Monday, 9 November 2015

BUYING A HOUSE IN GREECE.


The Buying Process:
APPOINT A LAWYER TO REPRESENT YOU - As in any other EU country you will need to appoint a lawyer. They check every aspect of the ownership title of the property,  and ensure that there are no legal claims against the property or the sellers. We can recommend experienced lawyers, fluent in your language to work on your behalf.
APPOINT A NOTARY - Your lawyer will appoint a notary to prepare the final Contracts for the purchase. This is a government official who checks all the documents prepared by your lawyer to ensure the total legality of the property transfer.
OBTAIN A GREEK TAX NUMBER (AFM) - If you make a Power of Attorney your lawyer will be able to obtain a Greek Tax no. on your behalf and sign the final contract if you cannot attend the signing in person. The Tax No. is obligatory for all buyers, and is issued from the Tax Office.
OPEN A GREEK BANK ACCOUNT – all funds for your property must come through this account. You will need:
  • Your Greek Tax Number.
  • A copy of your passport.
  • A document verifying your residential home address – drivers licence, council tax bills, utility bills etc.
  • A document establishing that you pay tax in your home country – wage slip, or company accounts if you are self employed. 
SIGN AN INITIAL AGREEMENT – this will be prepared by your lawyer and will outline all the terms and conditions of the purchase.
PAY A DEPOSIT - this is usually 10% and is paid in order for your chosen property to be removed from the market. This is held in our Client Trust Account and forms part of the funds at final contract completion.
FINAL COMPLETION – for this either you can return to sign personally, or you can leave a Power of Attorney with your lawyer to sign on your behalf. They will also be responsible for paying all fees and taxes which are due at this time.
ADDITIONAL EXPENSES – these vary for each property, but you should allow approximately 10% in addition to the price of the property. These include:
  • Purchase tax, (this varies according to the specific property)
  • Lawyers fees 1.5% - 2%
  • Notary's fees 1.5% - 2%
  • Agency Fees 2% + VAT
FINANCE – it is currently very difficult to obtain a mortgage in Greece, although occasionally it is possible. Most buyers choose to raise finance based on property they currently own in their home countries.
BUYING REGULATIONS - are now the same for Greek nationals, EU citizens and non EU citizens.
RESIDENCE PERMITS - you will not need to obtain a residence permit before you buy your property, but if you are planning to buy a car or motor bike you will need one.