Buying Information
The purchase procedure that follows bellow is not an easy one to do on your own. We will recommend a reputable lawyer and guide you through the whole process of buying property in Kefalonia.
Appoint a lawyer
We will appoint a reputable lawyer for you and ask him to search the titles at the Registry of Mortgages and represent you to 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 laweyr s purpose is to fully cover you against any legal flaw of the property, in order to avoid future problems.
Get copy of the title
You must secure copies of the title (contract deed) held by the vendor. This is usually carried out through your lawyer.
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.
Apply for a tax registry number
You must apply for and secure a Tax Registry Number from the Tax office. This is only a form of identification issued to the buyer.
Pay transfer tax
You must make sure that the transfer tax is paid prior to signing the contract with the aid of your lawyer. 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.
Sign the contract at the public notary s office
For property to be officially bought/sold a contract must be signed at a Public Notary s office. The Notary is a state official in the presence of whom the contract deed is read and signed by both vendor and purchaser. He is there to 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.
Effect transfer at registry of mortgages
The contract deed must be transferred on your name at the Registry of Mortgages and the relevant official certificates secured. Your lawyer usually carries this out.
Submit prood of transfer at land registry
If the property has already been registered under the National Land Registry you must submit a copy of the contract deed together with the transfer certificate from the Registry of Mortgages so that the said property is properly registered on your name.
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
The costs associated with a purchase of a property are the following :
Attorney s fees: 1% – 1.5% of sale price (depending on the value of the transaction).
Public Notary s fee: 1.5% to 2% of the objective value.
Transfer tax: This is calculated on the objective value and it is 7 % on amounts up to 14,674 and 9% on the remainder. Upon the tax, which shall arise, an additional tax of 3% is imposed in favor of the Municipality where the property is located.
Registration Fee: 0.5% of the objective value.
Estate Agency fee: 2 % of the market value and 24% VAT on the value of the fee. This includes guidance and assistance until you actually acquire a sound title to your new property .