The Buying Procedure
At Giakoumakis Real Estate, we pride ourselves in establishing a relationship of mutual trust with our clients. Although the legal system in Greece is fairly simple, we understand that the whole procedure of buying property in a foreign country where usually you are faced with the language barrier as well as with a different legal and procedural system might seem complicated.
This is why, our goal is always to find the best deal for our customers and try to relieve them from as much bureaucratic procedures as possible. By coming to us, our clients are rest assured that there is always someone looking for their best interest while offering a helping hand at all times. Our staff and our list of accredited associates have a long experience in dealing with such matters and are here for you 24/7.
The whole buying procedure in Greece can be presented in 6 basic steps:
Step 1: Working together, we find the perfect property for you.
Step 2: Having found the property you wish to buy, an Agreement to Purchase is completed here in Crete that stipulates the agreed property price. Usually, the buyer agrees to pay a deposit 10% of the agreed total price of the property.
Step 3: Your appointed lawyer based in Crete will do all the necessary legal checks for the property. You can sign power of attorney to the lawyer. He will also help you obtain a Tax Registry Number (AFM) required for purchasing a property in Greece. We can offer you a list of accredited lawyers with experience to choose from.
Step 4: The method of payment is arranged. We can help you draw up a Greek bank account in a Greek bank or arrange for a mortgage/bank loan.
Step 5: A public notary is appointed to validate the purchase. The property transaction is executed before the notary and in the presence of lawyers representing the seller and purchaser. Legal procedures in Greece are fairly simple and if all the papers are ready and in order a sale can be completed with relative ease by signing the official contract prepared by the Notary.
Step 6: Your attorney makes sure that the title is transferred to the buyer's name by obtaining the relevant certificate from the Registry of Mortgages.
For information related to taxation of new properties and yearly taxes click here.
Purchasing for non - European Union citizens
Whilst EU citizens can freely buy properties in Crete, there are certain restrictions for those people outside of the European Union. However it is possible for non EU citizens to purchase in Crete. It will in general take about 3 months longer. It is necessary for your lawyer and notary public to apply to the Minister for the Interior in Greece and the office there will investigate your position in the community and ensure that you do not have a history of any kind which might be detrimental to the security of the island, this is because Crete is considered to be a border territory. What you should always keep in mind is that we, at Giakoumakis Real Estate, are happy to offer you any kind of assistance. We have a wide network of accredited professional associates to recommend that will help you in any way, so don't hesitate to contact us.
- Real Estate Agent
In Greece, estate agents receive fee from both the buyer and the vendor; unless otherwise stated.