The process of buying property in Greece, whether you are a resident or non-resident, involves several steps. Below is a general description of the procedure:
No. 1. Property search
Start by finding properties that suit your needs and budget.
No. 2. Search for a lawyer
A transaction with a lawyer is not a legal requirement when purchasing real estate in Greece, but foreign buyers, even with knowledge of the language, are strongly recommended to hire lawyers to accompany the transaction. They will help you navigate the legal process, carry out the necessary inspections of the property, make sure there are no outstanding debts or claims against it, and also help with paperwork.
No. 3. Preliminary agreement
Once you have selected a property, a lawyer will often draw up a preliminary agreement that outlines the terms of the sale. It is signed by both parties.
No. 4. Making a deposit
After signing the preliminary contract, a deposit (usually about 10% of the purchase price) is usually paid to ensure the safety of the property. The deposit is usually non-refundable if the buyer backs out of the deal, but is refunded if the seller backs out.
No. 5. Obtaining a tax number
If you do not already have a tax number, you will need to apply for a Greek tax number (AFM). This is a prerequisite for purchasing property in Greece.
No. 6. Deal with a notary
When preparing the final agreement, a notary is involved. It ensures that the contract complies with Greek law. The official signing of each party takes place in his presence.
No. 7. Tax fees
When purchasing an object on the secondary market, before signing the contract, you must pay the tax on the transfer of ownership rights. The rate depends on the value of the property. When purchasing a new building, VAT is often applied.
No. 8. Registration in the land registry
Once signed, the agreement must be registered with the Greek Land Registry. This is usually done by the buyer’s lawyer.
No. 9. Payment
Finally, the balance of the purchase price is paid and title to the property passes to the buyer.
This is a general outline – the exact process may vary depending on the specific circumstances of the sale and the type of property. It is also important to note that while the entire procedure may take several weeks for a property without problems, it may take significantly longer if any hidden defects arise during the inspection process. Legal assistance can make all the difference, especially when planning to obtain a Golden Visa.
