An easy step by step guide that demonstrates the process of buying property in Greece.
This guide is by no means exhaustive and if you do decide to buy any house in Verde Blu we will help you every step of the way. This guide is purely offered for demonstrative purposes and its aim is to inform you about the process.
Buying a property is always a major decision in any country and Greece is no exception.
However, the process is generally straightforward and as long as good advice is sought and respected should not be problematic.
The parties to the transaction
1. The Buyer - you. EU citizens can buy property in Greece without general restrictions. Non-EU
citizens have to apply for permission to the Ministry of Foreign Affairs.
2. The Seller - DEKAT SA. In the case of newly built Verde Blu the seller is the legal entity of DEKAT SA.
3. The Notary. In Greece, transactions for the purchase and sale of real estate must be concluded in the presence of a Notary Public. As a public official, the Notary will carry out such functions as calculating the amount of Transfer Tax payable.
4. The Solicitor. Both the buyer and the seller must engage a (different) solicitor. The buyer's solicitor will obtain the titles deeds, check the seller's title to the property, ensure the property is free from encumbrances, check compliance with planning permissions and generally ensure that you are fully informed about the status of the property before you make a commitment to proceed.
Once you have identified the type of house that you wish to purchase you will be offered the option to place a nominal 'holding' deposit which will preclude DEKAT from continuing to market the property while your transaction is going ahead. If you make such a deposit the amount will be deducted from the purchase price at closing.
It is our aim to help you experience life in Verde blu and we plan to soon be able to accommodate prospective buyers at one of our apartments in order to personally experience life in beautiful Corfu, at a nominal fee. Contact us if you want to be informed as soon as we are able to accommodate you. If you go ahead with the purchase, this fee will be deducted by the price of the house.
You should instruct your solicitor as early in the process as possible. If you wish we can introduce you to a local solicitor who speaks English and has experience and a track record in the local market.
You may wish to give your solicitor a Power of Attorney to represent you in your absence. Most buyers who do not reside permanently in Greece find this an easy and reliable way to expedite the purchase process: the only alternative is to travel to Greece whenever official documents etc. need your signature.
You must obtain a Tax Registry Number (AFM or BCD) from the Greek Inland Revenue Service. If you have given your solicitor a Power of Attorney this can be done on your behalf.
Your solicitor will agree with DEKAT's solicitor, the Notary Public to be used for the transaction. As already mentioned this is an independent party (being a civil servant) who will witness the execution of the purchase transaction on behalf of the Greek state - in Greece all purchases and sales of real estate must be concluded in the presence of a Notary.
When your solicitor has completed all of the checks and formalities, and you have made a final decision to proceed, you will sign the purchase documentation in the presence of the Notary (or your Solicitor will sign on your behalf under Power of Attorney if appropriate). The Notary will subsequently register the transaction on the public record.
The contract deed must be transferred in the buyer's name at the Registry of Mortgages and the relevant official certificates secured. This is usually carried out by your solicitor.
In addition to the price which is agreed between the buyer and the seller, real estate transactions in Greece attract some taxes and fees. Transfer taxes are calculated by the Notary Public and are payable by the buyer. The buyer also has to pay the fee of his/her Solicitor and the fee of the Notary Public.
Mortgage finance for foreign buyers is now available through Greek banks. A general test of creditworthiness will be applied but subject to this you may expect to be able to borrow approximately 70% of the estimated by the bank market value of the property, over a period of 15- 25 years. The mortgage loan will be denominated in € and will require monthly repayments.
Because Greece is in the Euro-Zone all the financial aspects of the purchase process will be denominated in €. Buyers, who operate in other currencies will therefore need to convert funds.
Any property which you buy in Greece should be adequately insured - both the building and its contents. Greek insurance companies will provide insurance and DEKAT SA can help you choose a suitable company.
DEKAT SA believes that our service to our customers does not end as soon as the purchase contract is signed. We have a representative permanently available to you should any need arise and will always use our best efforts to help you enjoy and get the most out your newly bought sea side property!