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7 Stages of Buying Property in Greece

7 Stages of Buying Property in Greece

Buying property in a foreign country can be a complex task requiring thorough preparation and understanding of local laws and procedures. Greece, with its stunning views, cultural heritage, and diverse real estate options, is one of the popular countries for foreign investors. In this article, we will discuss the 7 stages of buying property in Greece, from the initial steps to obtaining ownership rights.

1. Selecting a Property and Making a Reservation

The first and most crucial stage is choosing a property. Select a property that meets your needs and budget. After this, you can reserve the property by making a small deposit to show the seller that you are seriously interested.

2. Issuing a Power of Attorney to a Lawyer

To simplify the process of purchasing property in Greece, it is recommended to issue a general power of attorney to a lawyer. This lawyer will represent your interests in all legal aspects of the transaction.

3. Obtaining a Tax Identification Number (AFM) in Greece

To complete the transaction, you will need a taxpayer identification number (AFM) in Greece. This number is necessary for conducting any financial operations in the country.

4. Property Inspection

The property inspection process includes reviewing the cadastral records of the region where the property is located. The lawyer will verify the seller’s ownership rights and the legal status of the property, including any encumbrances, claims, seizures, and other legal issues.

5. Paying the Transfer Tax

In Greece, the transfer tax rate is 3.09% of the property’s value. This tax must be paid before the transaction is completed.

6. Signing the Main Sale Agreement

The next stage is signing the main sale agreement in the presence of a notary and a translator. This agreement is then registered by the lawyer in the property registry. This stage is considered final and essential in formalizing the transaction.

7. Document and Permit Transfer

After completing the transaction, Trustate Development provides you with a package of certified and translated documents, as well as a building permit (if applicable), an energy consumption certificate, a property plan, and a topographic plan.

After completing all these stages, you become the legal owner of the property in Greece and can enjoy the beautiful views and unique lifestyle of this amazing country. However, for a successful purchase, it is always better to seek professional agents and lawyers to ensure the legality and safety of your transaction.

Contact Trustate and start your journey to successful and comfortable property ownership in Greece!

Real Estate Purchase Expenses in Greece

1. Lawyer’s Fee

The first and one of the most important expenses when purchasing property in Greece is the lawyer’s fee. In Greece, the standard lawyer’s fee is 1.5% of the property’s value, plus VAT (Value Added Tax) at 24%. This payment is mandatory as the lawyer assists you with the legal aspects of the transaction, verifies ownership rights, and ensures that all documents are properly prepared.

2. Notary Fees

Another mandatory expense when buying property in Greece is notary fees. They amount to 1.5% of the property’s value plus VAT at 24%. The notary plays a crucial role in the transaction process, certifying your ownership rights and signatures on documents.

3. Transfer Tax

When purchasing property in Greece, you will also need to pay a transfer tax. This tax is 3.09% of the property’s value and is charged once at the time of transaction registration.

4. Property Registry Fee

When formalizing the transaction, you will also need to pay a fee for recording ownership rights in the property registry. This fee is 0.6% of the property’s value.

5. Trustate Development Commission

If you use the services of an intermediary in searching and purchasing property, you will need to account for their commission. The intermediary’s commission typically starts at 2% of the property’s value and may vary depending on the agreement with the intermediary.

Buying property in Greece involves several key stages and associated expenses. Approaching this process with due diligence and professional support will enable you to become a happy owner of property in one of the most beautiful countries in the world. Trustate Development is ready to provide you with all the necessary assistance and support at every stage of your journey to acquiring the perfect property in Greece.

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