A step-by-step guide to buying a property
Buying a property in Greece can be a complicated process. This step-by-step guide has been designed to walk you through the process of buying a property.
1. Register your interest
2. Finding the right property
3. Viewing the property
4. Making an offer
5. Offer agreed
6. Obtaining a Power of Attorney, Tax number and a Greek bank account
8. Signing a pre-contract
9. Drawing-up final contracts
Step 1 Register your interest
The first step to finding the right property for you, is to register your interest with us. This can be done in several ways: online through our website enquiry form at www.kefalonianproperty.com ; by e mailing us at [email protected]
; by telephoning our office on 0030 26710 24202 ; by visiting our offices, where you can discuss personally your property requirements with us.
Step 2 Finding the right property
Once we have a clear understanding of all aspects of your requirements, we shall use our extensive knowledge and experience to provide you with a selection of properties that match your criteria. We can also keep you constantly up-to-date via email and SMS alerts when the latest properties become available.
Step 3 Viewing a property
When you have decided that a particular property on our listings meets your requirements, we will then arrange an appointment for you to view the property, accompanied by ourselves.
Step 4 Making an offer
After you have identified the property of your dreams, we will then need to put an offer forward to the vendor, stating any special conditions. There is no legal obligation on either side at this point, until contracts are signed.
Step 5 Offer agreed
Our extensive experience, and given that we are legally bound to act fairly on behalf of both parties, we can help to negotiate an agreed purchase price between the buyer and vendor.
Step 6 Obtaining a Power of Attorney, Tax number and a Greek bank account
Following an agreement on the price, you will need to obtain a Power of Attorney with a lawyer, a Greek Tax Number and open a Greek bank account, all of which we shall organise for you, in order to proceed to the next step.
Step 7 Conveyancing
Your lawyer, together with ourselves, shall begin the process of obtaining all the necessary information/documentation regarding the property, in order to proceed to a pre-contract. These searches will confirm that clear title exists on the property, and that there are no outstanding charges (for example mortgages, taxes, etc.). In the case of a building plot, will include confirmation that building is permitted. Where additional consents are required (for example, from the Forestry Commission) these will also be obtained during this period.
Step 8 Pre-Contract
A pre-contract will then be prepared and signed by both parties at the Notary Public, usually by their prospective lawyers. This commits both the buyer and vendor to a price and a date for completion of the sale. At the time of signing the pre-contract, the buyer pays an agreed deposit which is usually around 10% of the purchase price. This deposit (less handling charges) is refundable in the event that the buyers’ lawyer is unable satisfy himself with respect to the searches mentioned above. However, should the buyer wish to cancel the sale for any other reason, the deposit is forfeited.
Step 9 Drawing up the Final Contract
The Notary Public, together with the respective lawyers, will draw up the final contract prior to the completion of the process. The final contract will encompass and include all detailed information regarding the property to be bought. Prior to signing the Final Contract, a tax declaration is signed and the amount of tax shown becomes payable. This is known as the Transfer Tax, and is payable to the Government
Step 10 Completion
On the day of the Final Contract, which takes place at the office of the Notary Public, the relevant paperwork is signed by both parties, or their respective lawyers. The balance of the agreed price is paid by the buyer, and the contracts are completed. The contracts are then lodged at the main Land Registry Offices, with the Notary retaining a copy. Certified copies are also issued to the buyer and vendor.