of the sale price, and these fees are usually borne by the buyer.
- The Property Transfer Tax (TTT): This is an unavoidable tax in Greece that represents about 3% of the purchase price.
Conclusion
Greece offers an exceptional living environment, with its magnificent beaches, its paradisiacal islands, its tasty cuisine, and a rich cultural heritage. Property prices are still affordable compared to other European destinations, making it an ideal opportunity to invest in a second home or prepare for retirement. Notary fees when buying property in Greece are an important aspect to consider, but they are only a small part of the overall costs involved in buying a property. By being well informed and planning for these fees from the beginning of your project, you can ensure a transaction without unpleasant surprises and take full advantage of your new home in this beautiful country.
