(Economou and Trichias, 2009)
Remuneration is stated to be as follows for each of these actors:
(1) real estate brokers -- Commission based on percentage of the transaction value;
(2) lawyers -- Commission based on percentage of the transaction value;
(3) Notaries -- Commission base don percentage of the transaction value;
(4) Civil Engineers -- According to specific regulations, taking into account elements of the property in question; and (5) Constructors -- percentage of the land. (Economou and Trichias, 2009)
Minimum required formalities for real estate sale and purchase are stated to be those as follows:
(1) payment of taxes related to the transfer in the Tax Office of the District where the real estate is situated;
(2) obtaining a Good Standing Tax Certificate and declarations of the Seller regarding the real estate's income and its inclusion in the previous two years tax returns to be attached in the notarial deed (Article 81 of Law 2238/94 as amended by Article 26 of Law 3220/2004 and 32(2) of Law 2459/97;
(3) Drafting and signing of a notarial deed (Article 1033 of the Greek Civil Code); and (4) Registration of the above deed with the Land Registry of the district where the real estate is situated. (Economou and Trichias, 2009)
It is reported that after all parties are satisfied with the purchase price that the paperwork must meet legal compliance and then an offer can be made to the lawyer representing the property owner and upon acceptance a pre-contract agreement is executed which outlines "…the names of the two parties involved in the transaction, the contents of the property, demographic plans, boundaries, selling price and payment schedules. A purchasing deposit of 10% of the costs of the selling price in Greece secures the property in your name. It is important to note that under Greek law if the purchaser for any reason terminates the pre-contract agreement after the deposit is paid and accepted then the 10% deposited money is forfeited. In the case of the vendor terminating the pre-contract, then the original deposit is repaid plus an indemnity to the value of the original deposit amount." (the Greek Property Society Lawyers, 2009)
Additionally reported is that the purchaser needs the representation of a lawyer for the purpose of acting on their behalf and for providing support "…with the Local Regulations fixing the "assessed value" of the property or land and more importantly, securing the property title deeds. The lawyer representing the purchaser must carryout searches with the Land Registry confirming property title ownership and that the titles are clean for selling, prior to the final contract being signed." (the Greek Property Society Lawyers, 2009)
It is reported that the "…final exchange takes place at the office of the Public Notary with the two lawyers representing vendor and seller. The Notary is not authorized to permit any sale of a property if all the presented documents of ownership including deeds and tax papers are not in order. Always insist all papers are correct before seeing the Notary. Purchasing a property in Greece requires a tax registry number which is issued by the Inland Revue Services. This tax number is also valid for your own personal taxes as all transactions require a tax number in Greece. The property taxes owed by the seller have to be paid in full to the local Inland Revenue Service prior to the completion of a property transaction. Copies of the title, and a certificate from the Registry of Mortgages are required to register the property under the buyer's own personal name at the office of the Land Registry. If the land registry is not in operation within a province where the property is being purchased ownership of property can be registered with the local Registry of Mortgages. The lawyers then secure the property by registering ownership with the Register of Mortgages. A fee of 0.5% of the value of the property is payable. Always make payments on time to avoid delays." (the Greek Property Society Lawyers, 2009)
IV. MARKET STRUCTURE
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