Currency
4915735984125
Humboldtstraße 13, 08468, Reichenbach im Vogtland, Germany
contact@agorfa.com

Costs and purchase process per country

Purchase costs and buying process Germany

The property buying process in Germany typically involves several steps. Here is a general list of the process involved:

  1. Property Search: Begin by searching for properties that meet your requirements. You can consult real estate websites, work with real estate agents, and check local listings to find suitable properties.
  2. Viewing and Due Diligence: Once you find a property of interest, schedule viewings to inspect the property in person. Conduct thorough due diligence, including reviewing property documents, obtaining surveys, and assessing the property’s condition.
  3. Offer and Negotiation: If you decide to proceed with a property, make an offer to the seller. Negotiate the price and terms of the purchase. Once both parties agree, you can proceed to the next step.
  4. Sales Contract (Kaufvertrag): Engage a notary or lawyer to prepare the sales contract. The contract outlines the terms and conditions of the purchase, including the purchase price, payment terms, and any contingencies.
  5. Financing: If you require financing, apply for a mortgage or secure the necessary funds for the purchase. Consult with banks or mortgage brokers to explore your financing options.
  6. Notarization: The sales contract must be notarized in Germany. The notary ensures the legality of the transaction, verifies the identities of the parties involved, and witnesses the signing of the contract.
  7. Property Transfer: On the agreed-upon completion date, the property transfer takes place. The buyer pays the purchase price, and the seller hands over the keys and transfers ownership of the property.
  8. Registration and Fees: After the property transfer, the buyer must register the change of ownership with the local land registry office (Grundbuchamt). Additionally, pay any applicable registration fees and taxes, such as the property transfer tax (Grunderwerbsteuer).
  9. Post-Purchase Obligations: Arrange for property insurance, set up utility accounts, and update relevant authorities and service providers with the change of ownership information.

The total purchase costs for buying a property in Germany can vary depending on several factors, including the purchase price of the property and the specific services required. Here is a breakdown of the typical costs involved:

  1. Real Estate Transfer Tax (Grunderwerbsteuer): This tax is paid to the state and is calculated based on the purchase price or the assessed value of the property. The rates vary by state, ranging from 3.5% to 6.5% of the purchase price.
  2. Notary Fees: Notary fees in Germany are regulated by law and are calculated based on a sliding scale that considers the purchase price of the property. The fees typically range from 1% to 2% of the purchase price, with additional charges for services such as property research and drafting the purchase agreement.
  3. Lawyer Fees: While not mandatory, many buyers choose to engage a lawyer to represent their interests during the purchase process. Lawyer fees can vary depending on the complexity of the transaction and the specific services required. It is common for lawyer fees to range from 0.5% to 1.5% of the purchase price.
  4. Land Registry Fees: The cost of registering the property in the land registry varies depending on the purchase price and the complexity of the registration process. It is generally a small percentage of the purchase price, often around 0.5% to 1% of the property value (Specified below).
  5. Mortgage Fees: If you require a mortgage to finance the purchase, there may be additional costs involved, such as mortgage arrangement fees and appraisal fees. These costs can vary depending on the lender and the specific mortgage terms.

Government purchase tax:

  1. Baden-Württemberg: 5.0%
  2. Bavaria: 3.5%
  3. Berlin: 6.0%
  4. Brandenburg: 6.5%
  5. Bremen: 5.0%
  6. Hamburg: 4.5%
  7. Hesse: 6.0%
  8. Lower Saxony: 5.0%
  9. Mecklenburg-Vorpommern: 6.0%
  10. North Rhine-Westphalia: 6.5%
  11. Rhineland-Palatinate: 5.0%
  12. Saarland: 6.5%
  13. Saxony: 3.5%
  14. Saxony-Anhalt: 5.0%
  15. Schleswig-Holstein: 6.5%
  16. Thuringia: 6.5%

Purchase costs and buying process Spain

The property buying process in Spain typically involves several steps. Here is a general list of the process involved:

  1. Property Search: Begin by searching for properties that meet your requirements. You can consult real estate websites, work with real estate agents, and check local listings to find suitable properties.
  2. Viewing and Due Diligence: Once you find a property of interest, schedule viewings to inspect the property in person. Conduct thorough due diligence, including reviewing property documents, obtaining surveys, and assessing the property’s condition.
  3. Reservation Agreement: If you decide to proceed with a property, you may sign a reservation agreement and pay a reservation deposit to take the property off the market temporarily. This deposit is typically non-refundable but goes towards the purchase price.
  4. Legal and Financial Advice: Engage a lawyer or legal advisor who specializes in Spanish property transactions. They will guide you through the legal aspects of the purchase, review contracts, and ensure compliance with local regulations. It is also recommended to consult with a financial advisor regarding your financing options.
  5. Private Purchase Contract (Contrato de Arras): Once both parties agree on the terms, a private purchase contract is typically signed. This contract outlines the terms and conditions of the purchase, including the purchase price, payment terms, and any contingencies. A deposit, usually 10% of the purchase price, is paid at this stage.
  6. Mortgage Application (if applicable): If you require financing, you can apply for a mortgage with a Spanish bank or a lender familiar with the Spanish market. Provide the necessary documentation and go through the approval process.
  7. Notary Public: The next step is the formalization of the sale at a notary public’s office. The notary oversees the signing of the public deed (escritura pública) and ensures the legal transfer of ownership.
  8. Payment and Completion: On the agreed-upon completion date, the remaining balance of the purchase price is paid to the seller. The property’s ownership is officially transferred to the buyer, and the keys are handed over.
  9. Registration and Taxes: After completion, the public deed is registered with the Land Registry (Registro de la Propiedad). The buyer is responsible for paying the applicable taxes, such as the property transfer tax (Impuesto de Transmisiones Patrimoniales) or value-added tax (IVA), depending on the property type and circumstances.
  10. Post-Purchase Obligations: Arrange for property insurance, set up utility accounts, and update relevant authorities and service providers with the change of ownership information.

The total purchase costs for buying a property in Spain can vary depending on several factors, including the purchase price of the property and the region where it is located. Here is a breakdown of the typical costs involved:

  1. Property Transfer Tax (Impuesto sobre Transmisiones Patrimoniales or ITP): This tax is applicable to the purchase of resale properties and is calculated based on a percentage of the purchase price. The rate varies by region but typically ranges from 6% to 11% of the purchase price.
  2. Value Added Tax (Impuesto sobre el Valor Añadido or IVA): For newly built properties purchased directly from a developer, Value Added Tax is applicable instead of Property Transfer Tax. The standard rate is 10% of the purchase price, although it can be 21% for certain luxury properties.
  3. Notary and Land Registry Fees: Notary and land registry fees in Spain are typically based on a percentage of the purchase price and are regulated by law. The fees can vary but generally amount to approximately 1% to 2% of the purchase price.
  4. Legal Fees: While not mandatory, many buyers choose to engage a lawyer to assist with the purchase process and ensure all legal aspects are handled properly. Legal fees can vary depending on the complexity of the transaction and the services required. They are often around 1% to 2% of the purchase price.
  5. Mortgage Fees: If you require a mortgage to finance the purchase, there may be additional costs involved, such as mortgage arrangement fees, property appraisal fees, and notary fees related to the mortgage deed. These costs can vary depending on the lender and the specific mortgage terms.

It’s important to note that these are general estimates, and the actual costs may vary based on individual circumstances, property value, and the professionals you choose to engage. It’s advisable to consult with a lawyer or other relevant professionals to get a more accurate estimate of the total purchase costs for your specific situation in Spain.

Specific purchase tax is shown below (As of Sept 2021):

  1. Andalusia: Transfer Tax (ITP) – 8% for properties up to €400,000, 9% for properties between €400,000 and €700,000, and 10% for properties above €700,000.
  2. Aragon: Transfer Tax (ITP) – 8% for properties up to €300,000, 9% for properties between €300,000 and €500,000, and 10% for properties above €500,000.
  3. Asturias: Transfer Tax (ITP) – 6% for properties up to €130,000, 7% for properties between €130,000 and €260,000, and 8% for properties above €260,000.
  4. Balearic Islands: Transfer Tax (ITP) – 8% for properties up to €400,000, 9% for properties between €400,000 and €600,000, and 10% for properties above €600,000.
  5. Basque Country: Transfer Tax (ITP) – 4% for properties up to €180,000, 6% for properties between €180,000 and €300,000, and 8% for properties above €300,000.
  6. Canary Islands: Transfer Tax (ITP) – 6.5% for properties up to €400,000 and 7% for properties above €400,000.
  7. Cantabria: Transfer Tax (ITP) – 8% for properties up to €200,000, 9% for properties between €200,000 and €300,000, and 10% for properties above €300,000.
  8. Catalonia: Transfer Tax (ITP) – 10% for properties.
  9. Valencia: Transfer Tax (ITP) – 10% for properties.

Purchase costs and buying process USA

The property buying process in the United States typically involves several steps. Here is a general list of the process involved:

  1. Determine Budget and Financing: Determine your budget for buying a property and explore your financing options. You can consult with lenders, such as banks or mortgage brokers, to get pre-approved for a mortgage if needed.
  2. Engage a Real Estate Agent: Consider working with a licensed real estate agent who specializes in the area where you want to buy a property. They can assist you in finding suitable properties, negotiating offers, and navigating the buying process.
  3. Property Search and Viewing: Search for properties that meet your requirements, utilizing online listings, real estate websites, or recommendations from your real estate agent. Schedule viewings to physically inspect the properties.
  4. Make an Offer: Once you find a property you’re interested in, make an offer to the seller. Your real estate agent can guide you through the negotiation process and help you draft a purchase offer.
  5. Offer Acceptance and Contract: If the seller accepts your offer, both parties will enter into a purchase contract. The contract outlines the terms and conditions of the sale, including the purchase price, contingencies, and closing date.
  6. Earnest Money Deposit: Upon signing the contract, you may be required to provide an earnest money deposit as a show of good faith. The deposit is typically held in escrow and will be applied towards the purchase price at closing.
  7. Conduct Due Diligence: Perform inspections and assessments of the property, such as home inspections, pest inspections, and surveys. Review property disclosures and any applicable homeowner association documents.
  8. Secure Financing: Finalize your mortgage application and work with your chosen lender to complete the necessary paperwork and fulfill the loan requirements. This includes providing financial documentation and arranging for an appraisal of the property.
  9. Closing Preparations: Work with your real estate agent, lender, and attorney (if applicable) to complete all necessary documentation and fulfill any remaining requirements before the closing date.
  10. Closing: On the closing day, all parties involved in the transaction, including the buyer, seller, real estate agents, and possibly attorneys, will meet to sign the final paperwork. This includes the transfer of funds, paying closing costs, and signing the deed and other necessary documents.
  11. Recording and Ownership Transfer: After the closing, the deed and mortgage documents are recorded with the appropriate county or local authority to officially transfer ownership to the buyer.
  12. Post-Closing Obligations: Complete any remaining tasks, such as setting up utilities, changing mailing addresses, and arranging for property insurance. Enjoy your new property!

The purchase tax rates in the United States can vary by state, and some states may not have a specific purchase tax. Here is a general overview of the types of taxes that may be applicable in different states:

  1. Sales Tax: Most states in the U.S. impose a sales tax on the purchase of goods, which can include certain types of tangible personal property. The sales tax rates vary by state and can also differ within a state, as some local jurisdictions may levy additional sales taxes. The sales tax rates generally range from 4% to 10%, with some exceptions.
  2. Transfer Tax: Some states impose a transfer tax, also known as a deed tax or conveyance tax, on real estate transactions. This tax is typically calculated as a percentage of the property’s sale price or assessed value. The rates and regulations for transfer taxes can vary significantly by state and sometimes by local jurisdiction within a state. The rates can range from a fraction of a percent to several percent of the property value.
  3. Mortgage Recording Tax: In certain states, a mortgage recording tax is imposed when a mortgage is recorded or filed with the appropriate governmental authority. The tax is usually calculated as a percentage of the mortgage amount. The rates for mortgage recording tax, if applicable, can vary by state and can range from a fraction of a percent to several percent.

It’s important to note that the specific taxes and tax rates can vary within each state, and there may be additional taxes or fees imposed at the local level. Additionally, tax regulations can change over time, so it’s advisable to consult with a tax professional or local authorities for the most up-to-date and accurate information regarding purchase tax rates in specific U.S. states.

State specific rates are below:

Here is a list of the current state government tax rates in the United States as of September 2021. Please note that this list includes state-level taxes and does not cover local taxes or other specific taxes. The tax rates mentioned are the maximum rates and may vary based on income brackets or other factors. It’s important to consult with a tax professional or the respective state tax authorities for detailed and up-to-date information:

  1. Alabama: 5% (state sales tax rate)
  2. Alaska: No state sales tax or state individual income tax. Local jurisdictions may impose sales taxes.
  3. Arizona: 5.6% (state sales tax rate)
  4. Arkansas: 6.5% (state sales tax rate)
  5. California: 7.25% (state sales tax rate)
  6. Colorado: 2.9% (state sales tax rate)
  7. Connecticut: 6.35% (state sales tax rate)
  8. Delaware: No state sales tax or state individual income tax.
  9. Florida: 6% (state sales tax rate)
  10. Georgia: 4% (state sales tax rate)
  11. Hawaii: 4% (state sales tax rate)
  12. Idaho: 6% (state sales tax rate)
  13. Illinois: 6.25% (state sales tax rate)
  14. Indiana: 7% (state sales tax rate)
  15. Iowa: 6% (state sales tax rate)
  16. Kansas: 6.5% (state sales tax rate)
  17. Kentucky: 6% (state sales tax rate)
  18. Louisiana: 4.45% (state sales tax rate)
  19. Maine: 5.5% (state sales tax rate)
  20. Maryland: 6% (state sales tax rate)
  21. Massachusetts: 6.25% (state sales tax rate)
  22. Michigan: 6% (state sales tax rate)
  23. Minnesota: 6.875% (state sales tax rate)
  24. Mississippi: 7% (state sales tax rate)
  25. Missouri: 4.225% (state sales tax rate)
  26. Montana: No state sales tax or state individual income tax.
  27. Nebraska: 5.5% (state sales tax rate)
  28. Nevada: No state sales tax or state individual income tax. Certain local jurisdictions may impose sales taxes.
  29. New Hampshire: No state sales tax or state individual income tax. There is a 9% tax on interest and dividends.
  30. New Jersey: 6.625% (state sales tax rate)
  31. New Mexico: 5.125% (state sales tax rate)
  32. New York: 4% (state sales tax rate)
  33. North Carolina: 4.75% (state sales tax rate)
  34. North Dakota: 5% (state sales tax rate)
  35. Ohio: 5.75% (state sales tax rate)
  36. Oklahoma: 4.5% (state sales tax rate)
  37. Oregon: No state sales tax or state individual income tax.
  38. Pennsylvania: 6% (state sales tax rate)
  39. Rhode Island: 7% (state sales tax rate)
  40. South Carolina: 6% (state sales tax rate)
  41. South Dakota: 4.5% (state sales tax rate)
  42. Tennessee: 7% (state sales tax rate)
  43. Texas: 6.25% (state sales tax rate)
  44. Utah: 4.85% (state sales tax rate)
  45. Vermont: 6% (state sales tax rate)
  46. Virginia: 4.3% (state sales tax rate)
  47. Washington: 6.5% (state sales tax rate)
  48. West Virginia: 6% (state sales tax rate)
  49. Wisconsin: 5% (state sales tax rate)
  50. Wyoming: 4% (state sales tax rate)

Again, please note that this list includes state-level tax rates, and there may be additional local taxes or specific taxes in certain states. It’s advisable to consult with a tax professional or the respective state tax authorities for detailed and up-to-date information regarding tax rates in specific U.S. states.

Purchase costs and buying process Bulgaria

The property buying process in Bulgaria typically involves several steps. Here is a general list of the process involved:

  1. Find a Property: Begin by searching for properties that meet your requirements. You can consult real estate websites, work with real estate agents, and check local listings to find suitable properties.
  2. Conduct Due Diligence: Once you find a property of interest, conduct thorough due diligence. Review property documents, obtain surveys, and assess the property’s condition. Consider engaging a lawyer or legal advisor to assist with the due diligence process.
  3. Preliminary Agreement (Преки договор): If you decide to proceed with a property, you may sign a preliminary agreement with the seller. This agreement outlines the key terms and conditions of the purchase, including the purchase price and payment terms. A deposit, usually a percentage of the purchase price, is paid at this stage.
  4. Title Deed Verification: Verify the property’s title deed with the relevant authorities, such as the local Land Registry or Cadaster Agency, to ensure the seller has legal ownership and the property is free of any encumbrances.
  5. Sales Contract (Покупопродажбена договора): Engage a notary or lawyer to prepare the sales contract (покупопродажбена договора). The contract outlines the terms and conditions of the purchase, including the purchase price, payment terms, and any contingencies.
  6. Obtain Financing (if applicable): If you require financing, you can explore your options with Bulgarian banks or other financial institutions. Complete the necessary paperwork and fulfill the loan requirements.
  7. Notary Public and Deed Transfer: The sales contract must be notarized in Bulgaria. The notary ensures the legality of the transaction, verifies the identities of the parties involved, and witnesses the signing of the contract. The property’s ownership is officially transferred to the buyer through the signing of the final deed.
  8. Payment and Completion: On the agreed-upon completion date, the remaining balance of the purchase price is paid to the seller. The property’s ownership is officially transferred to the buyer, and the keys are handed over.
  9. Registration and Taxes: After completion, the property’s transfer is registered with the local Land Registry or Cadaster Agency. The buyer is responsible for paying the applicable taxes, such as the property transfer tax and any notary fees.
  10. Post-Purchase Obligations: Arrange for property insurance, set up utility accounts, and update relevant authorities and service providers with the change of ownership information.

The total purchase costs for buying a property in Bulgaria can vary depending on several factors, including the purchase price of the property and the specific services required. Here is a breakdown of the typical costs involved:

  1. Property Transfer Tax: In Bulgaria, the property transfer tax is known as the “Notary Deed Tax” or “Title Deed Tax.” It is calculated based on the purchase price of the property and is typically paid by the buyer. The current rate is 0.1% of the purchase price.
  2. Notary Fees: Notary fees in Bulgaria are regulated by law and are calculated based on the property value or the transaction value. The fees are typically shared between the buyer and the seller. The notary fees can range from approximately 0.1% to 0.2% of the property value or transaction value.
  3. Legal Fees: While not mandatory, many buyers choose to engage a lawyer to handle the legal aspects of the property purchase. The legal fees can vary depending on the complexity of the transaction and the specific services required. It is common for legal fees to range from 0.5% to 2% of the purchase price.
  4. Property Valuation Fees: In some cases, a property valuation may be required by the bank or the buyer for mortgage purposes. The cost of property valuation can vary depending on the property’s size and location, typically ranging from €100 to €300.
  5. Real Estate Agent Fees: Real estate agent fees in Bulgaria are typically paid by the seller, not the buyer. The standard commission rate for real estate agents is around 3% to 6% of the purchase price.
  6. Land Registry Fees: The cost of registering the property in the land registry in Bulgaria is relatively low and depends on the property’s value. The fees can range from approximately 0.1% to 0.2% of the property value.

Specific state by state costs are below, accurate from 2021 so are subject to change:

In Bulgaria, there is no specific property purchase tax imposed by individual states or regions. The main tax related to property purchases in Bulgaria is the Notary Deed Tax, also known as the Title Deed Tax. This tax is imposed at the national level and is calculated based on the purchase price of the property.

The current rate for the Notary Deed Tax in Bulgaria is 0.1% of the purchase price of the property. This tax is typically paid by the buyer.

Purchase costs and buying process France

The property buying process in France typically involves several steps. Here is a general list of the process involved:

  1. Property Search: Begin by searching for properties that meet your requirements. You can consult real estate websites, work with real estate agents, and check local listings to find suitable properties.
  2. Viewing and Due Diligence: Once you find a property of interest, schedule viewings to inspect the property in person. Conduct thorough due diligence, including reviewing property documents, obtaining surveys, and assessing the property’s condition.
  3. Offer and Negotiation: If you decide to proceed with a property, make an offer to the seller. Negotiate the price and terms of the purchase. Once both parties agree, you can proceed to the next step.
  4. Compromis de Vente (Preliminary Sales Agreement): Engage a notary or lawyer to prepare the preliminary sales agreement (compromis de vente). This agreement outlines the terms and conditions of the purchase, including the purchase price, payment terms, and any contingencies. A deposit, typically around 10% of the purchase price, is paid at this stage.
  5. Cooling-Off Period: After signing the preliminary sales agreement, there is usually a mandatory cooling-off period of 10 days, during which the buyer can withdraw from the agreement without penalty.
  6. Financing and Mortgage: If you require financing, you can apply for a mortgage with a French bank or a lender familiar with the French market. Complete the necessary paperwork and fulfill the loan requirements.
  7. Legal and Notary Procedures: The notary handles the legal aspects of the purchase. They conduct searches and investigations on the property, prepare the final sales contract (acte de vente), and ensure the transaction complies with French laws and regulations.
  8. Property Survey and Inspections: Arrange for property surveys and inspections, such as structural surveys or termite inspections, if desired or required.
  9. Final Sales Contract (Acte de Vente): The final sales contract is signed at the notary’s office. Both parties, or their legal representatives, sign the contract, and the buyer pays the remaining balance of the purchase price. The notary oversees the signing of the contract and registers the property transfer.
  10. Payment and Completion: On the completion day, the remaining balance of the purchase price is paid to the seller. The notary confirms the payment, and the property’s ownership is officially transferred to the buyer.
  11. Registration and Taxes: The notary registers the change of ownership with the Land Registry (Service de la Publicité Foncière) and pays the applicable taxes, such as the transfer tax (droits de mutation) and notary fees, on behalf of the buyer.
  12. Post-Purchase Obligations: Arrange for property insurance, set up utility accounts, and update relevant authorities and service providers with the change of ownership information. Consider joining a homeowners’ association if applicable.

The total purchase costs for buying real estate in France can vary depending on several factors, including the purchase price of the property and the specific services required. Here is a breakdown of the typical costs involved:

  1. Notary Fees: In France, notary fees (frais de notaire) are an important component of the purchase costs. Notary fees include various charges such as taxes, stamp duty, and the notary’s fee for handling the transaction. The fees are calculated based on a sliding scale, which decreases as the purchase price increases. On average, notary fees can range from 7% to 8% of the purchase price.
  2. Registration Tax (Stamp Duty): The registration tax, also known as stamp duty (droits d’enregistrement), is payable to the French tax authorities. The rate for the registration tax depends on the nature of the property (newly built or resale) and the location. For resale properties, the tax rate is generally around 5.8% of the purchase price. For newly built properties, the tax rate is approximately 0.715% of the purchase price.
  3. Agent’s Commission: If you engage a real estate agent to help you find and negotiate the purchase of a property, the agent’s commission is typically paid by the seller. The commission rate can vary but is generally around 4% to 10% of the purchase price.
  4. Mortgage Fees: If you require a mortgage to finance the purchase, there may be additional costs involved, such as mortgage arrangement fees, property appraisal fees, and mortgage registration fees. These costs can vary depending on the lender and the specific mortgage terms.

Purchase costs and buying process UK

The property buying process in the UK typically involves several steps. Here is a general list of the process involved:

  1. Determine Budget and Financing: Determine your budget for buying a property and explore your financing options. You can consult with lenders, such as banks or mortgage brokers, to get pre-approved for a mortgage if needed.
  2. Engage a Real Estate Agent: Consider working with a licensed real estate agent who specializes in the area where you want to buy a property. They can assist you in finding suitable properties, negotiating offers, and navigating the buying process.
  3. Property Search and Viewing: Search for properties that meet your requirements, utilizing online listings, real estate websites, or recommendations from your real estate agent. Schedule viewings to physically inspect the properties.
  4. Make an Offer: Once you find a property you’re interested in, make an offer to the seller. Your real estate agent can guide you through the negotiation process and help you draft a purchase offer.
  5. Offer Acceptance and Memorandum of Sale: If the seller accepts your offer, both parties will enter into a memorandum of sale. This document outlines the key terms and conditions of the purchase and serves as a preliminary agreement.
  6. Conveyancing: Engage a solicitor or conveyancer to handle the legal aspects of the purchase. They will conduct searches, review contracts, and ensure a smooth transfer of ownership.
  7. Mortgage Application (if applicable): If you require financing, you can apply for a mortgage with a UK bank or lender. Your solicitor or conveyancer can assist with the necessary paperwork and liaise with the mortgage provider.
  8. Property Survey and Valuation: Arrange for a property survey and valuation to assess the condition and value of the property. This step is typically required by mortgage lenders.
  9. Exchange of Contracts: Once all legal and financial aspects are in order, you will exchange contracts with the seller. At this stage, you will pay a deposit, usually 5-10% of the purchase price, which is held in escrow.
  10. Completion: On the agreed-upon completion date, the remaining balance of the purchase price is paid to the seller. The property’s ownership is officially transferred to the buyer, and the keys are handed over.
  11. Registration and Taxes: Your solicitor or conveyancer will register the property transfer with the Land Registry and pay the applicable stamp duty tax on your behalf. You will also be responsible for any other taxes or fees associated with the purchase.
  12. Post-Purchase Obligations: Arrange for property insurance, set up utility accounts, and update relevant authorities and service providers with the change of ownership information. Consider joining a homeowners’ association if applicable.

In the United Kingdom, the government imposes a tax on property purchases known as Stamp Duty Land Tax (SDLT). The tax rates and thresholds can vary depending on the specific circumstances, including the value of the property, whether it is a residential or non-residential property, and whether you are a first-time buyer or a buy-to-let investor. Here is a general overview of the SDLT rates and thresholds applicable as of  September 2021:

  1. Residential Property Purchase Rates for individuals (England and Northern Ireland):
  • Up to £125,000: 0%
  • £125,001 to £250,000: 2%
  • £250,001 to £925,000: 5%
  • £925,001 to £1.5 million: 10%
  • Above £1.5 million: 12%

Additional rates may apply for purchases of additional residential properties, such as second homes or buy-to-let properties.

  1. Residential Property Purchase Rates for individuals (Scotland): Scotland has its own Land and Buildings Transaction Tax (LBTT) instead of SDLT. The LBTT rates and thresholds differ from those in England and Northern Ireland. The rates and thresholds for residential property purchases in Scotland as of my knowledge cutoff in September 2021 are as follows:
  • Up to £145,000: 0%
  • £145,001 to £250,000: 2%
  • £250,001 to £325,000: 5%
  • £325,001 to £750,000: 10%
  • Above £750,000: 12%
  1. Residential Property Purchase Rates for individuals (Wales): Wales also has its own Land Transaction Tax (LTT) instead of SDLT. The LTT rates and thresholds differ from those in England and Northern Ireland. The rates and thresholds for residential property purchases in Wales as of my knowledge cutoff in September 2021 are as follows:
  • Up to £180,000: 0%
  • £180,001 to £250,000: 3.5%
  • £250,001 to £400,000: 5%
  • £400,001 to £750,000: 7.5%
  • £750,001 to £1.5 million: 10%
  • Above £1.5 million: 12%
  1. Non-Residential and Mixed Property Purchase Rates: Different rates and thresholds apply to non-residential properties and mixed-use properties in the UK. The rates can vary depending on the value of the property and the location.

It’s important to note that these rates and thresholds are subject to change, and there may be additional factors to consider. It’s advisable to consult with a legal professional or tax advisor for the most up-to-date and accurate information regarding property purchase taxes in the United Kingdom.

Purchase costs and buying process Greece

The property buying process in Greece typically involves several steps. Here is a general list of the process involved:

  1. Find a Property: Begin by searching for properties that meet your requirements. You can consult real estate websites, work with real estate agents, and check local listings to find suitable properties.
  2. Engage a Lawyer: It is highly recommended to engage a Greek lawyer who specializes in real estate transactions. They will guide you through the legal process, review documents, and protect your interests.
  3. Conduct Due Diligence: Once you find a property of interest, conduct thorough due diligence. Review property documents, obtain surveys, and assess the property’s condition. Your lawyer can assist you in this process.
  4. Preliminary Agreement (Προκαταβολική Συμφωνία): If you decide to proceed with a property, you may sign a preliminary agreement with the seller. This agreement outlines the key terms and conditions of the purchase, including the purchase price and payment terms. A deposit, typically a percentage of the purchase price, is paid at this stage.
  5. Obtain Tax Registry Number (AFM): As a buyer, you will need to obtain a Greek tax registry number (AFM) from the local tax office. This number is required for various legal and financial transactions.
  6. Open a Greek Bank Account: Open a bank account in Greece to facilitate the payment of the purchase price and other associated costs.
  7. Purchase Contract (Συμβόλαιο Αγοράς): Engage your lawyer to prepare the purchase contract (συμβόλαιο αγοράς). The contract outlines the terms and conditions of the purchase, including the purchase price, payment terms, and any contingencies.
  8. Land Registry Search: Your lawyer will conduct a search at the Land Registry (Κτηματολόγιο) to ensure the property has a clear title and there are no encumbrances or legal issues.
  9. Transfer of Funds: Prior to the signing of the purchase contract, you will need to transfer the funds to your Greek bank account. This includes the purchase price, taxes, and fees.
  10. Signing the Purchase Contract: The purchase contract is signed by both parties in the presence of a notary public. The notary ensures the legality of the transaction, verifies the identities of the parties involved, and witnesses the signing of the contract.
  11. Payment and Completion: On the completion day, the remaining balance of the purchase price is paid to the seller. The property’s ownership is officially transferred to the buyer, and the keys are handed over.
  12. Registration and Taxes: Your lawyer will register the property transfer with the Land Registry and pay the applicable transfer tax (Τέλος Μεταβίβασης) and other taxes on your behalf.
  13. Post-Purchase Obligations: Arrange for property insurance, set up utility accounts, and update relevant authorities and service providers with the change of ownership information.

When buying property in Greece, there are several costs and taxes that buyers should be aware of. The purchase costs can vary depending on the specific circumstances and the purchase price of the property. Here is a breakdown of the typical costs involved:

  1. Transfer Tax (TAP): The Transfer Tax, also known as TAP (Tax on Real Estate Property Transfers), is a tax imposed on the transfer of real estate ownership. The tax rate ranges from 3% to 10% of the property’s assessed value, depending on various factors such as the type and location of the property.
  2. Notary Fees: Notary fees in Greece are regulated by law and are typically shared between the buyer and the seller. The fees are calculated based on the property value or the transaction value and can range from approximately 1% to 2% of the purchase price.
  3. Lawyer Fees: It is common for buyers in Greece to engage a lawyer to handle the legal aspects of the property purchase. Lawyer fees can vary depending on the complexity of the transaction and the services provided. They typically range from 1% to 2% of the purchase price.
  4. Real Estate Agent Fees: Real estate agent fees in Greece are usually paid by the seller, not the buyer. The standard commission rate for real estate agents is around 2% to 3% of the purchase price.
  5. Property Valuation Fees: In some cases, a property valuation may be required by the bank or the buyer for mortgage purposes. The cost of property valuation can vary depending on the property’s size and location.
  6. Land Registry Fees: The cost of registering the property in the land registry is relatively low in Greece. The fees are typically based on the property’s value and can range from a few hundred euros to a couple of thousand euros.

Additionally, it’s important to consider ongoing costs such as property taxes, utility connections, and any potential community or maintenance fees associated with the property.

Please note that these are general estimates, and the actual costs may vary based on individual circumstances, property value, and the professionals you choose to engage. It’s advisable to consult with a notary, lawyer, or other relevant professionals to get a more accurate estimate of the total purchase costs for your specific situation in Greece.