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Buying Process

  1. VISITING US – INSPECTION TRIPS

Having seen a specific property you liked or a project you find interesting, either through our website or through any other source, you can easily contact us directly and simply express your intention of visiting us.

  1. VIEWING OF OUR PROPERTIES

While you are with us, it would be our pleasure to drive you around all our projects and show you the broad variety of properties that GALAXIA has to offer for your consideration. Rest assured that our sales team would be ready to meet with you at a place of your convenience and safely give you a tour of our projects so that you feel ready to make your decision. We will do our best to give answers to all the questions you may have for any matter.

  1. CONTRACTING

Upon deciding on the property that fits your criteria, the corresponding contracts of sale must be prepared and signed by both the buyer andGALAXIA. Our team is ready to produce the set of contracts and any other legal document required to conclude the sale straight away. Usually, 4 original contracts of sale must be produced:

a.1 contract of sale for the buyer

b.1 contract of sale for the vendor, which is GALAXIA

c.1 contract of sale goes for the bank (if a housing loan is required)

d.1 contract of sale is deposited to the District Land Registry

In order for the set of contracts to be prepared, the buyer has to first pay a reservation fee, which is usually at least 2% of the agreed price of the property. For example, if a property's agreed sale price is €250,000 then the corresponding reservation fee should be at least

€5,000. This enables GALAXIAto reserve the specific property under the name of the prospective buyer and to basically withdraw that property from the market for a period of 2 weeks.

  1. PAYMENT TERMS

GALAXIA will make everything to make the payment process smooth and plausible for you. We only have one preset condition: we deliver the key after the property is fully paid. Other than that, we are more than happy to agree on a flexible payment stream, which will be structured based on the following factors:

a.Source of funds: Either personal or through a housing loan

b.Status of the property: Ready, under construction or off-plan

After the reservation fee is paid, the buyer has to cover the 30% of the agreed selling price of the property within 1 month from the day the contracts of sale have been signed. After this is done, the contracts of sale can be legalized and one of them then is deposited at the District Land Registry. Also , in case the funds come from a housing loan, after the payment of the 30% of the agreed selling price, the bank (upon approval of the housing loan) can then provide the remaining 70%, based on the "7:10 Loan-To -Value ratio " currently used by our

local banks for non-residents who buy a property with the purpose of it being used as a 1st residence or a holiday home.

When a property is under construction or off-plan, then the payments are made according to the construction stage of the property and the settlement of the balance comes with the delivery of the property to the buyer. So the payments may occur in several stages, depending on the time needed for the property to be built and delivered.

When a property is ready and can be delivered right away, having the 30% paid, the buyer can then proceed to its full settlement by paying the remaining 70% and acquire the property at once. This of course depends on how soon the buyer wants to acquire the property.

IMPORTANT NOTES

The costs of legalizing the contracts of sale as well as the deposit of one of them at the District Land Registry are payable by the buyer. GALAXIA however will undertake this procedure on the buyer's behalf. The stamp duties are calculated as follows and are based on the selling price of the property:

  • Up to €170,860: 1.5‰
  • Above €170,861: 2‰

Once one of the contracts of sale is deposited at the District Land Registry, there will be a yellow slip issued by the corresponding authorities, which basically confirms the registration number of the specific contract of sale and the name of its buyer/owner. This yellow slip proves that the specific property is registered on the name of the specific buyer and safeguards it from any other form of deed.

When the title deed of a property is issued, in order for the property to be transferred onto the name of the buyer, the following charges apply depending on the price of the property at the time of its purchase:

  • Up to €85,430: 3%
  • €85,431 – €170,860: 5%
  • Over €170,861: 8%

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