Buying property in Greece

Many Hayat Estate clients are interested in buying property in Greece, and how difficult is it? Let's try to answer this question step by step.

The most important thing is to determine what type of property you are interested in (apartment, apartment, villa, commercial property) and how you will use it in the future (for yourself, renting, or resale). Our company will advise you on this issue and select an object that suits you. After choosing an object, the purchase of the real estate in Greece is formalized by a sale and purchase transaction.

So, how to execute a deal to sell registered Greek real estate:

1. A General Power of Attorney is drawn up, which provides for the transfer by the buyer to the lawyer of the right to carry out the instructions and powers to conclude and adequately execute the transaction. The document is drawn up and signed in Greek (the accuracy of the translation is certified by the translator, who also puts his signature on the paper). When the client (buyer) is outside of Greece, the contract is signed at their residence and apostolate, after which it is sent to Greece.
2. The buyer gets a nine-digit tax identification number (AFM) according to the received power of attorney.

3. An account is opened in the Greek National Bank (an account is also required when applying for a residence permit).
4. An inspection is carried out (the so-called "legal cleanliness of the object") on the databases of the Register of Real Estate and the Cadastral Chamber. - as a result, the registration of this property is revealed.
5. The collection and processing of the documents (be it a certificate, a certificate from the urban planning department; tax, archaeological, forestry, and other authorities) are carried out by a lawyer and a notary to be included in the draft contract.
6. A list is sent to the buyer's e-mail, specifying the costs of drawing up a purchase and sale agreement, showing four central positions:

•   Tax on transferring ownership (3.09% of the amount specified in the sale and purchase agreement, provided that the seller (individual or developer) gets a building permit before 2006; or 23% of the value when buying a property with a building permit issued after 2006).
•   The amount of the attorney's fee (1.5% of the contract amount + 23% VAT)
•   The amount of the notary's fee (similar to the lawyer's fee)
•   Notification of registration and entry in the Real Estate Register.

The notary fills out a declaration for tax payment on transferring ownership and submits it to the tax office, where it is subject to re-calculation and confirmation of the amount of taxation.

7. Having received a receipt from the tax office, which confirms the payment of taxes, you can sign a sales contract.

8. Must register the signed contract (both the buyer himself and his trusted lawyer are eligible), first in Thessaloniki, where the Bar Association of the Court is located, and then in the Real Estate Registry. The final agreement (with translation) is sent to the buyer's e-mail for approval if a lawyer signs the contract.

9. A Certificate is issued confirming your agreement registration by the Real Estate Registry.

10. The last point in the design is that the buyer receives a complete documentation package supplied with a certified translation. A notary and a lawyer gain similar packages.

We are buying property in Greece from Hayat Estate. We invite you to cooperate! The choice is yours!