| If you would like to sell your property, please send us a copy of your deeds, recent survery/topograph, business licenses if applicable and National Registry declaration (χτιματολογιο) if applicable to Santorini Real Estate C/O Nick Dinos Pirgos Santorini TK 84701 Greece or email us info@santorinirealestate.com |
Important information for Buying Property on Santorini
Info for Buyers/Sellers
FOR BUYERS
What you should know:
Patience and Decisiveness:
LINKS FOR BUYERS
FOR SELLERS
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visit our other site www.santoriniselection.com
| SantoriniRealEstate.com |
| tel+302286025900 fax+302286025907 info@santorinirealestate.com |
Buying property on Santorini can be a simple procedure if all documentation is up to date and the property is
clear of any liens or legal issues. Due to the creation of the National Property Registry, the process has become
even more simple for land and buildings on the south end of the island. There are many issues one should
understand when buying property on Santorini and we will outline these issues on this page.
clear of any liens or legal issues. Due to the creation of the National Property Registry, the process has become
even more simple for land and buildings on the south end of the island. There are many issues one should
understand when buying property on Santorini and we will outline these issues on this page.
Who Can Buy?
Santorini is considered "border area" and "military zone" and thus there are some restrictions to purchasing on
the island. Citizens of EU nations are entitled to purchase and own property on the island. Non EU citizens can
only purchase is authorized by the Ministry of Defense or is they purchase via the formation of a business entity
based in the EU, i.e. a corporation. We can help non EU citizens with the Ministry of Defense application to
purchase, however there is no guarantee that an non-EU citizen will be given a green light to purchase.
However, chances are that if you are not a terrorist or money launderer, and if you come from an Nato country,
you will be granted ability to purchase on Santorini. This application process is done buy a lawyer and there is a
fee involved, it is property specific and so you must have found the property you wish to buy and put a deposit on
it, or there is the potential it might be sold while you wait for the Ministry's decision which could take up to 5
months. Your deposit in most cases will be refundable depending on the agreement with the seller.
Santorini is considered "border area" and "military zone" and thus there are some restrictions to purchasing on
the island. Citizens of EU nations are entitled to purchase and own property on the island. Non EU citizens can
only purchase is authorized by the Ministry of Defense or is they purchase via the formation of a business entity
based in the EU, i.e. a corporation. We can help non EU citizens with the Ministry of Defense application to
purchase, however there is no guarantee that an non-EU citizen will be given a green light to purchase.
However, chances are that if you are not a terrorist or money launderer, and if you come from an Nato country,
you will be granted ability to purchase on Santorini. This application process is done buy a lawyer and there is a
fee involved, it is property specific and so you must have found the property you wish to buy and put a deposit on
it, or there is the potential it might be sold while you wait for the Ministry's decision which could take up to 5
months. Your deposit in most cases will be refundable depending on the agreement with the seller.
Buying your Dream Home
Buying your dream home was never simpler...and it's yours forever! Purchasing property in Greece is of freehold
basis which means that the property belongs to you forever and can be willed to an heir.
Buying your dream home was never simpler...and it's yours forever! Purchasing property in Greece is of freehold
basis which means that the property belongs to you forever and can be willed to an heir.
The purchasing process in Detail
After we find your dream property and have negotiated the final price we move forward with the transaction. The
first step is to check the deeds for any liens on the property, A lawyer is assigned to represent you during the
entire process of the purchase and begins with the title check, Then we get the buyer a local tax number or VAT
number. We also collect a copy of the buyer's passport and prepare an "application to purchase" with the local
prefecture. This committee meets about every 20 days and checks to see if the buyer is entitled to purchase on
Santorini (see the Who can Buy? section above). While we wait for the prefecture to give a decision, a tax
declaration is made to the local tax office specifying the property to be purchased. This declaration has an
estimate of the property's intrinsic value, or government's objective value, which will then determine the transfer
tax due on the sale. At the moment there are no annual property taxes in Greece and you only pay the land
transfer tax which is based on a percentage of the government's appraisal of the property. The only annual taxes
you pay are some small levies which show up on your electricity bill - mostly for municipal services. If the
property is high in value, you might be subjected to 'hive and are Once we have the "go ahead" from the
prefecture, we have the new deeds prepared, they are signed by the buyer and seller, and the sale is finished.
All extra payments, like notary, lawyer and agency fees are payed at the signing of the deeds when transfer of
ownership is made. When buying a property it is handy to budget around 15% of the sale price for these extra
expenses. This is only a rough figure, and in some cases it can be much less, however you should keep this
figure in mind. There are, by law, two lawyers present to sign the contracts/deeds -- one for the buyer and one for
the seller. Typically, the buyer pays the legal fees for the entire transaction and this cost is part of the 15%
budgeted transfer cost listed above. For non corporations the expense breakdown is as follows: land transfer tax
is around 9% of the objective value, lawyer and notary fees are about 2% of the real value, agency fees 2% of
the real value, plus there are some miscellaneous expenses for land titles which are around 300-600 euros
depending on the case. If the property is double ended, that is, if the brokerage has the property listed, there is
an additional 2% agency fee paid by the seller. In the case of deep negotiations, sometimes the buyer agrees to
pay the entire 4% brokerage fees so that the seller can obtain his/her discounted price "in pocket." The agency
fee is subject to VAT taxes of 13% on Santorini.
After we find your dream property and have negotiated the final price we move forward with the transaction. The
first step is to check the deeds for any liens on the property, A lawyer is assigned to represent you during the
entire process of the purchase and begins with the title check, Then we get the buyer a local tax number or VAT
number. We also collect a copy of the buyer's passport and prepare an "application to purchase" with the local
prefecture. This committee meets about every 20 days and checks to see if the buyer is entitled to purchase on
Santorini (see the Who can Buy? section above). While we wait for the prefecture to give a decision, a tax
declaration is made to the local tax office specifying the property to be purchased. This declaration has an
estimate of the property's intrinsic value, or government's objective value, which will then determine the transfer
tax due on the sale. At the moment there are no annual property taxes in Greece and you only pay the land
transfer tax which is based on a percentage of the government's appraisal of the property. The only annual taxes
you pay are some small levies which show up on your electricity bill - mostly for municipal services. If the
property is high in value, you might be subjected to 'hive and are Once we have the "go ahead" from the
prefecture, we have the new deeds prepared, they are signed by the buyer and seller, and the sale is finished.
All extra payments, like notary, lawyer and agency fees are payed at the signing of the deeds when transfer of
ownership is made. When buying a property it is handy to budget around 15% of the sale price for these extra
expenses. This is only a rough figure, and in some cases it can be much less, however you should keep this
figure in mind. There are, by law, two lawyers present to sign the contracts/deeds -- one for the buyer and one for
the seller. Typically, the buyer pays the legal fees for the entire transaction and this cost is part of the 15%
budgeted transfer cost listed above. For non corporations the expense breakdown is as follows: land transfer tax
is around 9% of the objective value, lawyer and notary fees are about 2% of the real value, agency fees 2% of
the real value, plus there are some miscellaneous expenses for land titles which are around 300-600 euros
depending on the case. If the property is double ended, that is, if the brokerage has the property listed, there is
an additional 2% agency fee paid by the seller. In the case of deep negotiations, sometimes the buyer agrees to
pay the entire 4% brokerage fees so that the seller can obtain his/her discounted price "in pocket." The agency
fee is subject to VAT taxes of 13% on Santorini.
When buying a property on Santorini you must posses the virtues of both patience and decisiveness. There is
high demand for Santorini properties and if you do not act quickly there is a potential to lose the piece you had
in mind, you must act quickly and decisively or you can spend years looking for another piece like the one you
originally had in mind. Patience is required in finding the right property for you. Sometimes it takes a while for
something you like to enter the marketplace, but we are continually searching for properties and will contact you
if something comes up. Patience is also required to clear up many legal issues which arise due to the poor
deeds that were written in years past or to clear up inheritance issues, zoning issues and other hurdles. In most
cases, these hurdles are worth navigating because the property is worth the hassle. Sometimes these hurdles
may take up to 5 months to clear and we handle these on our end with the lawyer designated to pursue your
interests.
high demand for Santorini properties and if you do not act quickly there is a potential to lose the piece you had
in mind, you must act quickly and decisively or you can spend years looking for another piece like the one you
originally had in mind. Patience is required in finding the right property for you. Sometimes it takes a while for
something you like to enter the marketplace, but we are continually searching for properties and will contact you
if something comes up. Patience is also required to clear up many legal issues which arise due to the poor
deeds that were written in years past or to clear up inheritance issues, zoning issues and other hurdles. In most
cases, these hurdles are worth navigating because the property is worth the hassle. Sometimes these hurdles
may take up to 5 months to clear and we handle these on our end with the lawyer designated to pursue your
interests.
