|
Page 1 of 2
PROCEEDURE
of
transaction of property
This is only a guide First step before purchasing property in
Greece is for the buyer to obtain a Greek Tax Number (this is issued by the tax
office in Corfu Town – the buyer must have his passport/valid ID and a special
form filled in) and also a Greek Bank Account (to open a bank account one will
need a passport/valid ID and a small amount of money). Alternatively if the
buyer does not wish to acquire the above in person he/she may give power of
attorney to a lawyer or a person of his/her trust to act on his/her behalf.
Power of attorney is only valid if signed in presence of a Notary Public or a
Greek consulate around the world.
HERE
ARE A FEW THINGS A BUYER MUST KNOW WHEN LOOKING FOR PROPERTY:
- All EU citizens can freely
purchase property in Greece
but there are restrictions for non EU citizens (for further information
please contact a lawyer/Notary or your Embassy)
- To build or to renovate a
property in Greece,
licenses are a necessity (for further information please contact a civil
engineer)
- Loans are available in Greece
through Banks and mortgagers
- Costs for building a
property are approximately ¤1.000
per sq.m (This is with key in hand and built to high standards)
- Properties that are over
50years old are subject to a 70% reduction in purchase tax (an age
classification is necessary – this is issued by the local council)
- Licenses for renovation
are issued quicker and are cheaper
- There are restrictions
when renovating the exterior of an old property but there are no restrictions
when renovating the interior
- When buying land
potential buyers must acknowledge the fact that there is a minimum land
size that is required to obtain a building license (For further
information please contact a civil engineer)
- The objective tax value
of properties that are close to the sea are higher than of those that are
away from the sea. (Those that are close to resorts are higher than those
inland)
- Each area is subject to a
different tax value
If you do not know any lawyers
or civil engineers we can recommend professionals
that will be able to assist
your needs.
The first step for potential buyers is to
discuss with their agent about everything concerned including, needs,
likings-specifications and financial considerations. This will help the agent
assist them in the best way. For all those first – time buyers they must try to
understand the entire buying procedure and make sure that they do not hesitate
to ask questions when needed. (According to Greek Law agents fees are 2% plus
VAT of the purchase price and are paid at the signing of the final contract).
Once the buyer has found a property to his/her likings and specifications and
agreed on the purchase price then a 10%deposit is required to hold the
property. Attention!!! It is not advisable to pay a holding deposit to the
owner of the property, the deposit can either be placed in the hands of the
lawyer or of the real estate agent. At the time of the payment of the deposit a
pre-contract is signed. If the completion of the transaction does not take
place because the lawyer of the buyer does not find the property titles clean
then the deposit must be returned to the purchaser. In the event that the buyer
does not wish to complete the transaction for other reasons then the deposit is
forfeit. If the vendor decides to back out of the deal then he must return the
deposit (*2) to the buyer. According to Greek Law the buyer must appoint a
lawyer to represent him/her during the procedure of the transaction of the
property and at the signing of the final contracts. The buyer’s lawyer must
carry out searches with the land registry to ensure that the property titles
are clean. The buyer’s lawyer must also appoint a Notary Public who will draw
up the contract and in presence of whom the contract will be signed. It is also
advisable for the buyer to appoint a civil engineer to ensure that there are no
problems with the structure of the property.
<< Start < Prev 1 2 Next > End >>
|