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Master Plan

Latest News

Latest Developments21st May. 2009

We are happy to announce that all the residences in our neighborhoods and now completed and sold. Available residences can be found in the newly built neighborhoods of Demophon and Minotauros.  

Customer Satisfaction Survey13th Mar. 2009

We wish to hear proposals and ideas.

Announcement to Residents13th Mar. 2009

Pharmacy Services

Theseus News - Latest developments13th Mar. 2009

As I have promised you, I will try and keep you posted on the project’s developments.

Marios Christofides, Chairman of The Board

4th Letter to Existing Buyers31st Oct. 2008

As I have promised you, I will try and keep you posted on the project’s developments.

Marios Christofides, Chairman of The Board

More News

Legal Information

LEGAL TERMS AND CONDITIONS FOR BUYING PROPERTY
IN "THESEUS BEACH VILLAGE"

Houses for Sale: apartments and villas (horizontal ownerships or independent houses), constructed in the organized private village "Theseus" and located in the area named "Pirgos" in the Community of Achlada, belonging to the Municipality of Gazi, in Heraklion, Crete, Greece.

Owner - Seller: The technical & construction company TECHNIKH ANAPTIXIAKI KRITIS S.A. (under the trade name TEAK S.A.), established in 1995 and based in the Community of Achlada, in Heraklion, Crete.

Buyer: Any physical or legal entity. For citizens or legal entities having nationality of one of the member states of the European Union, the purchase does not need to go through a control by the Greek State. On the contrary, for non European Union citizens or legal entities, the purchase is subject to an authorization from the Greek Ministry of National Defence.

Contract of purchase: The ownership of the sold property is acquired on the signature of the purchase contract, which is drawn up by a Greek notary in the Greek language, and is executed in the presence of an interpreter if the purchaser does not have a sound command of the Greek language. The interpreter translates the text into the buyer's language. The draft contract is drawn up by two lawyers (one representing the vendor company and the other representing the purchaser), who are both present and co-sign the text thereof.
For the conveyance of the sold property to the purchaser, the purchase contract has to be registered in the Heraklion Land Registry.

Property transfer tax: the real estate sale contract is subject to a transfer tax levied by the Greek State. This tax is proportional and amounts to 7% for the first 15.000 Euros and 9% for the remaining amount of the value of the sold property recorded in the contract. Then 3% of this total tax is added as municipal tax. The above mentioned value is determined by an objective system, which refers to the historic value of the property. It is to be noted that buildings, which have acquired a building permit after 1.1.2006, will be subject to a 19% V.A.T. charge based on their historic value. In this case, however, no transfer fees are required.

Additional charges: In addition to the property transfer tax, the purchaser bears the cost of: a) the notary fee, amounting to 1,2 % of the value appearing on the contract, plus fixed rights to copies etc. of approximately 100-150 Euros, b) the land registration fees amounting to 0,45% of the same value and c) the fee of his lawyer, to be paid in advance to the Law Society, which is calculated at the percentage of 1% for the first 11.738 Euros and at the percentage of 0,5% over this amount.

Property tax: In Greece, properties whose value exceeds the amount of 243.000 Euros are subject to property tax. This value is determined according to the objective system or according to the mixed system where the objective one does not apply.

Property conveyance: the purchaser can sell his real estate freely, without taxation for the price he will receive in case of sale. In case of grant or inheritance, a tax is due and its amount depends on the degree of consanguinity of the two parts (donor and beneficiary). In case of conveyance from a parent to his/her child, the non-taxable amount from each parent to each child is 80.000 Euros and the taxes of the previous category are cut in half up to the amount of 100.000 Euros.