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Guide to Buying Property in Greece
Purchase Contracts / Signing Contracts
The first stage in buying a property in Greece is usually the signing of a preliminary contract, although it is possible to go to a Notary in Greece to have him draw up the sales deed without having a prior contract. However, when you are paying a deposit it is necessary to have a contract drawn up. Contracts are subject to a clear title being obtained and any necessary government permits.
The origin of funds used to buy property in Greece must be declared to the Bank of Greece using an official import document. You should open a local bank account through which all payments relating to the property purchase must take place (particularly if you are paying in stages). This will provide an accurate record of payments and show that they emanated from abroad.
Purchase Contracts / Conditional Clauses
Are contracts that usually contain a number of conditional clauses that must be met to ensure the validity of the contract. Conditions usually apply to events out of the control of either the vendor or buyer, although almost anything the buyer agrees with the vendor can be included in the contract. If any of the conditions aren't met, the contract can be suspended or declared null and void , and the deposit returned. However, if you fail to go through with a purchase and aren't covered by a clause in the contract, you will forfeit your deposit or could even be compelled to go through with the purchase.
Conditional Clauses
There are many possible conditional clauses concerning a range of subjects including the follow:
- Being able to obtain a mortgage.
- Obtaining planning permission and building permits - this can take a year or longer, although you can take possession of the property in the meantime and approval is usually automatic for EU nationals.
- Obtaining special permits from the local authorities.
- Being unable to obtain a residence permit.
- Plans to construct anything e.g. roads that would adversely affect your enjoyment or use of a property.
- Preemption rights or restrictive covenants over a property such as rights of way.
- Dependence on the sale of another property.
- Dependence on a satisfactory building survey.
- Completion
Purchase Contracts / Completion
Completion (or closing) is the name for the signing of the final deed, the date of which is usually one or two months after signing the preliminary contract, as stated in the contract (although it may be moveable). Completion involves the signing of the deed of sale transferring legal ownership of a property and the payment of the balance of the purchase price, plus other payments such as the notary's or lawyer fees, taxes, and duties ( although these may be paid earlier or later). When the necessary documents relating to a purchase have been returned to the Notary or lawyer handling the sale, he will contact you and request the balance of the purchase price less the deposit and, if applicable, the amount of a mortgage. He will also send you a bill for his fees and taxes. At the same time, the Notary should provide a draft deed of sale which should be complete and not contain any blank spaces to be completed later. If you don't understand the deed of sale, you should have it checked by your lawyer.
Final Checks
Property is sold subject to the condition that it's accepted in the state it's in at the time of completion, so you should be aware of anything that occurs between the signing of the preliminary contract and completion.
Signing
The final act of the sale is the signing of the deed of sale, which takes place in the notary's office. Before the deed of the sale is signed, the notary or lawyer checks that the conditions contained in the contract have been met. It's normal for all parties to be present when the deed of the sale is read, signed and witnessed by the Notary, although either party can give someone the power of attorney to represent them. This is quite common among foreign buyers and can be arranged by your lawyer. If a couple buys a property in both their names, the wife can give the husband of attorney (or vice versa). If a power of attorney cannot be arranged in Greece or Cyprus, it can be signed at a consulate in your home country, although this is more expensive than doing it abroad. The Notary or lawyer reads through the deeds and both the vendor or buyer (or their representatives ) must sign it, indicating that they've understood and accept the terms of the document.
Payment
As stated under purchase contracts above, the origin founds used to buy property in Greece must be declared to the Bank of Greece using an official import document. Proof that the funds have been imported must be produced at completion. The balance of the price ( after the deposit and any mortgages are subtracted) must be paid by banker's draft or bank transfer. For most people the most convenient way is by banker's draft, which also means that you will have the payment in your possession and the notary can confirm it immediately. It also allows you to withhold payment if there is a last minute problem that cannot be resolved.
Registration
After the deed is signed, the original is lodged at the property registry office and the new owner's name is entered on the registry deed. It's important to send the signed deed to the property registry as soon as possible although the actual registration may take some time. Only when the deed has been registered do you become the legal owner of the property.
To the best of our knowledge at the time of publication, J.A.C. International Transport attests the accuracy of this information, though this document should in no way be used as a substitute for expert legal counsel. In the event that information contained in this document proves to be inaccurate in any way, neither J.A.C. International Transport nor the publisher of this Web site will bear any responsibility for a loss that might occur as a result of inaccurate information conveyed on this Web site.
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Property Guide Contents
J.A.C. European Transport LTD.
PROFESSIONAL TRANSPORT SERVICE IN EUROPE
Property For Sale
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