Country Buying Guides - Greece

The conveyancing process

• Independent Lawyer
It is essential to use an independent lawyer with a legal knowledge of both the English and Greek legal systems, who are able to translate the documents and explain the terms to your full understanding.

• AFM
This is a Tax Registry Number and is issued free to the purchaser by the Inland Revenue Service.

• Title Search
Your lawyer will carry out this on your behalf. This search will confirm that:

o There are no encumbrances on the land you are purchasing.
o The vendor holds the absolute deed of the property.
o All property taxes payable by the vendor have been settled.
o The construction was completed in accordance to all planning and building regulations.

• Transfer Tax
This is the equivalent of British Stamp duty and is paid by the purchaser before completion. Your Lawyer will help you with this. The tax costs between 7%-11% of the purchase price, which is dependant on the price and area of the property.

• The Official Import Document
To avoid the Greek Tax Authorities assessing you for income tax it is necessary to prove in the form of a pink slip from the receiving bank in Greece that the money for the purchase has been declared and has been legally acquired.

• Preliminary sale agreement
This contains the details of the agreed price the amount of the deposit, the method of payment and any conditions upon which the sale is conditional.

• Completion, and signing the contract
This occurs at the public notary. The lawyer will check the final contract of sale and will confirm that any conditions from the preliminary sale agreement have been met. The contract needs to be signed and witnessed by a notary in the presence of all parties. It is common for a Power of Attorney to be used, which effectively gives someone the power to sign the contract on your behalf. The transfer takes effect at the registry of Mortgages where the appropriate certificates are issued. This comes at a fee of about 0.45% of the property value, dependant again on the area.

• Registration
Greece is currently in the process of establishing a Land Registration system, and hence not all parts of the country have a Land Registry. In areas that do, the title and certificates gained from the Registry of Mortgages are used to register the land in your name. In areas with out a Land Registry, the ownership is held at the local Registry of Mortgages.

• Inheritance
Most foreign legal systems’ inheritance law is different to our system, hence it is extremely important to use your independent lawyer to help you make a will so that in the unfortunate event of your passing, your wishes and not the word of the law is followed.

• Costs and Taxes
In Greece the purchaser must pay a transfer tax of 7% - 11%,.notary fees of 1.2% and registration fees of 0.5% of the purchase price.

In Assocation With The International Property Law Centre LLP