Buying A Property In Greece – 3 Easy Steps

Buying a property in Greece is quite simple but you will need a reliable and English-speaking Greek lawyer to handle the legal searches and contract matters.

Likewise, it is wise to use an estate agent who speaks English (unless you speak Greek, of course!).

Like most European countries, Greece has a system of Notaries Public – government-employed solicitors who are responsible for handling the legal procedure of property sales in their region.

Your agent should be able to direct you to the local Notary in your area.

 

Step 1 – Reserve Your Property

The first step is to find a property you like and agree a price.

It is then customary to place a small reservation deposit (perhaps €2000) to hold the property while you initiate legal proceedings, searches and a survey.

 

Step 2 – Pre-sale Contract & Deposit

The next stage is to have your solicitor draw up a pre-sale contract.

This will require a 10% deposit but in most cases should protect you from the sale falling through – or at least guarantee you your deposit back if it does.

The deposit will be paid to your solicitor, who will hold it in trust until the sale completes – protecting you from dishonest sellers.

The contract should allow you to withdraw from the sale (and get your deposit back) if your surveyor or solicitor find any problems with the property.

Similarly if your seller withdraws, you are guaranteed to get your deposit back.


Step 3 – Completion

Unlike the UK, the concept of exchange of contracts does not exist.

When all the searches have been completed and your funds are in place, you will simply meet up with the seller and the Notary Public to sign the contract of sale and pay the balance of the purchase price.

You will also have to pay your closing costs at this point, for which you should budget 15% of the property’s value. These normally include:

 

  • Transfer Tax (for resale properties)
  • Municipal Tax (like UK Council Tax)
  • Lawyer’s and Notary’s fees
  • VAT @ 19% (new properties only)

 

It’s worth noting that if you have taken a Greek mortgage to buy your property, the mortgage funds may not be released until you have paid all closing costs in full.

 

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