The purchase of a real estate property in Greece is nowadays very simple, with no major complicated procedures involved. In this article, we will go through the basic steps for finding & buying a real estate property in Greece.
1 First Contact
The majority of potential buyers search our website and contact us via email, explaining their searching criteria for the ideal purchase in Greece. We explain the procedure of a property purchase and the total costs (fees, taxes etc.) & present them with property options matching their needs.
2. Appointment & Presentation
We arrange the first meeting in our office. Here, we have the opportunity to answer any questions and analyse the advantages and disadvantages of each area. Furthermore, we discuss in detail the current situation of the real estate market, as well as its future, based on the available data. Finally, we select the properties that the clients would like to see & visit them together.
From the moment an interested buyer has selected the property they like, they make an official offer, usually in writing, through a form that we provide. From that point on, we begin the negotiation process with the seller. Usually, owners are ready to discuss a reasonable offer from the potential buyer. However, the range of the price reduction depends on their needs. There are owners who may not accept anything less than the asking price.
4. Legal Research
Once we have an agreement with the seller, the buyers have to cooperate with an attorney in order to research the ownerships titles of the property at the urban planning office and local the cadaster office. At this stage, we have to make sure that the property is not burdened with any mortgages, seizure orders, foreclosures or third party rights.
5. Technical Research
It is optional and it depends on the type of the property. For example, buyers could ask for a technical report by a civil engineer, in the case of a property that is very old, or requires a legalisation. The majority of constructions, which have been completed before 2011, include extra square meters than those originally allowed. However, the Greek State Law allows the owners to legalise these extra surfaces, before the sale procedure has taken place and for the next 30 years.
6. Creation Of Tax ID
Once we have a successful legal research and the property can be sold, the potential
buyers must apply for a TAX ID (identification Number). In order to receive a tax ID buyers will need: 1) passport, 2) certification of tax residence (it is a document that certifies where the tax declaration is submitted-location of the tax base), 3) declaration of a representative accountant in Greece. The creation of a bank account in Greece is optional.
7. Deposit & Preliminary Contract
At this stage, we must secure the agreement between the seller and the buyer by signing a preliminary contract including all the terms and the conditions of the deal. Usually, the deposit amounts to 5-10% of the selling price. It is usually payed either directly to the seller or to the real estate agent. The preliminary contract may be drawn up by an attorney or a notary.
8. Collection Of Certifications
The notary starts the draft of the final contract and prepares in cooperation with the agent and the seller the collection of the necessary documents and certifications. This process lasts
approximately two months. The documents to be collected are: 1) the tax certifications and 2) insurance certifications from the seller, stating that there are no any debts to the state tax office or/and insurance office, 3) a certification for the energy efficiency of the property 4) certification that the property is legal according to the urban planning regulations.
9. Signing The Final Contract
The final contract may be signed personally by the buyers or by their attorney in the case that he/she has power of attorney for the buyers. After the contact has been signed, the notary will declare the deed at urban planning office or in the cadaster office (wherever that exists-depends on the area). Finally, the accountant will have to declare the buyers as new property owners at the Greek tax system database (within a maximum of 30 days).
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