1. Choose your property and confirm your offer to the seller or his agent
2. Appoint an English speaking solicitor. It is generally less costly to use a local solicitor than one, say based in Athens and should be a lot quicker. We can recommend a solicitor based in Porto Heli that we have used who speaks very good English. His Name is Mr. Vassilis Bibas. Tel: 0030-27540-51318 - email - firstname.lastname@example.org Please mention this web site when making contact.
3. Make a 10% deposit (normally required) of the buying price through your solicitor in order to hold the property under a preliminary sale agreement. This will ensure the property has been secured and will detail the basis of the purchase and any other conditions that may apply. This deposit is usually held by the solicitor until completion of the purchase. The deposit is normally non-refundable should you decide to back out after this agreement has been signed. If the seller backs out then the deposit is refunded with a +10% penalty, if this has been agreed within the preliminary sale agreement.
4. A Greek Tax Registration No. will be required. It is not difficult to arrange and your solicitor will advise you
5. You will need a Greek bank account. Again this is not difficult and we can arrange an introduction to one of the local banks and their respective managers. Alpha Bank or Euro Bank. This may also be a good opportunity to discuss any mortgage arrangements you may wish to consider. Generally mortgages in Greece are not difficult to arrange and the interest rates are very competitive. If you need a mortgage and would like to discuss this further, we can put you in touch with one of the bank managers based in Porto Heli
6. Your solicitor will carry out the necessary searches and will ensure your property is free to be sold by the seller and free of all debts and taxes.
7. You will need a Notary Public, which your solicitor will arrange. The final purchase is made by a Notarial Deed. This final contract is always signed and agreed in the presence of the Notary Public together with the buyer and sellers solicitors and of course the buyer and the seller. At this time the final monies are also usually paid. The property will then be registered in your name by your solicitor and the transaction is complete.
This whole process can take as little as 7 days, but will of course vary and depend on the circumstances of the purchase.
The Legal Costs in addition to the purchase price. These are paid by the buyer - Remember This is a Guide Only
1. Solicitors - 1-2% of the purchase price
2. Notary Public - 1-2% of the purchase price
3. Transfer Tax - Variable and dependent on the assessed value which is not the purchase price This value will usually be approx 1/3rd of the purchase price. Lower still if the property is purchased off-plan and/or if you buy as a couple. The amounts are generally calculated as follows. The 1st 15,000 euros @ 9% - Thereafter @11% for the remaining value. This can also vary according the the area you are buying in.
4. VAT - Is chargeable @ 19% on new homes that have a construction licence issued after 1st January 2006. Again this is usually based upon the assessed value.
5. Property Tax - Variable, but a relatively small amount and generally charged as an additional sum on your electricity bill every 2 months. As an example a property with an assessed value of 352,000 euros would pay about 480 euros per annum.
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