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Buying A Property In Greece – 3 Easy Steps
•
Step 1 - Reserve Your Property
• Step 2 - Pre-sale Contract & Deposit
• Step 3 - Completion
Likewise,
it is wise to use an estate agent who speaks English
(unless you speak Greek, of course!).
Like most European countries, Greece has a system of Notaries
Public - government-employed solicitors who are responsible
for handling the legal procedure of property sales in their
region.
Your agent should be able to direct you to the local Notary in your area.
Step 1 - Reserve Your PropertyThe first step is to find a property you like and agree a price.
It is then customary to place a small reservation deposit (perhaps €2000) to hold the property while you initiate legal proceedings, searches and a survey.
Step 2 - Pre-sale Contract & DepositThe next stage is to have your solicitor draw up a pre-sale contract.
This will require a 10% deposit but in most
cases should protect you from the sale falling through - or
at least guarantee you your deposit back if it does.
The deposit will be paid to your solicitor, who will hold it
in trust until the sale completes - protecting you from dishonest
sellers.
Similarly if your seller withdraws, you are guaranteed to get
your deposit back.
Step 3 - Completion
Unlike the UK, the concept of exchange of contracts does not
exist.
When all the searches have been completed and your funds are
in place, you will simply meet up with the seller and the Notary
Public to sign the contract of sale and pay the balance of the
purchase price.
You will also have to pay your closing costs at this point,
for which you should budget 15% of the property's value. These
normally include:
- Transfer Tax (for resale properties)
- Municipal Tax (like UK Council Tax)
- Lawyer's and Notary's fees
- VAT @ 19% (new properties only)
It's worth noting that if you have taken a Greek mortgage to buy your property, the mortgage funds may not be released until you have paid all closing costs in full.
Read On
•
Introduction
• Buying A Property In Greece – 3 Easy Steps
• Should I Get A UK or Greek Mortgage?
• Getting A Mortgage In Greece
• Other Things To Consider Before Buying In Greece
• Glossary of Key Greek Terms
Buying Overseas Property and Mortgages
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