REAL ESTATE INVESTMENTS
Everybody can acquire a property in Greece. It can either be a building plot or an existing building. But in order to acquire a property, a lot of formalities are required.Lawyer fee (1,5%) : 1,500 EUR
Firstly, it is necessary to obtain a fiscal registration number (AFM). This AFM number is unique and specific to each person. To get it, you must go to the local fiscal administration (DOY) with a photocopy of your passport or identity card. If you are unable to travel here, you can request a lawyer's help by means of a proxy.
When the property is identified and after the fiscal registration number is delivered, it is possible to acquire the property. From then on, the presence of a lawyer is necessary in order to verify the compliance of the property and to thwart the potential difficulties with the transaction.
A sale commitment can be signed in the presence of a solicitor between the buyer and the seller. A prepayment will be done and a due date will be established for the signature of the final legal contract. In no instance it represents the final sale. It is customary in Greece to establish sale commitments under private seal (without solicitor). This practice must be avoided because it does not protect the buyer if there is a problem.
Then the buying of the property will be effective through a bill of sale which must be regsitered in the competent mortgage register. The bill of sale is the conclusion of the final sale between the buyer and the seller. Just like the fiscal registration number, if you can't be present to perform the formalities yourself, a proxy in front of a solicitor will allow a lawyer to represent you.
There are three different ways to establish a proxy in order to buy a property in Greece :
It is possible to go to the Greek Consulate.
It is possible to go in front of a solicitor in your country, if the document is endorsed with an Apostille stamp.
It is possible to go in front of a Greek solicitor, in Greece.
Fees to buy a property in Greece are of about 8% of the buying cost (all lawyer’s and solicitor’s fees included). It means that for the purchase of a property that costs 100.000 EUR, fees will be:
Solicitor fee (2%) : 2,000 EUR
Registration of the sales at the Land Registry (about 1%) : 1000 EUR
Transfer tax (about 3.5%) : 3,500 EUR
Estate Agent fee, if applicable (2%) : 2,000 EUR
CAUTION: You must not transfer advance payment before having made some controls and without seeing the deed of properties.
Our office can take action into all the Cyclades and Athens.
For more information please do contact us.
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