So you are thinking of buying a property in Greece?

And you want to know if it is complicated?

Nowadays whether you are buying from an Estate Agent or Buying Direct from the Developer they have teams of professionals to assist you throughout the entire purchasing process they will guide you to ensure your purchase is as straightforward and hassle free as possible.

All EU and Non-EU Citizens are entitled to purchase Property in Greece but there are a few simple procedures you must undertake in order to complete your purchase.

Once you have decided which property you like and have agreed the final sale price, it is usual for a small security / reservation deposit to be paid (typically 2,000€) to the Agent or Developer to secure and remove the property from the market during this time your appointed Lawyer initiates searches and a survey.

6 Simple Steps

1.         Appoint and visit your chosen Lawyer. Your Lawyer will be able to run searches and check that the property holds a clean title and is free from outstanding taxes or liens.

            You can grant what is known as a “Power of Attorney” to your Lawyer. Your Lawyer under the supervision of the Notary Public and with the “POA” you have granted him/her be able to act on your behalf for the following; payment of Taxes, signing of the Greek Contract and the transfer and release of funds from your Bank Account to the Seller’s Account.

2.         A visit to the local police station is necessary to complete your temporary residency permit (Blue Card) application completed within a few minutes and issued to you or your appointed Lawyer within two to four weeks (five passport sized photo’s and a copy of your passport are required for your application)

3.         A visit to the Tax Office is necessary to make an application for a Greek Tax Registry Number “AFM” (pronounced Ah-Fi-Me) for you. You must complete a straightforward (1 page) application form, submit this together with a copy of your Passport and then your Greek Tax Registry Number is issued to you on the spot.

4.         It is necessary here in Greece to appoint a Notary Public; a Notary Public is an official representative of the Government (Government-appointed Lawyer) his role is to Certify real estate transactions. At completion the Greek Contract will be signed in the Notary’s office, by the Seller and Buyer or your legal representatives if a “POA” has been granted, the Notary witnesses the signing of the Contract. The original is kept at the Notary’s office, a second is given to the Purchaser and the third copy is sent to the Land Registry whereby the official transfer of ownership is registered.

 

Buying a Resale:   Financing      

Unlike buying an Off Plan Property buying a resale is much quicker, completion is approximately six to ten weeks. Here in Greece there is no exchange of contracts as such once your Lawyer has completed all the searches, the taxes have been paid and the purchase financing or transfer of funds has been arranged and executed, the Buyer, Seller and both parties legal representatives all meet in the Office of the Notary Public and the Greek Contract is signed before the Notary. (You do not need to be present if you have granted Power of Attorney to your Lawyer).

How much deposit can I expect to pay and when will I need to pay it?

When buying a resale property it is usual to pay a deposit of 10% upon signing of the Pre-Contract as well as the security / reservation fee of 2,000€ paid to secure and remove the plot from the market. The remainder of the purchase balance is due at completion / signing of the Greek Contract.

Buying Off Plan:   Financing

Once you have decided to proceed with the purchase, you will be required to enter into a Pre-Contract with the Developer this is a Private Agreement which later forms part of the Greek Contract which is the Final Contract to seal your purchase of the Property and stands as legally binding here in Greece.

Upon signing of the Pre-Contract you will be required within a four to six week period to pay your agreed deposit to the Developer.

The deposit you are required to make depends wholly upon the following:

 

2.   Part Self and Part Bank Financing

 

Any extras you purchase are usually paid for on the earlier side of Practical Completion but only once the extras have been completed.

(All figures provided are for guidance purposes you must check with your Developer as to their individual payment Terms and Conditions).

Off Plan Timescales for Construction

Provided that all Stage Payments are made in the agreed time frame you can expect to take handover of your completed villa within twelve months from the date of the Pre-Contract, details of Construction timescales are usually included in the Pre-Contract.

(Again please check with your Developer direct as to their individual Terms and Conditions)