Ways of payment for realty

Ways of payment for realty in Greece

The way of payment for property is agreed between the buyer and the seller. Usually the buyer pays a deposit for reserving the property (1000-3000€).

The most popular way of payment is to have the official estimated tax price put in the contract. From this amount all taxes are calculated (property transfer tax and notary office). This official amount should be paid through the bank.

If the real amount is higher than the official price of the contract the difference between these amounts should be paid by cash on the day of the contract.

Another way is to put the real full amount in the contract which means that the taxes should be paid from the whole amount and all the amount for the property should be transferred by bank.

There are several more widespread and economy efficient ways of payment when buying property in Greece.

Bank transfer

1. Bank transfer directly to the account of the seller.

The buyer can pay to the seller’s bank account directly from his bank account in his country. The comission for this operation depends on the bank and is appr. 200 euro.

2. Bank transfer from the account of the buyer in Greece.

Opening a bank account in Greece requires no minimum opening deposit. All you need is your ID or passport, your AFM (your tax number) and some other papers (depends on the bank). Usually the laywer of the seller opens the bank account for the buyer. The customer sends money from his bank account in his country to his bank account in Greece. And then money can be sent by bank transfer or a check can be taken and given to the seller at the contract  in the notary office.

Cash payment

You can also pay cash for your property, but in this case, if it goes for official amount cash money should be declared at the border.