Find your dream property or an investment opportunity
The correct and targeted research is very important to find your ideal property. Click here to search for a professional agent. To ensure professional service refer to a certified Real Estate Agent. The members of the Hellenic Association of Realtors®, HAR, have extensive experience and are internationally certified, with the ability to guide you throughout the buying process, from finding the property up to signing the Contract.
Hire a Lawyer
The lawyer will do a legal due diligence. This involves checking the property deeds for the past 20 years (previous owners, if it is mortgaged, if there are pending legal proceedings, claims, expropriations or any other legal obstacles). This process is done at the Cadaster or the Land Deed Registry. For affiliated Law offices click here.
Hire an Architect / Civil Engineer
The Architect / Civil Engineer will perform the Technical inspection to confirm that the property is located within the town/city plan, is constructed according to city planning requirements, its construction permit, quality of materials, etc. For land and plots (with or without building), a check of the topographical diagram which includes the property area, building coefficient (sqm.), approvals of the Archaeology and Forest Service, any specific land uses such as seashore, habitat. For affiliated Architects and Civil Engineers click here.
Hire a Notary
The Notary conducts and certifies all transactions, ensuring proper legal transfer of the property, compiles and reviews all official documents. For affiliated Notary offices click here.
Hire an Accountant
A Chartered Accountant will assist with the Tax ID issuing, fill tax forms and will explain the Property Tax laws. For affiliated Chartered Accountants click here.
Open an account in a Greek bank
Account opening is easy and does not require a minimum deposit. You must have an ID card or passport, your TIN and a proof of your address (e.g. Electricity bill). All payments related to the property purchase will be done through this account to prove that the funds for the purchase originate from abroad and are therefore not subject to income tax in Greece.
Pay taxes (Property Transfer Tax)
Before signing the contract, the buyer must pay the Property Transfer Tax (FMA) to the Tax Authority. The FMA is calculated based on the Tax Assessed Value of the property. For newly built properties (permit issued after 31.12.2005), the FMA is replaced with VAT (23%) on the Tax Assessed Value of the property.
Sign the Initial Agreement-to-Buy and the Transfer Contract
This Initial Agreement-to-Buy (called ͞Engagement͟), contains details of the sale terms and the payment schedule so that the property is withdrawn from the market. The amount of the advance payment equals to 10% of the agreed sales value. After the due diligence checks have been completed (usually 2-8 weeks) the Property Transfer Contract is signed, either by you in person or your lawyer with power-of-attorney.
Land Deed Registry, Cadaster and Property Transfer
After the registration of the contract at the Land Deed Registry, your lawyer should verify that the property has been transferred in your name and get a certificate from the Land Deed Registry. The lawyer officially records the Contract and the Land Deed Registry certificate in the Cadaster.
Purchase Expenses
FMA (Property Transfer Tax) – FMA 3% and is calculated by the notary based on the property value referred to in the Contract, and will be paid at the tax office prior to signing the Property Transfer Contract. For newly constructed buildings if the construction permit was issued after 31.12.2005, the FMA is converted to 23% VAT.
- Lawyer – The lawyer’s fee amounts to 0.5 – 2%, calculated on the property value.
- Notary – Notary costs amount to an average rate of 0.65 – 1.2%.
- Land Deed Registry – The expenses of Land Deed Registry amounts to 0.475% of the Contract value.