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BDG Real Estate - Greek Consultants and Contractors  - Properties in Kefalonia -

Purchasing Property in Kefalonia

As Greece is a member of the European Community, all E.U citizens are permitted to own property on Kefalonia. For non-E.U. citizens the situation is slightly different. You will need to either form a Greek or E.U. registered company to hold the title of the property, or apply for permission.

The purchase procedure that we describe below can be easy when done with assistance. We will recommend to you a reputable lawyer and guide you through the whole process.

Step # 1 – Find the property that suits you
Bdg has a variety of plots, homes, apartments, off-plan projects etc. for you to choose from.

Step # 2 – Find financing options
We will listen to your needs and give you the best options that will accommodate them.

Step # 3 – Paying a deposit on the property
This deposit (which is usually 10%) is refundable in the event that the purchaser’s lawyer should find anything illegal, pending mortgages, other title problems, etc. However, should the buyer wish to cancel the sale for any other reason, the deposit is forfeit.

Step # 4 – Applying for a Greek Tax number & Opening a Bank Account
You must apply for Greek Tax Number at the Tax office. This is required in order for the purchasing transaction to be completed and mandatory for the issuing of a loan. The only thing needed is a copy of your passport and an application which we will complete for you.

Step # 5 - Appoint a lawyer
We will recommend reputable lawyers to you and after you have made your choice, we will ask for a title search to be made at the Registry of Mortgages and have the lawyer represent you at the Public Notary where the contract deed will be signed. Your lawyer must carry out his search at the Registry of Mortgages and ensure that the vendor holds an absolute title (deed) to the property and that all property taxes burdening the vendor have been paid. The lawyers purpose is to fully cover you against any legal flaw of the property, in order to avoid future problems.

Step #6 - Appoint a public notary
We will also appoint a Public Notary in the presence of whom the contract deed is to be signed thereby becoming an official transaction whereby you will acquire the title to the property purchased.

Step #7 - Pay transfer tax
After all the above steps have been completed successfully and titles are clear, transfer tax must be paid in order to proceed with the contract. The tax is paid by the purchaser and is calculated on the objective value of the property which can be found in the official tables set by the tax office.

Step #8 - Signing the contract at the public notarys office
For property to be officially bought/sold a contract must be signed at a Public Notarys office. The Notary is a state official in the presence of whom the contract deed is read and signed by both vendor and purchaser. The notary will draft the contract deed, make sure that both vendor and you understand it and verify and register in the public records the transaction which takes place in his presence. Once the sale has been completed, the notary registers it with the Land Registry, who retains a copy of the Final Contract. The notary, who will supply certified copies to the buyer and also retains a copy.

Our duty is to ensure that the procedure for signing the contract deed is properly followed and that you acquire a sound title to your property. We will translate and explain the purpose of any documents you will need to sign.

For budgeting purposes, you should bear in mind that you will need to find the following addition sums over and above the agreed purchase price of the property (these are approximate figures to give you a guideline):

1. Transfer tax. 7% of the first 15,000 € and 9% of the remainder, based on the Tax Office valuation as mentioned above.
2. Public notary. 2.2% to 2.5% of the tax assessed value depending on the value of the transaction (including subsequent registration fees).
3. Buyers lawyer. 1% - 1.5% of sale price (depending on the value of the transaction).
4. Estate Agency Fee. 2% of sale price plus VAT at 18% (of the 2% fee).
5. Planning Regulations

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