Check List
Steps and procedure for acquiring property in Greece -
Appoint Lawyer:
The purchaser must approach a lawyer of good repute and ask him/her to search the titles at the Registry of Mortgages and represent him/her to the Public Notary where the contract deed will be signed. The purchaser's lawyer must carry out his/her search at the Registry of Mortgages and ensure that the vendor holds an absolute title (deed) to the property, that the property is unencumbered, that all acts associated with the construction of the property are based on a lawful planning permission and that all property taxes burdening the vendor have been paid.
Get copy of title:
The purchaser must secure copies of the title (contract deed) held by the vendor. This is usually carried out through his/her lawyer.
Appoint Public Notary
The purchaser must appoint a Public Notary in the presence of whom the contract deed is to be signed thereby becoming an official transaction whereby the purchaser acquires the title to the property purchased.
Raise Funding
It is possible to either raise finance for buying property in Greece as some Greek banks can offer different modules of finance or get your money to Greece by a simple transfer from your account to an account in Greece. Our company can help with this through the Bank of our Group or other banks with which we do business.
Apply for Tax Registry No.
The purchaser must apply for and secure a Tax Registry Number (AFM or ΑΦΜ) from the Inland Revenue Service.
Transfer Tax
The purchaser must make sure that the transfer tax is paid prior to signing the contract with the aid of his/her lawyer. The tax is paid by the purchaser.
Pay Associated Costs
The purchaser will have to pay the following obligatory costs as required by Greek Law:
- Lawyer 1% of contract amount up to Euro 45.000,00 approx. plus 0.5% for amounts exceeding Euro 45.000,00.
- Public Notary 1.5% of contract amount
- Transfer of Property Fees 11% of contract amount for properties with building permit before 01/01/2006 & 23%. for properties with building permit after 01/01/2006 (provided it is a new building)
- Registration Fee 0.5% of contract amount.
(*Note : Legal costs for checking the title are not included)
Sign Contract at Public Notary’s Office
For property to be officially bought/sold a contract must be signed before a Public Notary. The Notary is a state official in the presence of whom the contract deed is read and signed by both vendor and purchaser. He/she is there to draft the contract deed, make sure that it is understood by both vendor and purchaser and verify and register in the public records the transaction which takes place in his/her presence.
Effect Transfer at Registry of Mortgages
The contract deed must be transferred in the purchaser's name at the Registry of Mortgages and the relevant official certificates secured. This is usually carried out by the purchaser's lawyer.
Submit Proof of Transfer at Land Registry
If the property has already been registered under the National Land Registry the purchaser must submit a copy of the contract deed together with the transfer certificate from the Registry of Mortgages so that the said property be properly registered in his/her name.
Financial Issues
Funds imported for buying a property should be officially documented so that on a subsequent sale the proceeds can be repatriated. Exchange controls are gradually being phased out.
It is possible to either raise finance for buying property in Greece as some Greek banks can offer different finance schemes or get your money to Greece by a simple transfer from your account to an account in Greece. Our company can help with other banks which we do business with.
Since you have acquired property in Greece you have the obligation to submit a statement to Tax Authorities each year declaring your property, in order to pay any taxes due for the said property. The total value of all property holdings of a person or legal entity are summed up and tax is determined on that. Tax is calculated on “Objective Values”.
