The Property Buying Process in Greece

The Property Buying Process in Greece

Is it easy to buy a property in Greece?

It could be argued that the real estate market in Greece is safer than in other countries, because a Greek law once required buyers to have their own lawyer in any legal transfer of property.

This law has been abolished and the representation of a lawyer during the signing of the final contract is optional, for all the contracting parties. However, it is helpful to have one of your own lawyers who will do all the necessary research on the property and make you feel more secure. This guarantees and ensures the correct procedure is followed from both, buyer and seller.

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Citizens of the European Union or third-country citizens have the opportunity to acquire properties in Greece. The potential new owner of the property will collect all necessary documents through a Real Estate Agency, which will be controlled by a lawyer and a notary. All approved documents will be finally used to securely sign the transaction contract.

The common procedure to implement a contract is:

  1. Issue the Tax registry number.
  2. Open and issue a bank account under your name in a Greek bank.
  3. Consider any «encumbrances» on the property.
  4. Examine all registered property contracts.
  5. Control the technical plans of the property and issue the required from law “certificate of no-illegality”.
  6. Making the necessary payments.
  7. Present the final contract to the Notary Public Office.
  8. Sign the final property purchase contract.

All these actions can happen without the owner's presence, since the owner has the option with a “Power of Attorney” to allow his lawyer to do all the necessary actions needed to acquire real estate in Greece.