Buyer FAQ
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Purchase Procedure on Ithaca
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Power of Attorney:
- It is advisable to appoint a lawyer as your Power of Attorney to avoid defaulting on the completion date if you are delayed or unable to be in Ithaca for completion. The cost is approximately €110.
- It is advisable to appoint a lawyer as your Power of Attorney to avoid defaulting on the completion date if you are delayed or unable to be in Ithaca for completion. The cost is approximately €110.
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Deposit:
- A deposit of 10% - 20% of the sale price is required, with the balance due within 3 months unless otherwise agreed with the vendor.
- A deposit of 10% - 20% of the sale price is required, with the balance due within 3 months unless otherwise agreed with the vendor.
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Tax File Number:
- The buyer must secure a Tax File Number, which can be obtained personally or by a lawyer acting on their behalf. If the lawyer is your Power of Attorney, they will handle all necessary paperwork.
- The buyer must secure a Tax File Number, which can be obtained personally or by a lawyer acting on their behalf. If the lawyer is your Power of Attorney, they will handle all necessary paperwork.
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Pre-Contract:
- A pre-contract is signed and notarized at the Public Notary Office to secure the deposit. If the buyer reneges, the deposit is forfeited. If the vendor reneges, they must reimburse the buyer double the deposit amount.
- A pre-contract is signed and notarized at the Public Notary Office to secure the deposit. If the buyer reneges, the deposit is forfeited. If the vendor reneges, they must reimburse the buyer double the deposit amount.
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Bank Account:
- The buyer needs to open a bank account on Ithaca and transfer funds from their country of residence to this account. Ithaca has two banks: National Bank of Greece and Piraeus Bank, both located in Vathy with internet banking facilities.
Post-Purchase Requirements
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Tax Return:
- The buyer must submit a tax return in the year following the purchase. No tax is due if the purchase money is proven to be taxed income from another country. Ensure to collect the pink slip for the transfer from your Ithacan bank, proving the money was not earned in Greece.
- The buyer must submit a tax return in the year following the purchase. No tax is due if the purchase money is proven to be taxed income from another country. Ensure to collect the pink slip for the transfer from your Ithacan bank, proving the money was not earned in Greece.
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Money Transfer Clarification:
- Always specify the reason for transferring money (e.g., property purchase, notary fee) when transferring funds into your account or your lawyer’s account in Ithaca.
- Always specify the reason for transferring money (e.g., property purchase, notary fee) when transferring funds into your account or your lawyer’s account in Ithaca.
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Annual Tax Return:
- All property owners in Greece must lodge an annual tax return. The purchase contract also serves as a receipt for your Tax, Notary, and Registration payments.
Important Information for Buyers
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Security of Purchase:
- Ithacagreece.com Real Estate collaborates with lawyers and engineers to ensure a secure buying process. Buyers will be informed at every step of the procedure.
- Ithacagreece.com Real Estate collaborates with lawyers and engineers to ensure a secure buying process. Buyers will be informed at every step of the procedure.
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EU and Non-EU Nationals:
- With the land registry in place, property purchases are now more secure for both EU and non-EU nationals.
Vendor FAQ
Before ithacagreece.com Real Estate lists any property or land parcels, a lawyer conducts a Title and Registry check to ensure Clear Title, and an engineer/topographer verifies the accuracy of the property map.
Requirements for Selling Property
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Proof of Ownership:
- Title Deed and/or inheritance papers. The more comprehensive the Title Deeds, the safer the purchase for the buyer.
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Topographic Map:
- A current, accurate map done by a certified topographer. Each property must have legal assurances from an engineer/topographer confirming the property’s legality.
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Building Permit and Energy Rating:
- Buildings must have a permit matching the existing structure and an energy rating as required by the EU.
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Forestry Maps:
- For properties outside town zoning, the online forestry maps for Ithaca will determine sale eligibility. Disputes regarding forestry classification must be resolved through legal or engineering channels, which incurs a cost.
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Power of Attorney:
- Required if selling on behalf of another party.
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Encumbrances:
- Details of any loans or encumbrances on the property.
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Taxes:
- Proof of land and property taxes paid, including receipts for paid ENFIA.
Selling Options
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Evaluations:
- Cost: €100 plus 24% VAT. Requires a current topographic map. The evaluation includes a written report with copies. If the property is being sold through ithacagreece.com Real Estate, there is no cost.
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Consultations:
- Call out fee: €20 plus 24% VAT. This fee does not apply to clients or buyers of ithacagreece.com Real Estate.
Conditions
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Contract Duration:
- Minimum one-year contract between Vendor and Agent.
- Minimum one-year contract between Vendor and Agent.
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Property Condition:
- The property must be viewable without impediments. Land should be cleared, and houses should be kept tidy and sanitary.
- The property must be viewable without impediments. Land should be cleared, and houses should be kept tidy and sanitary.
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Disputes:
- Properties with known disputes will not be marketed until the issue is resolved.
- Properties with known disputes will not be marketed until the issue is resolved.
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Offer Acceptance:
- Vendors must honor any accepted offer.
- Vendors must honor any accepted offer.
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Contact Information:
- Vendors must update the agent with any changes in contact information or circumstances.
Contact
For more information or to discuss your specific needs, please contact us at realestate@ithacagreece.com.