Process of property purchasing in Greece
The process of purchasing and executing of documents for a non EU resident is very simple. All the stages of purchasing are held by a lawyer, which represents the buyer, the buyer’s involvement in the process is minimum.
1. Search of property.
2. Examination of objects.
It takes usually 2-3 days for examination of the chosen objects. The last day is dedicated to repeating your visit to the objects you chose and the negotiations with the owners.
3. Reservation of the object.
The buyer pays an advance (deposit) 1000-3000€ to the real estate agency depending on the price of the property which is kept as a guarantee in account of the seller untill the laywer of the future buyer checks the legality and documents of the chosen property.
4. Execution of letter of attorney.
A letter of attorney is executed at a public notary office which gives the right to the lawyer to represent buyer’s interests.
5. Checking the legality of the property.
The lawyer checks the documents of the property which is for sale. Then he gives an order to the notary office to prepare the contract. The documents which are required by the notary office are all from the seller.
6. Ways of payment.
The most popular way of payment is to have the official estimated tax price put in the contract. From this amount all taxes are calculated (property transfer tax and notary office). This official amount should be paid through the bank.
If the real amount is higher than the official price of the contract the difference between these amounts should be paid by cash on the day of the contract.
Another way is to put the real full amount in the contract which means that the taxes should be paid from the whole amount and all the amount for the property should be transferred by bank.
7. Signing the contract of purchase.
After the Buyer transfers all the amount which he should pay for property he can come to Greece for the signing of the contract. The contract is drafted by the notary office.
The Buyer receives the official title of the property after the registration of the contract by the lawyer in the local Cadastre Land Registry.
The representative of the company will accompany the Buyer during all stages of the purchasing.