When you have decided to buy a property, you can save yourself time and trouble by following a fairly simple set of procedures:
As a buyer you must, initially, appoint a lawyer to assist and represent you at all stages of the transaction. If you wish we can, on request, provide a list of reputable Greek real estate lawyers, or recommend those best known to us. The choice is yours. We can also help in the appointment process.
You are also required to appoint a public notary. All property purchase agreements must be signed in the presence of a public notary, in order to be legally valid. He/she is not employed as your personal representative; but is a public official. The contract must be read, understood and signed in his/her presence. The notary is also responsible for drafting the contract, and ensuring the verification and registration of the transaction in the public records. Thus the buyer will then acquire official title to the property. If you wish we can, on request, provide a list of reputable Greek notaries, or recommend those best known to us. The choice is yours. We can also help in the appointment process.
As buyer you must obtain the property title deed held by the vendor. Your appointed lawyer will help with this. He/she is then obliged to carry out the title search at the Registry of Mortgages. The search is made to ensure that:
- The vendor, alone, holds title to the property.
- The property carries no hidden encumbrances (attached covenants etc)
- The vendor passes on no unpaid property taxes
- The construction complies with all issued planning and building permits.
Only when confident that the title deed is secure should you then proceed with the purchase contract.
As buyer you must be issued with a Greek tax registration number (known as your “Ah-Fee-Mee” number). This number is required by law to enable you to purchase property in Greece and is essential for planning permission, connection to utilities, opening Bank account etc. For this you need to apply to the Inland Revenue Office.
Signing the Final Contract (when the constructing of the house is finished)
- The contract must be signed in the presence of a public notary to be valid.
- The transaction is then registered, by the public notary, at the local Registry of Mortgages.
- The buyer’s lawyer then ensures that title to the property is transferred to the name of the buyer; confirming this by obtaining pertinent certification from the Registry of Mortgages.