When buying or selling property in Western Europe or North America, most people are used to a clear division of roles: the seller has their agent, the buyer has theirs, and each party hires a separate professional to safeguard their interests. In Greece, however, local law and real estate practice work differently, and it is important to understand this before moving forward with a transaction.
What Does Dual Representation Mean in Greece?
In the Greek legal system, a real estate agent is primarily defined as a mediator — a professional who facilitates a transaction between two parties. As a result, the law permits a single agency or broker to represent both the seller and the buyer in the same transaction.
This is not a conflict of interest or a rare exception under Greek law; on the contrary, dual representation is a standard and fully recognized practice across the Greek property market.
Who Pays the Agent's Commission and How?
Under dual representation, each party pays the agreed commission for the services provided to them:
- The seller pays their agent's commission upon completion of the sale;
- The buyer pays their agreed commission to their agent upon signing the final deed.
When a single agency handles both sides, each party pays their respective fee to that agency. Commission rates vary across the market, so all financial terms and payment schedules should be clearly set out in a written agreement before proceeding. Typically, agency commissions in Greece are around 3% + VAT and are payable only upon successful completion of the transaction.
Additional Costs for Buyers
The real estate commission is only part of the overall transaction cost. On average, buyers should budget an additional 10% of the property's purchase price to cover closing costs and taxes:
- Property Transfer Tax: Set at 3.09% of the purchase price or the taxable value of the property, whichever is higher;
- Notary Fees: A notary is legally required to draft and oversee the signing of the deed. Fees are generally around 2% of the transaction value;
- Cadastre Registration Fee: Registering the new ownership title with the Greek Land Registry costs approximately 0.5%;
- Legal Fees: While hiring a lawyer is not strictly required by law, it is strongly recommended to conduct title searches, verify legal cleanliness, and handle closing procedures. Legal fees typically range between 1% and 2% + VAT.
Seller Costs
Sellers pay the agreed real estate commission upon completion. Additionally, depending on the property's history and legal status, sellers may need to engage professionals such as an engineer (to issue the mandatory Electronic Building Identity certificate), a lawyer, or an accountant.
Questions to Ask Before Proceeding
To ensure transparency and prevent misunderstandings during the purchase, ask the agency these questions upfront:
- Are you representing both the seller and the buyer in this transaction?
- What is the exact commission rate, and when is it due?
- Are these terms explicitly set out in a written representation agreement?
- Does the agency offer in-house legal support, or will you need to hire an independent lawyer separately?
Conclusion
Dual representation is a standard legal framework in the Greek real estate market. With clear communication, written agreements, and a complete understanding of closing costs, buyers and sellers can navigate property transactions smoothly and securely.
