How to Buy Property in Greece and Avoid Mistakes?

Step 1. Reserve and Check the Property

Making a TIN

Just as in many other cases, firstly you need to get an AFM which is a local analogue of a TIN. An individual tax number is required for calculations and transactions. The local tax authority issues a TIN, buy the whole process is handled by a lawyer as a rule.

Please note! A lawyer and a notary joins the deal after you chose a property. Usually agencies already have established business connections with particular specialists and can advise you to contact them in particular.

In the past participation of a lawyer was mandatory by law. But nowadays it depends on your request. Experts still strongly recommend to use lawyers’ service. They can represent your interests and provide legal support during the deal. 

A notary has to certify the deal to make the sale legal. According to Greek law, you cannot buy a property without notary’s participation. Such deals are invalid. 

Paying a Deposit

If you look at the apartment and think it’s the one, you need to reserve it. The deposit is €5 000 to €10000, depending on the property’s cost. You have to pay the rest of the sum at the signing of a sale contract or within 7 days.

The deposit can be paid in cash or via a bank transfer. If you prefer cash, then the seller must give you a receipt of getting money. In case of a transfer, you keep the bank documents confirming the payment. it is a guarantee of a buyer’s intent for the seller and a prove of reservation to you. 

If the deal fails due to your fault, than you lose the deposit. If the fault is on the side of a seller, they give the deposit back in double size. But you can refuse the deal without losing money, because usually you are given 7 days to make a decision.

Checking the Property

The deposit is paid. What next? Your lawyer needs to begin a legal check for the presence of encumbrances and debts in the Mortgage register (Mortgageofilakio – υποθεκοφιλακιο). The lawyer requests a copy of the document of ownership of the property from the seller, who is obligated to to provide it. Checking the Mortgage registry takes from 5 to 7 days and is necessary to find out:

• if the owner has absolute ownership of the property;
• if the property is secured;
• if all the necessary taxes on the ownership of real estate are paid;
• whether the property is the subject of litigation.

Step 2. Conclude a Sale Contract

Sometimes it is necessary to obtain a permission from the Ministry of national defense. After that you can start preparing to seal the contract. 

The contract must be conducted in Greek language and signed in the presence of a lawyer and a notary. You can request to translate it in to your language and certify by a translator, if you wish. If you’d like to invite an interpreter to the signing of a sale agreement,it should be reflected in it. As a buyer you have to pay  the remaining cost of the property and receive the keys to the object. It can be done at the moment of signing or within 7 days. 

You signed a contract and now it’s time for your lawyer to register it officially. A notarized contract is the main document confirming the ownership of a property.

The contract has to include the description of a property, it’s cost, the terms and conditions of payments (especially in case installments). The notary is a guarantor of the contract, since it is a public authority in Greece.

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Step 3. Make a Payment

You pay from your bank account to the seller’s account immediately at the day of sealing the deal or within 7 days. 

But the tax on transfer of ownership must be paid beforehand. You can do it in 1-2 days before the signing. And don’t forget to submit the proof of a payment to a notary. 

All other payments are made at the signing of the sale contract.

If you plan to buy real estate in Greece, first you need an AFM, which is a local analogue of a TIN.

Step 4. Registrate as the New Owner

Your lawyers has to register the transfer of ownership in the Mortgage register. There the lawyer receives a special certificate of ownership for a new owner.

The Mortgage register issues a certificate at the time of submitting the sale contract. The ownership transfers immediately. The certificate itself is issued within a maximum of one month, depending on the workload of the register.

Quoting conditions of Prianproperty.com materials