How to Buy Your Dream Properties in Santorini?

Buying your dream property in Santorini is not so complicated like other countries. Once you have selected your desired property, then it is the matter of only 7 to 9 weeks to complete the whole registration process. Any one from all over the world can buy Santorini properties. For your assistance and quicker work process it will be better to contact a real estate agent or hire a lawyer.

Property in Santorini is relatively undervalued at present. There is an excellent potential for capital growth at Santorini with the properties. Properties are available at different costs depending on their surroundings and locations in different islands. Property-in-Santorini also have its properties for sale at Kamari beach and houses in Monolithos beach near Santorini.

Properties in Santorini are freehold and they are all registered with the national Registry of Mortgages. Property in Santorini is under the protection of the State (Greek Constitution: Article 17, paragraph 1); all property owners in the country have equal rights and responsibilities.

After selecting your dream property you may proceed with a purchase. Here are some guidelines that help in your buying process.

1. Appoint a Lawyer

The buyer must appoint a lawyer for his assistance in the process. The lawyer’s fee is 1.0% on a property value of up to € 44.020 and 0.5% on any value above that, plus any expenses for legal research or any other legal services offered to the client.

2. Appoint a Public Notary

A public notary must be appointed in order to make a valid the property purchase agreement. The notary public’s fee is generally around 1.0% of the property value, plus a fixed fee of € 500 for the drafting of the contract.

3. Get a copy of the title deed and perform a title search at the Registry of Mortgages

The buyer must obtain the contract deed or title held by the seller. It is then the lawyer's obligation to search the title deed at the registry of mortgages. If the title deed is secure, then the buyer should proceed to contract.

4. Issue a tax registry number

A tax registry number must be issued for the buyer to help in transactions. The tax registry number is applied for and issued by the local tax authority. The lawyer normally does this for you.

5. Pay the transfer and municipality tax

Before signing the contract, the buyer must pay the transfer tax to the local tax authority. This is done with the aid of the lawyer. The transfer tax ranges between 7 to 9 % on the objective value. If the commercial value is higher than the objective value, then the tax authorities calculate the tax on that value. If planning permission for the building is granted after 31/12/2005, then the transfer tax is replaced by 19% V.A.T. on an assessed and approved by the tax authority value. The Municipality tax is 3% on the amount of the transfer tax.

6. Signing the contract

For a valid contract, the buyer must be signed in the presence of a public notary and a lawyer. When the contract is signed, the notary registers the transaction at the local registry of mortgages.

7. Effect transfer at the Registry of Mortgages

The buyer's lawyer makes sure that the title is transferred to the buyer's name by obtaining the relevant certificate from the Registry of Mortgages. The registration fee at the Register of Mortgages is 0,5% on the objective price.

8. Notify the Land Registry for the transfer

A copy of the title and the certificate from the Registry of Mortgages, of the property needs to be registered under the buyer's name at the Land registry.

After the completion of the above steps now it is clear that you have registered your property securely. For your reference keep the copy of the contract from Registry of Mortgages. For further reference about Santorini properties visit us at: www.property-in-santorini.com