Ways of payment for realty in Greece
The way of payment for property is agreed between the buyer and the builder and is described in detail in the preliminary contract. Usually the buyer pays a deposit for reserving the property (5000-10000€). After concluding the preliminary contract and the checking the legality of the property by a lawyer, the buyer pay the first payment (as a rule 40-60 % of the property’s price) and can use it. The second payment is usually to be done after the signing purchase contract at the notary.
There are several more widespread and economy efficient ways of payment when buying property in Greece.
1. Fund transfer directly to the account of the builder.
For the transfer you need the following information about the bank of recipient:
- The name of recipient’s bank
- Corresponding bank
- The number of the account
- The name of recipient
- Details of the payment (purpose of the payment and etc.)
- IBAN-code of recipient’s bank
2. Fund transfer from the account of the buyer in Greece.
Opening a bank account in Greece only takes a few minutes and requires no minimum opening deposit. All you need is your ID or passport and your AFM (your tax number).
You can also pay cash for your property, before the final contract, obtaining a 5% discount in the final amount.