The process of acquiring real estate is a procedure that requires professionalism and care.
It is recommended to cooperate with a specialized lawyer.
Support of an in-house lawyer who specializes in accomplishing deals for the purchase of real estate.
Step 1: Drafting of a general power of attorney in the name of a Greek attorney authorized to act on behalf of the client and to undertake all the necessary actions for the transaction.
The power of attorney is prepared and signed by a Greek notary with the obligatory presence of an interpreter. The power of attorney may be drawn up in the country of residence and stamped with an apostille.
Step 2: Registration at the Tax Office.
An authorized lawyer registers the client as a taxpayer in Greece and obtains a tax identification number (A.F.M.).
Step 3: Opening of a bank account if the client wishes and if the necessary documents are available.
The buyer becomes the owner of a bank account in Greece (the procedure is performed by an authorized lawyer).
Step 4: Check of the legal "cleanliness" of the property at the Land Registry or Cadastral Office.
During the check are being examined: the seller's ownership rights, lack of debts/mortgage/ lawsuits and any other encumbrances. There is a verification of the legal history of the property for at least the last 20 years. At the end of the check, the client receives a detailed report on the results.
Step 5: Supervision of lawyer and notary in collecting the necessary documents.
The notary, after receiving all the necessary documents for the property and confirming their accuracy, drafts the contract of sale which is submitted to the client for approval.
Step 6: payment of transfer tax.
The declaration of title transfer tax is filed by the authorized attorney with the respective tax authorities. The tax is paid by the buyer and is 3.09% of the purchase price.
Payment of the 24% tax is suspended until the end of 2022 for properties whose construction permit was issued after 2006.
Step 7: Final signing of the Purchase Agreement. Title deed registration.
After the buyer settles all of his financial obligations, a deed of repayment is signed under the supervision of a lawyer and a notary. Then, the act of sale is registered at the Land Registry office.
Upon completion of the real estate sale and purchase agreement procedure, the client receives a full package of documents with the appropriate official translations.