Property prices in Greece
Property prices in Greece are very much cheaper than comparable European
countries. Use the internet to track down properties on offer and which estate
agents can help you best.
Stick to your budget - however much you may be tempted to stretch.
There are no hidden extras when buying in Greece. On top of the sale price,
expect to pay between 10 to 15 percent of the purchase price to cover purchase
tax, notary fees, legal fees, land registry and stamped copies. the lawyer’s
fees will include the cost of a legal seach and representation for contract
signing as your power of attorney.
A good real-estate agent will have a wide selection of properties and will be able to assist you in finding a local English speaking lawyer to work on your behalf. Make sure that your first meeting with the agent is in their office, in order to see how they work and that you fell comfortable and confident with them. Book an appointment with the agent before you come to avoid being rushed.
Basically, you will be shown properties or plots with the agent. Do not feel pressurised to put down any deposit or sign any papers. If you like a property then it is a good idea to leave a Power of Attorney for an English speaking lawyer to act on your behalf, should you decide to proceed with the purchase. A Notary does this for approx 690 euros (40 pounds) and s/he just needs to see your passport. The Power of Attorney does not have to be for a specific house or plot , so if you decide not to proceed, you can use the Power of Attorney at a later date, once you find your ideal property. It can also be revoked easily.
Then when you are back in England and are sure you want to proceed, you only have to give the order for the lawyer to start the process on your behalf. With your Power of Attorney, the lawyer can apply for tax numbers (a legal requirement when buying property) make a search on the eh property and access the bank account you have set up in order to take 10 percent deposit (if you did not have time to set up a bank account, send the deposit direct to the lawyer instead). The lawyer will need good quality photocopies of your full birth certificate/s and marriage certificate in order to apply for the tax numbers.
The search costs between 400-=600 euros (276-=414 pounds) Once the search is proved positive the layer will begin to collate the vendor’s papers. If the property does not have a recent topographic survey, one will be required for the contract. This is your responsibility so you may need to pay for this. Once everything is ready, you will be asked to send the rest of the purchase money together with the costs. The costs are the purchase tax, lawyer and notary fees and land registry and you should estimate 10-15 percent of the purchase price to cover these.
The lawyer will sign the contract on your behalf and once it is registered at the Land Registry the property will be yours.
Some people take the advice of the Greek Embassy in London who can recommend Greek lawyers in UK to translate for you. this can be helpful but also means that the work may be duplicated and a London based Greek lawyer may not be familiar with the local customs of the area that you are buying in.
See also