In Greece the first thing you need to do when buying property is to obtain a tax number (AFM) from the local authorities. This should take just a few days to sort out.
Once you have found your ideal property, the next step is for the buyer and seller to draw up a preliminary contract, you should get this checked our carefully by your lawer, ensuring that necessary conditions such as obtaining the clear title. You will now be required to put down a deposit of between 5% and 10% of the purchase price.
There are some necessary checks that will be carried out at this stage, and as long as everything goes smoothly you will sign the final purchase contract in front of a notary. You will then be required to pay the remaining balance along with all fees.
In Greece, properties are sold in the condition they appear on the final day of completion, therefore it is important to view the property on the completion day to ensure that everything is ok before signing.
Deeds should then be sent to land registry, who will register the transfer of ownership.
Typical Fees and taxes
Transfer tax should be calculated by your lawyer however you should expect to pay between 7% and 11%.
1% should be budgeted for legal fees.
Agents fees are between 2% and 4%
The total amount of transfer tax should be paid before signing the final contract
Notary fees are around 1%
VAT may be applicable (18%), however this is only for certain cases, consult your lawer.
