We
are not Lawyers or Mortgage brokers, however our experienced team can advise
you from the initial stages of purchase on which of these professional services
that would best suit your individual needs.
Purchase procedures
Once you have decided to buy land or property, unlike many
other European countries, the procedure in Greece really is quite straightforward.
From the outset, you make a firm commitment, usually requiring the payment
of a 10% deposit to secure the agreed price. This payment will be fully
documented, and you can even insist that a full refund should be offered
in the unlikely event that title searches or other legal matters prevent
the sale being made.
When the receipt is drawn in your favour, this confirms that the vendor
has been instructed to take the property off the market awaiting the completion
of the purchase contracts by both parties' lawyers. Once finalised, a date
will be agreed for you to pay the purchase tax, the balance of the purchase
price, and of course your legal fees.
Banking
You will need a Greek bank account. Owning or renting a
home in Greece is no different to your current circumstances, bills need
to be paid ! Utility bills etc can all be set up and processed very easily.
Most banks charge nothing to set up an account, and can be arranged by telephone
and fax from your current address, with no need to be in Greece. Institutions
such as Piraeus Winbank offer full online banking with ATM access.
Because you are reading this page, you are probably considering purchase
or long term rental of property. Open an account NOW, we urge you not to
leave this to the last minute, especially if you live in a country not adopting
the €uro. This allows you to transfer money online to your account
when the exchange rates are favourable, ready for you to pay on demand.
We have clients who have lost thousands of pounds sterling by
not taking advantage of favourable exchange rates. Please contact us for
further details of how to open an account.
Your
Lawyer
Although you are free to choose a lawyer of your own outside
Greece, we would advise you to engage a local Greek lawyer who is familiar
with local issues within the prefecture of your choice. They are more acquainted
with planning regulations, and usually will have already had dealings with
our/your architect and Public Notaries. We can recommend a number of lawyers
who are experienced in property law, including commercial conveyancing.
Your lawyer will carry out all the necessary searches to document full and
clean title. To ensure fair play, the lawyers are required to make representation
of all legal procedures before a referee known as the Notary
Public, who oversees the searches, and will not proceed with any further
transaction agreements until he is satisfied with land registry searches
proving a clean title.
A very useful means of representation with the Notary Public is the use
of Power of Attorney. This is agreed early in the proceedings, and gives
the lawyers of both parties the legal right to sign documents in your absence,
saving you the time and trouble of attending the Notaries office.
Once contracts are signed, your lawyer will pay the purchase tax and register
the
deeds in your name. At this point, you are the freehold owner of the property.
It is advisable that should you require sight of the contract in a language
other than Greek, you should request this when you pay the deposit, agree
a price for the translation, and exchange e-mail contact details allowing
you to view/agree the draft contract contents. This will prevent any unnecessary
delays.
Insurance
Before completion, you should consider insuring your home,
and obtain quotations ready to pay your premium following signing, the house
is now your responsibility. You should also liaise with your lawyer regarding
the making of a Greek will following your purchase. You should not rely
on wills drawn in the country where you currently live.
Finance
Should you require financial help in funding your purchase,
the process of obtaining a mortgage in Euros is very easy, even if this
is not the currency adopted where you live. We have formed a partnership
with a respected financial institution, namely Conti Financial Services,
who specialize in financing property purchase all over the World. Should
you require a quotation, please click on the link below.