5. Conduct property viewings
Visit potential properties to assess their condition, location, and suitability.
6. Legal checks and due diligence
The Land Registry (Ktimatologio) is crucial to verify the property's legal status, ensuring it's free of debts, charges, or embargoes and that the seller holds the legal right to sell. This can be done by requesting a certificate from the Land Registry.
Ensure the property complies with local zoning and urban planning laws. This is particularly important for new builds or rural properties, where there might be restrictions.
Although not a legal requirement, it's highly recommended to conduct a property survey to check the physical condition of the property. This can uncover potential issues with the building's structure, utilities, or land.
7. Make an offer
With the help of your real estate agent, make an offer on the property. If accepted, you'll proceed to the contract stage.
8. Sign the preliminary contract (Preliminary Agreement)
This preliminary agreement between buyer and seller secures the purchase and typically involves a deposit from the buyer (usually 10% of the purchase price). It specifies the sale's terms and conditions and commits both parties to the transaction.
If the buyer pulls out, they lose the deposit. If the seller pulls out, they must pay back double the deposit amount.
9. Finalize mortgage arrangements (if applicable)
Finalize the terms with your bank if you're financing the purchase through a mortgage.
10. Sign the deed of sale (Final Contract)
The final step is signing the deed of sale (Symvoliagogiki Praxi) before a notary, transferring ownership. The buyer must pay the remaining purchase price and all associated taxes and fees at this time.
Both parties must present their identification, the AFM, proof of deposit payment, and any mortgage details, if applicable.
11. Register the property
After the deed is signed, the new owner must register the property at the local Land Registry. This step is essential for legal protection.
12. Pay associated taxes and fees
Buyers are responsible for paying property transfer tax or VAT (FPA) for new properties, plus stamp duty, notary fees, and registry fees. Depending on the region, the total cost can range from 8% to 12% of the purchase price.
Taxes for new properties
Tax | Percentage |
---|
VAT (FPA) | 24% of the purchase price |
Stamp Duty | 3% of the purchase price |
Taxes for resale properties
Tax | Percentage |
---|
Transfer Tax | 3% to 24% depending on the value of the property |
Additional costs
Tax | Percentage |
---|
Notary fees | Around 0.5% to 1% of the purchase price |
Land Registry fees | Between 0.5% and 1% |
Legal fees | Typically around 1% of the purchase price |
Given the complexity of the process, it's advisable to hire a lawyer specialized in Greek property law. They can handle legal checks, negotiations, and paperwork, ensuring your rights are protected throughout the purchase.
Some valuable resources for official information include:
- Greek Ministry of Foreign Affairs: For information on AFM application procedures for foreigners.
- Ktimatologio (Land Registry): For checks on property legal status.
- Public Revenue Office: For details on taxes related to property transactions.
- Notary Association of Greece: Offers insights into the property registration process.
13. Transfer utilities
Transfer utilities to your name and set up local services.