Justvillas advice
Buying a property is a momentous procedure that demands research, planning skills and trustworthy guidance. In order to ensure that all property purchases are always held in accordance with the existing conditions defined by the law, providing at the same time transparency, discretion and trust between all parts of a transaction, we have collected for you all the necessary steps to follow before completing any purchase:
Necessary checking and preparatory procedures- Check the property titles registered in the Mortgage Register.
- Check that the registration of property to Land Register corresponds to actual details of the property.
- Register for a Greek VAT Number from the area's Tax Office, so as the act of purchase is valid.
- Open a bank account in a Greek bank in order to lay the necessary transactions. When opening a bank account, an additional power of attorney should be needed.
Details of purchase
At this point, all details concerning the property need to be clarified, as well as to define its characteristics and all necessary expenses until the final contract.
Prior agreement and deposit
At this point, a prior agreement is prepared and signed by both parties in the Notary Office. This prior agreement bonds both parties to the price and date of purchase. During this procedure, the buyer should pay a pre-agreed deposit (usually 10% of the final price of purchase). This deposit is returnable in case the buyer's lawyer finds any setbacks after checking. If, for any reason, the buyer wishes to withdraw from the agreement, the deposit is held back.
Composing the contract
The notary, along with the lawyers of both parties, compose the final contract of purchase. This contract includes all information and details about the property mentioned. On the day the final contract is composed, all necessary files are signed by both parties or their lawyers, the remaining amount of money is paid and the procedure of purchase is completed.
Final procedures
After the contract has been signed and the purchase has been completed, there are only a few more procedures to be followed:
- Arranging the connection of the property to the Services of Public Interest, for electricity and water supply, etc.
- Making sure that the contract of purchase has been handed over to the Mortgage Register to confirm the new property titles are issued in the name of the new owner, in addition the transaction of purchase is handed over to the National Land Register.
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