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When you decide to proceed, you will find that the purchase process in Greece is actually very straightforward.  Most properties are sold without a ‘chain’ of buyers and the purchase can proceed quite quickly and smoothly.  Once your offer for a property is accepted then it is important to engage a Greek lawyer to represent you. The lawyer is responsible to act on your behalf and on your instruction for the whole purchase procedure. Most buyers will engage a Greek lawyer before they return home if they have found a property they want to buy. This saves time later in obtaining a Power of Attorney with a Greek lawyer (see below).

If you are not currently residing here then it is usual to set up a Power of Attorney (POA) for your lawyer. This gives the lawyer the authority to act on your instructions in your absence.  If the lawyer acting on your behalf does not have a Power of Attorney, the only other alternative is to travel to Greece at each stage of the process when official documents need to be signed.  Many people ‘find’ a lawyer and raise a POA even if they haven’t agreed to purchase a house as they don’t always want to return just to do this – and  raising a POA in their native country can be a little time consuming (see below)

When you decide to proceed, you will find that the purchase process in Greece is actually very straightforward.  Most properties are sold without a ‘chain’ of buyers and the purchase can proceed quite quickly and smoothly.  Once your offer for a property is accepted then it is important to engage a Greek lawyer to represent you. The lawyer is responsible to act on your behalf and on your instruction for the whole purchase procedure. Most buyers will engage a Greek lawyer before they return home if they have found a property they want to buy. This saves time later in obtaining a Power of Attorney with a Greek lawyer (see below).

If you are not currently residing here then it is usual to set up a Power of Attorney (POA) for your lawyer. This gives the lawyer the authority to act on your instructions in your absence.  If the lawyer acting on your behalf does not have a Power of Attorney, the only other alternative is to travel to Greece at each stage of the process when official documents need to be signed.  Many people ‘find’ a lawyer and raise a POA even if they haven’t agreed to purchase a house as they don’t always want to return just to do this – and  raising a POA in their native country can be a little time consuming (see below)

 It is possible to arrange for a Greek Lawyer to act on your behalf from your own country. This will involve a visit to a local notary with documents from the lawyer authorising him/her to act on your behalf. These documents/POA will be issued by a Public Notary (there is one in most small towns and many within any city). These documents will then need ‘an Apostile Stamp’ in your resident country.

‘Apostillisation’ is a process for officially confirming that a stamped/official public document is genuine and can be used for official purposes in a foreign country (Greece in this case).  This means having the document approved by an official in your country. The rules of where this needs to be done vary from country to country.
The seller will also have their own lawyer to act on their behalf. Everything in Greece is also signed in front of the Notary Public who draws up the actual contracts for the sale and acts as an independent third party. The Notary will not allow the sale to proceed without all the necessary paperwork and deeds being in order first

It is possible to arrange for a Greek Lawyer to act on your behalf from your own country. This will involve a visit to a local notary with documents from the lawyer authorising him/her to act on your behalf. These documents/POA will be issued by a Public Notary (there is one in most small towns and many within any city). These documents will then need ‘an Apostile Stamp’ in your resident country.

‘Apostillisation’ is a process for officially confirming that a stamped/official public document is genuine and can be used for official purposes in a foreign country (Greece in this case).  This means having the document approved by an official in your country. The rules of where this needs to be done vary from country to country.
The seller will also have their own lawyer to act on their behalf. Everything in Greece is also signed in front of the Notary Public who draws up the actual contracts for the sale and acts as an independent third party. The Notary will not allow the sale to proceed without all the necessary paperwork and deeds being in order first

Your lawyer is also responsible for checking the property you wish to buy. In Greece, just as in the UK, there is a land registry where all details regarding property ownership are kept. The lawyer will ensure there are the correct building permits and other paperwork for the property and that there are no loans, mortgages or any other monies owed on the property. According to a new law introduced in 2011 the seller of the property now has a responsibility to provide a valid certificate proving that the property is fully legal and matches all plans/permits. If there are any alterations/additions to the property then the plans must be updated to show this and in many cases pay fines for the changes made. Most properties also require an updated topography.

Once the lawyer is satisfied the property is 100% legal, you will proceed to pay a 10% deposit to secure the sale. At this point a pre-contract agreement will be signed. The remaining 90% plus all purchase expenses (see below) are payable on completion at the same time as the property is signed  into your name. 

New build properties.

These are the build stages and payments would be divided equally though the build.
1. Initial Payment (Plot and Building Permit).  Amount: Approximately €100,000
 
This initial payment covers the cost of the plot and obtaining the necessary building permits. It’s the first step to get the project started.
 
For the following stages, the remainder of the property cost is divided equally. 
 
2. Concrete Skeleton, Walls, Insulation, and Swimming Pool
This involves constructing the concrete structure, including the walls, insulation, and swimming pool. This stage is crucial as it forms the foundation and core structure of the house.
 
3. Electrical, Plumbing, and Heating Systems
Once the structure is in place, we move on to installing the electrical wiring, plumbing, and heating systems, making sure the house is fully equipped with all necessary utilities.
 
4. Finishing Work. Tiles, Windows, Kitchen etc
 The final stage involves the interior finishing work, including tiles, windows, and the kitchen. This is where the house comes to life with all the details that make it ready for living.
On visiting Crete, the buyer can see all the materials, choices, and customisation options available at each stage. The buyer can see several of the projects completed to get a clear idea of the quality and style offered, helping to make informed decisions throughout the process.
Taxes.
Typically, when transferring newly constructed homes to their initial owners, building companies or professional builders are required to impose a 24% VAT charge.

 

Your lawyer is also responsible for checking the property you wish to buy. In Greece, just as in the UK, there is a land registry where all details regarding property ownership are kept. The lawyer will ensure there are the correct building permits and other paperwork for the property and that there are no loans, mortgages or any other monies owed on the property. According to a new law introduced in 2011 the seller of the property now has a responsibility to provide a valid certificate proving that the property is fully legal and matches all plans/permits. If there are any alterations/additions to the property then the plans must be updated to show this and in many cases pay fines for the changes made. Most properties also require an updated topography.

Once the lawyer is satisfied the property is  100% legal, you will proceed to pay a 10% deposit to secure the sale. At this point a pre-contract agreement will be signed. The remaining 90% plus all purchase expenses (see below) are payable on completion at the same time as the property is signed  into your name. 

The entire process usually takes in the region of 6 – 8 weeks but can vary depending on the time taken to obtain all the paperwork required from the various authorities.  The approximate expenses over and above the agreed selling price are 2.5% agent’s fees plus 3% purchase taxes and lawyers, notary and land registry fees which total around 5-6%, So allow approximately 10-11% in total on top of the asking price.

When the final, official contracts are signed in front of the Notary Public, the freehold ownership of the property passes legally to you and your ownership of the property is immediately registered with the Land Registry.  All the details are recorded by your lawyer in the local land registry and any other necessary offices.  Once the property is in your name, your lawyer will also assist with changing the accounts for utilities, etc to your name.

This is just a broad outline of the procedure.

The entire process usually takes in the region of 6 – 8 weeks but can vary depending on the time taken to obtain all the paperwork required from the various authorities.  The approximate expenses over and above the agreed selling price are 2.5% agent’s fees plus 3% purchase taxes and lawyers, notary and land registry fees which total around 5-6%, So allow approximately 10-11% in total on top of the asking price.

When the final, official contracts are signed in front of the Notary Public, the freehold ownership of the property passes legally to you and your ownership of the property is immediately registered with the Land Registry.  All the details are recorded by your lawyer in the local land registry and any other necessary offices.  Once the property is in your name, your lawyer will also assist with changing the accounts for utilities, etc to your name.

This is just a broad outline of the procedure.