BUYING PROPERTY IN GREECE

1. Find a property you want to purchase.

2. Agree on a price

3. Leave a deposit with the seller; this is usually from 5.000 euros up to 10% of the property price. As in all business transactions, sign a legally binding document that shows you gave the seller a deposit. This can be done directly with the real estate agency but it is strongly recommended that you involve a lawyer at this stage in order to check the document and make any necessary amendments or provisions.

4. Start the due diligence process. If you live overseas you can give your lawyer Power of Attorney (PoA) so that he can sign relevant documents, related to the purchase, on your behalf.

You need a lawyer and a notary to complete a real estate transaction. Documents are in Greek, and the notary does a lot of the administrative work on the transaction.

a) Your lawyer will check the title of the property with the Land Registry to confirm it is available for sale.

b) It is the seller’s obligation to get the majority of the documentation including engineering certificates, tax bills, certifications of electricity from the municipality, and so forth.

c)Your notary and lawyer perform their due diligence and a buyer/seller agreement is drafted by the notary. This document is signed by both parties, and the transaction goes to the final stages.

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5. Go to the Tax Office to Pay the Transfer Tax. This requires a visit to the tax office. This transaction takes several steps and several days to complete.

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6. Final Signing, Funding, and Key Exchange. When the transfer tax process is complete, the transaction is ready to close with a series of closing procedures. As a final step, the contract must be registered in the Land Registry and the Ktimatologio (public registry).

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How much are the fees and taxes for real estate in Greece? This varies but as a general guide it is usually around 9-10% of the purchase price:

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• Real estate agent fees: 2% of the purchase price

• Notary fees: Up to 2% of the purchase price

• Lawyer fees: 1-2% of the purchase price

• Property taxes: The tax rate ranges from 0.1 to 1% of the assessed value. (Property taxes in Greece are relatively low compared to the rest of Europe)

• Transfer tax: As of January 2020, the transfer tax is typically 3.09% of the purchase price for the property