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The Buying Process

Prices of properties in Crete are in Euro and generally do not include lawyer fees, notary and registration fees, transfer tax and estate agency fees. Calculating the costs, it is easier to budget for an additional 9-12% as a guide for total purchase costs. Our Agency fee is 3% on the final purchase price plus VAT 24%.

Legal advice: It is highly recommended that you use a lawyer to deal with all legal and administrative formalities. Using a lawyer based in Crete is more efficient as he/she can visit and liaise with the various parties involved. We can recommend qualified lawyers who are based in Crete and familiar with the process. You can then sign a Power of Attorney for the lawyer to act on your behalf, issue a Greek Tax Number (AFM), open a Greek bank account, carry out the necessary legal surveys, deal with the various payments required and represent you and sign the final contract.

The Private Agreement is the name of the first document issued during the purchase process. It will be signed by you or your chosen lawyer and the seller and will stipulate the terms of the sale and specifics of the property or plot of land you are purchasing (location, size, price, identity of seller etc...). The 10% deposit is due at this stage. We can assist you with foreign exchange and free currency transfers.

The Final Contract will then be signed a few weeks later in the presence of a local Notary Public by you or your chosen lawyer, who will send you the title deeds and other relevant documents. This includes the original Import Documents from the bank, which will be needed by your Greek accountant to fill in your annual tax declaration.

Balance or staged payments: If you are purchasing a plot of land or existing property, the balance of the purchase price must be paid at the signing of the final contract. If you are purchasing an off-plan property, the balance is paid in stages according to the various stages of construction.

Your chosen lawyer will advise you of the necessary steps to take and we will remain by your side throughout the process to ensure your purchase is a hassle-free and enjoyable experience.

 

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