CHIOS REAL ESTATE - FORMALITIES FOR BUIING A PROPERTY IN CHIOS ISLAND
All EU citizens have equal rights concerning the purchase or sale of property in Chios. Non EU citizens are also free to buy property in Chios, however with some restrictions as described bellow. The documents required for signing a property-purchase contract are:
a) Both the buyer and the seller must provide:
- A valid passport (or a legal identity card for EU citizens only)
- A Greek fiscal number which is obtainable by non Greek citizens by the Greek Tax Authorities.
b) The seller should provide a "clean" B' Tax certificate issued by the competent Tax Authority, provided that he has no outstanding debts towards the Hellenic Fiscus.
c) An additional special permission is required for the purchase of properties close to the Greek borders. Such permission will be issued by the local Department Authorities and is not granted to non EU citizens.
According to the Greek law, the purchase contract, known also as a "Purchase Deed", is signed by the buyer and the seller in the presence of:
- A Notary Public
- A lawyer appointed by the buyer
- A lawyer appointed by the seller
The buyer's lawyer is liable to investigate that the property being bought is free and clear of any charge, lien, mortgage, and especially of estate taxes (viz. land property and inheritance) or municipal taxes, damages to neighboring owners and so forth. This investigation, held by the buyer's lawyer, is the guarantee that the Title Deed of Ownership and the relevant certificates issued by the land registry, show that no third party claim or challenge of any kind exists.
Special attention must be paid to assure that the property is sold and will be delivered to the buyer, with the benefit of full vacant possession.
CHIOS REAL ESTATE - ADDITIONAL COSTS FOR BUIING A PROPERTY IN CHIOS ISLAND
Additional costs for the purchase of property, come in the shape of:
1) 11% "property transfer tax" on the contract price, payable when buying only. The declared contract price cannot be less than the published government value which is usually far below the real cost.
2) 1-2 % lawyer's fees on the contract value, subject of agreement between the lawyer and his client.
3) expenses of 1,5% on the contract value, for the completion of the contract, like notary fees, registry etc..
All expenses for the conclusion of the final contract, including the relative tax of property transfer will be borne by the buyer. However, each contracting party will pay the fees of his legal representative who will be present at the signing of the contract, as is required by the Greek Law.
CHIOS REAL ESTATE - COMMISSION
In Greece it is customary that both seller and buyer will contribute a commission payable to the real estate agent, for introducing the buyers to the owners.
The exact amount of this commission is a matter of agreement between the real estate agent and his clients. It is understood that the agent's commission for his services, is due only in the event of a conclusive transaction.
CHIOS REAL ESTATE - ANNUAL TAXES
There are no annual taxes to pay in Greece, if the total value of the properties owned by the same person, does not exceed the value of 200.000 Euros
The valuation of properties, is carried out by the government, which provides published values, announced for every type of property. As already mentioned above, these values are usually far below the real cost.
Source of information: Hellenic Association of Realtors