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BUYING PROPERTY IN GREECE

Greece is undoubtedly one of the most beautiful places on earth and at last years, due to economic crisis in Greece, many greek citizens sell their properties in fair prices in order to lose extra burdens.

Investors choose to buy properties in magnificent greek islands or in Chalkidiki for further exploitation, so do also many travelers who came for vacations and loved our sea, sun and landspapes. If you are thinking to buy a property in Greece or you’ ve already found the house of your dreams in Greece and want to acquire it, here are some things you have to know about the legal procedure:

First of all, you need definetely a lawyer who will undertake various searches and checks to ensure that the title to the property does not contain any restrictions, building regulations have been complied with and there is nothing in the title that may cause problems further on. A lawyer can also check that there are no outstanding debts relating to the property as these could be inherited by you as the new owner.

Afterwards, usually a private contract of sale is signed, between the buyer (or the lawyer who represents the buyer) and the seller which includes the names of the buyer and seller, the price agreed, a description of the property and any agreed conditions. Usually a deposit of around 10% of the purchase price will be payable by the buyer when signing this binding contract. Keep in mind that if a land mediator has helped you to find a property, he will ask a fee of 2% of the selling price of the property.

To formally gain propety a notary public contract must then be signed. For this, many procedural acts should be taken (issue a tax registry number, open a bank account in a Greek bank where the funds need to be transferred to before the purchase is made, issue the necessary certificates for the purchase etc) which also the lawyer can make on your behalf. It is also mandatory for your lawyer to be present when this contract is signed to be sure that there is no room for mistakes in the written act. You can either sign the Sale Contract in person in front of the notary or arrange a Power of Attorney for your lawyer, to sign on your behalf.

Finally, the above act is issued in the Land Registry Office and the tax service where you must declare your property. Keep in mind that in the future you will have to pay taxes for this property in the greek goverment, but if you have a lawyer, he will explain everything to you and guide you properly, so as not to have extra penalties.  At last, if you have invested more than 250.000,00 E with your purchase, you can issue  a free golden visa without needed to stay permanently in Greece. If you are interested for the issuing a golden visa visit here.