Purchase Process
Legal principles of property transactions in Greece.
Title transition and registration is a totally transparent, easily controlled and public procedure in Greece. The country is a European Union member since January 1981, so both national and European legislation are applicable.
In case one party of a property transaction is not a Greek citizen, the following actions should be performed:
- Drawing of a Power of Attorney. It is done by a Greek notary in the presence of an accredited translator (compulsory). This Power of Attorney authorizes the lawyer whose name is stated in this document to act on the foreigner’s behalf. It also contains the powers granted to the lawyer for the purposes of the Principal Property Purchase Agreement drawing and execution. Thus, the buyer doesn’t have to deal with long and complicated legal formalities and procedures.
- The authorized lawyer, acting in the name and on behalf of his principal (buyer), registers him as a tax payer in Greece and opens a bank account in a state bank (in the buyer’s name).
- The authorized lawyer thoroughly checks the state Property registry for the property history and for other details (such as existing or previous mortgages, encumbrances or other charges, existing and previous contracts and agreements concerning the property etc). After he finishes the property checkup, he draws a report, signs and certifies it and delivers it to the prospective buyer.
- The authorized lawyer draws a Title Transition Tax statement and submits it to the local tax body. The tax rate amounts to 3,09%.
List of documents for registration of real estate:
- Valid international passport
- Valid visa that allows entry to Greece
List of documents for opening a bank account in Greece:
- Valid international passport
- Valid visa that allows entry to Greece
- Document confirming permanent residence (internal passport of the country of residence)
- Letter of employment confirmation (official document confirming the main professional activity of a potential buyer, the kind of which has no importance)