Buying a Property In Greece
Residential & Commercial Real Estate Transactions
Buying a property in Greece is often a complicated process. We specialize in providing legal services for facilitating smooth property transactions for clients. Whether you’re purchasing a vacation home in Rhodes, buying a property in Rhodes Greece an investment property in Symi , or relocating to any of the Aegean islands we are here to guide you through every step of the process .
It is essential for you to have an experienced attorney who is committed to protecting your rights and interests.
If you are a real estate investor, developer or other party conducting a real estate transaction, you also have significant financial interests that must be sufficiently protected.
Our law office provides :
- Legal Advice
- Land Registry Search
- Obtainment of Tax Number
- Guidance on opening of Bank Account
- Application for the permit to purchase in borderland areas of Greece.
- Draft, Review and Negotiation of Preliminary Contracts
- Draft, Review and Negotiation of Contracts
- Tax consultation
- Real Estate Closings
frequently asked questions
Buying or selling a property will probably be the largest and most significant transaction you will make in your life. It involves the law of real property, which is unique and raises special issues of practice and problems not present in other transactions.
- A real estate lawyer is trained and has the most experience to deal with these problems.
- Real estate closings are complicated matters and require a thorough knowledge of the law. It is important that you are guided throughout every step of the closing procedure by an experienced real estate lawyer.
- A real estate attorney performs many time consuming tasks preparing for a closing : pre-contract drafting and negotiation, document review, examination of titles, gathering and explanation of legal documents, resolution of any possible title difficulties, advice on taxation and the legal way to make payments, contract drafting and negotiations.
- A real estate attorney oversees the preparation of a complete file of the necessary documents for the smooth and quick real estate transaction.
- .An experienced real estate attorney oversees the entire procedure, saving you from being overwhelmed by the paperwork involved, takes care of the disclosures that need to be made, inspections,title assurance , and issues that can suddenly turn a sure sale into a disaster.
- A real estate attorney thoroughly examines the title records for prior conveyances, unpaid mortgages, liens, judgments, easements, and other encumbrances, examining if the seller has the authority to convey a legal and clear title for the property and that no errors exist in the deeds in the chain of titles.
- A real estate attorney examines all necessary paperwork needed from the seller, the seller’s tax status, the engineers’ sketches and certificates regarding the property and its legality.
- A real estate attorney deals with last minute disputes and issues arising during the final stage of the closing procedure regarding delivering possession or the adjustment of various costs, such as pending utility bills.
- Being represented by an experienced real estate attorney, can assure you that all issues will be properly addressed and that your interests will be protected.
- Foregoing a real estate attorney is neither the best nor the smartest way to save money when buying or selling a house, as it is likely that you may get involved in serious legal issues and end up spending more money than anticipated and necessary
Buying property in Greece involves several steps. Here’s a general overview of the process:
- Research and Budgeting: Determine your budget and research the property market in Greece. Consider factors such as location, property type, amenities, and legal requirements.
- Find a Property: Once you have a clear idea of what you’re looking for, start searching for properties through real estate agents, online listings, or local advertisements.
- Legal Due Diligence: Before making an offer, conduct thorough due diligence on the property through your Real Estate Attorney. This may include verifying ownership, checking for any existing debts or liens, and ensuring the property complies with zoning regulations.
- Make an Offer: Once you’ve found a property you’re interested in, make an offer to the seller. Negotiate the price and terms of the sale, including the payment schedule and any conditions (e.g., repairs, furniture included)
- .Preliminary Agreement/ Pre-Contract : If your offer is accepted, a preliminary agreement is usually signed (known as a “reservation agreement” or “preliminary contract”) and a deposit, usually around 10% of the purchase price is paid.
- Legal Representation: It’s advisable to hire a Real Estate Lawyer to guide you through the legal aspects of the transaction, and help ensure all necessary documentation is in order and protect your interests.
- Title Search and Property Survey: Your lawyer will conduct title search to confirm the property’s legal status.
- Final Contract: Once all legal and financial matters are resolved, the final sales contract (known as the “deed of sale” or “purchase agreement”) will be issued and signed before a notary public.
- Payment: Upon the signing of the final contract, the remaining balance of the purchase price will be paid.Purchase taxes will have been paid prior to the issuance of the contract.
- Registration: The contract must be registered with the local Land Registry.
- Utilities Transfer: Your Real Estate Lawyer will assist in the transferring of utility accounts (water, electricity, etc.) into your name and ensuring all bills are paid up to date
Enjoy your new property: Once the transaction is complete, you can take possession of your new property and start enjoying it!
It’s crucial to seek professional advice throughout the process to ensure a smooth and legally sound property purchase in Greece.
Yes, it’s possible to grant power of attorney for the purchase of property in Greece on your behalf. A power of attorney document specifying the powers granted, including the authority to buy property in Greece must be issued and signed. It’s essential to ensure that the document is legally valid in both your jurisdiction and Greece. A Real Estate Lawyer can guide you though the process and will deal with any legal complexities.
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