Expenditure on real estate market

Total costs in real estate

For buying a property they need some additional costs incurred by the actual value. Part of the expenses for fees paid to professionals involved in buying and selling process, while important is the cost of the payment of taxes, duties and levies. It is useful to the prospective buyer know in advance the total acquisition cost of the property to determine the purchasing capabilities and sums equity and debt. Having precise economic obligations will be guided in the decisions of those who will meet their housing needs without the financial result in deadlocks.

Let the cost of buying a property.

  • Solicitors

The lawyer for drafting notary is mandatory if the contract value is at least EUR 29.347.0286 for Bars regions of Athens and Piraeus and 11738.8114 euros for other regions of the country Bars. The lawyer's fee for legal control property is usually extra.

  • Notary fee

The notary's fee is defined at 1.2% to 2% of the recorded value of the contract or on the objective value, whichever value is higher. You will need to pay for the additional costs for notary copies of contracts, preparation of tax returns and resumes, fees, stamp duty second sheets etc.

  • Estate agent's fee

The remuneration of the agent, if business with the amounts to 2% of real (commercial) value of the property.

  • Real Estate Transfer Tax (FMA)

The Property Transfer Tax is calculated at 8% for the first 20,000 euros of the value of the property and 10% for the remainder of its value.
The buyer has the right to exemption from the Property Transfer Tax when buying a first home. The exemption applies to the purchase by an unmarried residence in the amount of 200,000 euros, from single person who has a disability of at least 67% of mental retardation or physical disabilities up to the amount of 250,000 euros, married to the amount of 250,000 euros while married who has a disability at least 67% of mental retardation or physical disabilities up to the amount of 275,000 euros. This amount shall be increased by EUR 25,000 for each of the first two children and € 30,000 for the third and each subsequent children. The exemption also applies to unmarried purchase of land in the amount of EUR 50,000 and married in the amount of 100,000 euros. This amount shall be increased by EUR 10,000 for each of the first two children and € 15,000 for the third and each subsequent children.

  • Tax for OTA

It an additional fee of 3% of the property transfer tax in favor of the local authority in whose boundaries the property is located.

  • Value Added Tax (VAT)

Calculate the value of the price stated in the contract. The imposition of VAT applies to property whose construction license is issued or revised by 1 January 2006 if by that date the revision have not started construction work.

  • Registration Fee at the Land Registry

To dubbed the purchase contract in the relevant Land Registry the purchaser is required to pay 0.475% of the consideration or the objective value of the contract, whichever value is the greater.

  • Dubbing mortgage

If the purchase of the property is done with mortgage and prefixed property, the cost of transfer of mortgage in the Land Registry amounts to 0.75% - 0.80% of the contract value.

Tags: Services
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