BUYERS
Welcome. The purpose of this section is to assist you in the process of buying a property on Corfu.
The company has many properties which can be viewed from our property listing. These properties are categorized either as a house (H), house needing renovation (HR) villa (V), apartment (A), hotel (HO), land (L) or business (B) etc. and each has a reference No. which is followed by an island location number. The island has been divided into 9 sectors. See map. An example would be A0001CT which would indicate an apartment in Corfu town or H0001NEC which would indicate a house on the North East Coast. A “villa” is a large house (more than 150sqM) with a garden and swimming pool. Whether a house is “attached” or “detached”
or "linked detached" will be indicated in the detailed description. There
is also a section on Housing Developments and Property on the Sea.
Please browse through our property listing. Each property has a detailed description and a selection of photographs. Should you want further information please contact us on
office@corfugre.com.
We strongly recommend that you complete the “Property Request Form” (PRF) (Click here). This will enable us to search our data base for possible matching property or advise you should something new and suitable come onto our books. We will contact you by either email or SMS
THE PURCHASE PROCEDURE FOR PROPERTY AND LAND
All citizens of the original 15 members of the European Union are permitted to purchase property in their own name. Citizens of the new members (entry 1st May, 2004) also qualify for such ownership. However, it should be noted that for the time being the municipality of Corfu Town only has not agreed to accept buyers from the new entrants. For all other persons the purchase of property is subject to the following:-
(1) If the property is within what is considered a “border area” the purchaser will need to apply to the council of the local prefecture or the Ministry of Defense. The company can assist with this procedure.
(2) A purchase can be made via a Greek or EU registered company. Once again we can assist with this procedure.
The buyer is required to appoint a local lawyer who will be responsible for checking the Title deeds, the detail of any outstanding mortgage, if applicable, whether there are any tax liabilities and ensure there are no encumbrances. In the case of a land purchase the lawyer will also check the building rights. The lawyer will appoint a Public Notary who will draw the contract and record the property with the Land Registry. This procedure usually takes between 40 and 60 days to complete. (known as “completion”). The buyer is required to obtain a Greek Tax number. It is suggested that the buyer provide us with a Power of Attorney for matters relating to the purchase of the property. This will enable us to obtain a tax number and perform other functions should it be necessary.
Transfer Tax. This is 10% for the first € 20, 000 and 11% on the balance. These percentages are based on the Tax Office valuation for the municipal area of Corfu Town and some of the areas close to town. All other areas are 9% for the first € 20,000 and 11% on the balance also based on Tax Office valuation. Transfer tax is payable at least ten days before “completion” and is paid to the Government either by the buyers lawyer or the Public Notary. See 2006 Amendments
Lawyer’s Fee. This is between 2% and 2.2% of the sale price and but also depends on the complexity and value of the contract. The minimum is €300
Public Notary Fee. This is 2.2% and 2.5% of the sales value and also depends on the value of the contract. Minimum €500. There is a Property registration fee which is approximately €300.
Estate
Agency
Fee.
This
is
3%
of
the
sale
price
plus
VAT
of
23% with a minimum of € 1,500.
Value
Added
Tax.
This
is
applied
to
newly
built
properties
whose
construction
license
is
issued
after
the
1st
January,
2006
and
will
be
levied
at
23%.
All the above figures are subject to change at any time and clients should check
prior to purchase to confirm add on buyer costs.
It is advisable for the buyer to be present at the time of signature of the contract. If this is not possible a company representative or someone else nominated by the buyer can sign (Proxy), such person must have the necessary Power of Attorney. Present at “signature” is the lawyer of the buyer and seller, the Public Notary, the buyer, the seller and a company representative. Once the contract is signed the transaction is deemed finalized and the Public Notary will register the contract with the Land Registry and supply the buyer with a certified copy. “Completion” is achieved.
Because “completion” can take between 40 and 60 days, many clients prefer to sign a Pre-Contract. This document is drawn by the company and once signed commits both parties to sell and buy respectively, an agreed “completion date” and the property price. The buyer is required to pay a 10% deposit which is held in trust by the company or the buyer's lawyer until “completion”. Please carefully note the following:-
(a) If the sale does not take place because the buyer’s lawyer has been unable to satisfy himself/herself on the issue of clear title or because the buyer has died, the deposit is returned to the buyer. Any bank charges or currency fluctuations are for the buyers account.
(b) If the sale does not take place because the buyer does not wish to proceed, for any other reason, the deposit is forfeited.
Tax Declaration ......................This is required on an annual basis and
carries a small accountancy fee.
Property Tax ............................There are Property taxes in Greece
and these change often. Consult your
lawyer.
Capital Gains Tax ................... Capital Gains Tax in Greece was introduced in January, 2006 and is on
sliding scale:-
1. Within 5 years 20%
2. Between 5 to 15 years 10%
3. Between 15 to 25 years 5%
4. More than 25 years Nil
THE
ABOVE
INFORMATION
IS
SUBJECT
TO
CHANGE
AND
VARIATION.
EVERY
ENDEAVOUR
IS
MADE
TO
UPDATE
THIS
INFORMATION
BUT
OUR
CLIENTS
ARE
URGED
TO
CHECK
ALL
DETAIL
AS
SPECIFIC
TRANSACTIONS
MAY
HAVE
VARIATIONS.
Quality
Professionals
We have carefully selected and appointed professionals to assist us and our clients should they so wish. If you require help from any of the following please let us know:-
Lawyer
Public Notary
Accountant
Construction engineer
Topographer
Banker
Insurance advisor
Translator
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