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Buying Homes on Santorini
Buying a home on Santorini could be either simple or a nightmare and it depends on whether you are (or are not) a European Citizen and whether the home's paperwork is in order.
- New laws permit buyers from first world nations to purchase on Santorini but a permit is required and our lawyers can help with this issue. EU citizens have no problem buying. Residents of non-first world countries may apply for application to buy as well but there is no guarantee that the application will be approved.
- Santorini has recently applied public registry for land, but only on the part of the island south of and including Pirgos. Land and homes in the registry are well designated and easy to buy. Land and homes not in the registry may be subject to claims and it is important for those homes to have a long record of deeds, going back as far as possible so as no section of the land or property be contested by someone claiming it to be theirs.
- Many locals have added illegal additions to their homes. It is important that the home matches in size and structure the initial permit or any illegal structure may be subject to taxes. Usually, the owner will deduct the cost of the legalization from the final sale price and the new buyer will pay for the legalization up front. The property can not be transferred until these matters are dealt with
- The property can also not be transferred if there are existing debts owed to the government. Sometimes the seller does not have the money to pay the tax and thus the buyer pays it as part of the deal. The tax must be paid prior to deeds being signed since the property can not be sold without a tax certificate verifying that there is no money due to the government by the seller.
- If you decide to buy a property that has a mortgage, in most cases the buyer will pay off the debt on the property prior to the signing of contracts. The amount of debt owed to the bank is usually reduced from the sale price unless the sale price already has the debt priced in.
- There are additional expenses on the purchase of the house on top of the list price. You must budget an additional 9% (approx) for the land transfer tax, about 1.8% for the lawyer fee, about 1.2% for the notary fee, about 2.4% for agency fee along with some other small fees for registry and civil engineer (if new surveys are required)
