PROPERTY TRANSFER IN GREECE

Property transfer in Greece is a demanding process that requires the successful collaboration of various specialties such as engineers, lawyers, notaries, accountants, etc. This group of professionals collects all necessary documents for the legal transaction and checks them before signing the purchase contract, to ensure the buyer’s interests fully.

Our company BAGORDAKIS AND PARTNERS SA is staffed by experienced engineers and real estate consultants and so, this is what gives the company an important lead in the field of Real Estate: we can thoroughly judge and evaluate every technical detail of each property.

On top of that, our company cooperates with reliable notaries, lawyers and accountants and so may offer you a complete package of the whole transfer process.

Together, you can be sure about what you buy.

The seller is obliged to provide the engineer’s and the buyer’s lawyer with any documents requested to speed up the inspection procedures. (the deed, Building Permits, Topographic Plan, etc.) The engineer’s inspection examines the legality of existing buildings or the buildability of plots, while the lawyer’s inspection concerns the investigation of encumbrances on the property, debts, or other obligations. If deficiencies or inaccuracies are found during each inspection, the seller will be informed to undertake the cost and organisation process of repairing them. In this case, the seller may require the payment of an “engagement” which is agreed to be paid by the buyer at the same time as signing a pre-sale agreement.

The preliminary agreement for the sale/purchase of a property is the document drawn up between two parties, in the presence of a notary public, which commits them to carry out the described property transfer and includes all the conditions agreed upon by the parties which are necessary for the execution of the sale and the signing of the final contract. The assistance of a lawyer in drafting such an agreement, especially if additional terms need to be included, could be considered essential.

At the pre-agreement, the buyer usually gives a 10%-20% down payment to the seller to secure the deal.

Prior to signing the purchase contract, the notary fills in the transfer tax declaration and the buyer is obliged to pay the relevant transfer tax to the competent Tax Authority within 3 days. (3% on top of the price + an additional 3% municipal tax on top of that).

The final contract is signed in front of all the contracting parties who are present in person or through their appointed representatives.

After signing the purchase contract, the buyer is obliged to deal with the transcription/registration of an official copy of the signed contract at the relevant mortgage registry/land office and to obtain the corresponding certificate (transcription/registration). Only then he becomes the full owner of the property.