Buying property in Greece is a procedure that requires proper research and guidance. For this reason, Ergozed Development provides a detailed, stepped approach of the property acquisition procedure, in order to clarify all the issues relating to the purchase.
Should you decide to buy property in Greece, you should hire an attorney that shall represent you, as your proxy, in all transactions. For this, you should sign a power of attorney, so that your attorney may act on your behalf. Ergozed Development may introduce many, trustworthy, independent, English speaking lawyers.
Having the authorization to act on your behalf, your attorney shall proceed to a number of necessary actions, i.e.:
- To check the deeds in the Land Registry.
- Make sure the property conforms with all the legal terms of construction, as per the regulations of construction in the area.
- To contact the regional District Tax Office in your area of residence, and acquire the Tax Registration Number required for the action of purchase. For residents of countries that are not members of the European Union, they should contact the relevant Department of the competent DTO.
- Following authorization with a special Power of Attorney, to open your personal account in a Greek bank of your choice, in order to transfer monies from your bank in order to proceed to all the necessary payments.
- To research, on your behalf, all housing plans of the Greek banks, and provide relevant guidance, should you deem this necessary.
All the details with regard to the property to be acquired should be clarified, its description, and the method of payment defined.
You are obliged to pay the agreed advanced payment to the company to withhold the property and authorize your attorney to contact a notary public, following the completion of all legal controls, in order to prepare and check the property’s contract of purchase.
This step includes the completion of property’s contract of purchase. Following the legal preparation of all relevant documentation, the sale may be completed as due. The notary public shall prepare an official contract which, following that, shall be signed in his office, in the presence of his/her lawyers, representing the contracting parties. Should you wish not to appear, you may sign a Power of Attorney document, so that your attorney may represent you.
Then, your attorney shall proceed on your behalf to a series of official actions, i.e.:
- Proceed to all contractual payments for the purchase of your property.
- To settle, on your account, all connections with state Utilities, e.g. power, and water supply.
- Make sure that the notary public has submitted the contract of purchase of the property in the Land Registry; following that, the land registry has to issue new Property Deeds, in the name of the new owner.
- Make sure that, as per a recent law amendment, the notary public has submitted the property’s transaction documentation to be registered in the National Land Registry.
It is worth noting that, should all the phases and the schedule of payments be decided upon during the signature of the final contract of purchase, you must make sure that you are timely following the schedule of payments. Please note that, during the transfer of monies from any bank of your country to a bank account in any Greek bank, you shall receive ‘Pink slips’, as proof that your money has been transferred from abroad; please keep these documents, as you shall have to attach them during the submission of your tax reports for the following financial year, in order to cover for the value of the property purchased, and reported.