Acquiring Property in Greece - Buying Property in Greece
If you are planning to acquire real estate in Greece you have to set a perfect plan in order to put everything in the right place and to avoid any surprise. First and most crucial move is to find a specialized in Property Management or Real Estate Law Firm and a Real estate agent who will guide you step by step in the whole transaction.
Then you have to decide and find location of the property that you want to purchase. You have to consider also your financial resources that you will be using for the acquisition of the real estate property. You can use your personal savings, mortgage loan and so on.
Buying real estate in Greece is a complicated process. Thatís why a possible buyer needs professional guidance who will search in the land registry and the registry of mortgages in order to ensure that the title of the property is not already sold and it is clean, free of any encumbrances (e.g. mortgages, pre-notations of mortgages or any other claims). Then the buyer has to do a formal inquiry with the respective authorities (planning, forest and archaeological authorities) to make sure that there are no permissions against the property and also an inquiry with the tax authorities to make sure that there are no tax liabilities on the property.
The most difficult part for a foreigner is to acquire permission from certain authorities if the real estate is situated in certain parts of Greece.
In case the purchaser is a legal entity there are further documents required.
Furthermore Greek authorities are very concerned about money laundering or where a foreigner obtained the necessary money to purchase real estate in Greece. As a consequence, a foreigner interested in buying property in Greece has to be able to prove where the money is coming from a legal source.
Before signing a contract a foreigner must obtain a VAT identification number, known as AFM in Greece and pay the tax for the property before signing the contract.
Under Greek law the contract of sale for property must be executed before a notary public under the obligatory presence of two lawyers each for every contracting party. If the buyer does not speak Greek, there must be a translator present, who must also sign the contract. Furthermore if a real estate agent was involved in the transaction he must also sign the contract.
The transfer of property is finalized with the registration of the title in the land registry.
AUTHOR: Konstandinidis & Associates
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Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.