| Crete villa 'Knossos' is
located 6km from Heraklion city at a peacefull plot of olive groves, at Knossos. The villa is located among olive trees.
HOW TO BUY
Should you decide on the purchase of a property, the next step would be for Interland's team to help you by advising on initial legal procedures and the various persons involved, such as Lawyers, Public Notaries, Accountants etc. Our main objective is to ensure that the client feels secure at each step of the purchase procedure Please find below some useful information:
1. Firstly we need to have a complete information concerning the prospective buyer(s) which includes:
- The passport copy(ies) and
- The fill up of a form (IPP), which includes information concerning your personal data.
2. We also need to know who will be your local "representative/lawyer by proxy". For this, you can either:
- Find someone by yourself or
- Through your local consulate or
- You can use the lawyers that represent and are used by most of our clients.
In order to avoid the extra costs, it is suggested to choose your representative lawyer from the same prefecture, to which the real estate property belongs.
The lawyer by proxy will check the deeds before signing the property purchase contract will also sign on your behalf and undertake to deal with the local authorities.
Of course, there is always the option of the actual client him/herself signing the property purchase contract should he/she be here in Crete.
3. This person, once defined, will firstly have to get a Power of Attorney from you, in his/her name, which will allow him/her to act on your behalf.
A Power of Attorney can be drawn up in two ways. Either:
- Locally here on Crete or
- In your home country. In this case, the Power of Attorney will have to be signed there in the presence of a Notary Public or in the Greek embassy/ consulate and then sent to us for the formal translation. We can send you a draft copy of this Power of Attorney, where you will need to fill in the name and details of your representative and then go to sign and formalize it.
4. For money brought or transferred into Greece you could use one of the following ways:
- To your bank account, which you can open during one of your visits here and then fax directly to the bank instructing them about the amount which we can get paid.
- Pay us in cash.
- To our bank account.
In all above-described cases we issue the relevant receipts.
We also obtain the relevant official Import Document (pink slip-Imported funds) needed to avoid income taxation.
Note: If you bring money in cash, you should declare it at the point of entry (airport, etc.) and receive the relevant import Document (pink slip-Imported funds).
5. Taxes & Fees
- Upon signing the final property purchase contract, client will be liable for the payment of the relevant Transfer Tax which varies from 7-9% of the assessed property value.
- In addition to the above, the client will also pay the fees of the lawyer and the notary public which are estimated at approx. 3-4% of the assessed property value.
- There are no property taxes in Greece unless the value of the property is very high.
- There are only minimal community charges in Greece. These are estimated at approximately 0.030 % on the assessed value of the property and are included as a separate item on the electricity bill.
- Taxes related to the Rental Income of a house/apartment are generally limited. It depends on the type/category and the size of the property (See attached. Tax rental income document).
6. Procedures & Payments Schedule (in Euro):
Stage 1: Signing an Initial Private agreement - Down payment to reserve the relevant property. To be received within 21 days after signing the present document. If the client is not present, then two copies signed by us are posted to him/her in order to be signed in turn and then one copy posted back to us.
- 2% of the initial property price
Please note that:
- In case the Developer can not obtain the Building Permission from the Planning Office, for any reason, the present Agreement will be cancelled and the Developer is obliged to refund the 2% deposit, plus relevant interests, back to the Clients.
- Should the Clients, for any reason, decide to cancel the purchase, then the Developer keeps the 2% deposit.
- If on the other hand, the property purchase is cancelled due to Developer's responsibility, then the 2% deposit is doubled and returned to the Clients who will not claim for any other compensation.
Stage 2: Signing a Private agreement upon issuing the Building permit including, the house plans, the analytical building specifications, fixed house delivery date, the extra chosen items (if any), the total property price etc.
- 10 % of the final property price: Upon signing the Private agreement.
It also includes the balance of the already given 2% of the initial property price.
- Please note that:
- Should the Clients, for any reason, decide to cancel the purchase, then the Developer keeps the 10% deposit.
- If on the other hand, the property purchase is cancelled due to Developer's responsibility, then the 10% deposit is doubled and returned to the Clients
Stage 3: Signing the final property purchase contract in front of a local Notary public and the client or his/her representative. It includes the declared property price, the building specifications, the payment schedule, the house delivery date, etc. We then post to the client the title deeds and all other relevant documents. We also include the original Import Documents pink slip-Imported funds), which the client should keep with him and then deliver to his Greek accountant when the tax declaration should be submitted (February/March).
- 20% of the final property price upon signing the final property purchase contract.
Remark: The estimated legal expenses will be also required which include the transfer tax, the Notary public's fees, the registration fees, the lawyer by proxy fees and the Local Bar Association.
- 25% upon completion of Cement Frames & commencement of Brick/ Plaster works.
- 15%: Upon completion of plaster works.
- 15%: Upon completion of tiling.
- 15%: Upon house completion.
These are the initial steps that have to be followed by you. In the process, we will give you more details as required. Should you have any further queries, please do not hesitate to contact us. |
sitemap