Buying property in any foreign country can be quite a challenge and certainly most buyers have many questions to ask about how it is all done. This list of questions and answers has been compiled to give you a good starting point and aims to assist you with your research with what is involved when buying a property in Greece.
Q: What is www.agreekproperty.com?
We are an exclusive property website that provides access to a unique range of properties and investment opportunities in Greece, the choice of which is updated daily. We also provide helpful advice about where to buy; regional information; lifestyle; buying guides and much more.
Q: What types of properties are available to buy in Greece?
There are many different types of properties available to buy in Greece: Cottages, villas, village houses, town houses and apartments. You can find old properties to renovate or you can buy a plot of land and build your new home. There is most certainly something out there for everyones taste and budget.
Q: I want to buy a home in Greece. Where do I start?
You've come to the right place! Search www.agreekproperty.com to find an exclusive range of Greek properties , plus hints and tips about where to buy and your lifestyle in Greece. Once you've settled on a property, phone our team on +44 (0)207 4831085. Don't forget, it's wise to obtain professional, independent legal, financial and tax advice.
Q: I've seen a property I like on www.agreekproperty.com. How can I buy it?
Just simply contact our team on +44 (0)207 4831085. Our professional sales team will guide you through the process and help you secure your dream home in Greece
Q: Can I fly out and see the property?
Yes. We offer special inspection trips and take care of the flight, transportation and accommodation details for you, so you don't have to worry. Our local team will make sure you have anything you require and will make sure you enjoy your short stay in Greece! For more details, call our team on +44 (0)207 4831085.
Q:How can I raise money to buy my dream home?
Banks, building societies and Independent Financial Advisors will lend you money to buy homes abroad, subject to their lending criteria.
Q: Is it possible to get a mortgage in Greece? If so, what are the requirements?
Yes, it is possible to get a mortgage in Greece. To apply for a mortgage you will need your passport and proof of income for the last 2 years (P-60ís, payment stubs, or tax returns if self-employed). Please be aware that if you apply for a Greek mortgage, you must be able to pay all closing costs before any funds from the bank are released.
Q: Do I have to have my finance in place before my inspection visit?
It is advisable to have your finance in place before your inspection visit. If you see your dream home you will be able to purchase it without any delays. This way you will not miss out.
Q: Do I need legal advice?
Absolutely. We recommend that you always take reputable, independent legal advice when buying a home overseas. It is wise to seek an English-speaking lawyer who specialises in the country in which you are buying. Our property team will be able to assist you in finding a lawyer to provide services for you, from our recommended list of English-speaking lawyers. Alternatively the British Consulate has a list of recommended lawyers, tel +3 (0)210 3692333.
Q: Will I have to pay tax on the property that I purchase?
Yes. The single purchase tax (which is the Greek equivalent of our stamp duty) is calculated at between 9% and 11% of the assessed property value for plots of land. For apartments and houses the charge is between 11% and 13%. The Inland Revenue will base their assessment on special tables issued by the Greek Ministry of Finance. The tables help determine the value of the property according to its merits, i.e. location, nature, quality of construction etc. The assessed value will usually amount to around two thirds of the true purchase price.
Q: Do I have to pay a deposit?
Yes, it is normal to pay a deposit of 10-20 % of the agreed purchase price. This seals the contact between the seller and buyer. If the seller pulls out (which is unlikely) he must return the money plus the same amount again. If the buyer pulls out the deposit is forfeit.
Q: I have found the house I wish to purchase in Greece ? Now what happens?
- Choose an English-speaking lawyer. Our team will be able to assist you with appointing a lawyer from our list of recommended lawyers.
- You will need to sign a proxy in order for your lawyer to represent you and obtain your tax number (AFM). You need this to complete your purchase; check title deeds and ensure that there are no outstanding issues with your property; and to sign the contract on your behalf. In this way the property can be signed over to you and itís not necessary for you to make extra visits. Your lawyer will also deal with the Public Notary on your behalf. The Public Notary is responsible for drawing up your contracts, witnessing the signatures / payments and registering the new ownership of your property. When this process is complete the lawyer will provide you with a copy of the deeds. The original is placed with the land registry department.
- All transactions are in Euros. You will need to set up a Greek bank account to pay for your legal advice, transfer money and pay bills. There are foreign exchange brokers that can transfer large amounts to Greece according to the business rate. Payment of utility bills can be set up very easily by direct debit via the bank, and money can be transferred online. The Laiki Bank is connected to the HSBC and accounts can be opened in the UK.
Q: How long does the purchase process take?
A property purchase is generally completed in a short period. It can take as little as 48 hours or up to 2 weeks. However, if the seller has not collected all the necessary documents for the transaction, it can take up to 3 months.
Q: What other costs can I expect?
Other costs include the following:
- Union fees: 1% of the taxable price of the property up to 44,000 and then 0.5% on the remaining taxable property price.
- Lawyer's fees: Lawyers charge between 1% and 2% of the assessed value as recorded on the contract of sale.
- Public Notary fees and registration charge: The Notary Public fee is between 1% and 2% of the assessed property value
- To the above cost of purchasing your property you should make an allowance for either buying furniture or appliances in Greece or transporting your furniture and household effects from the UK.
Q: What happens if I change my mind?
If you have signed a contract and paid a deposit for a property, this is considered to be an official intent to purchase. It is important that you are absolutely certain that this is the property you want, and that you feel you are under no pressure to sign a contract and pay a deposit. Should you decide to withdraw from the purchase, you will lose your deposit.
Q: What happens if the vendor changes his / her mind?
If you have signed the pre-contract and made an initial deposit, your deposit will be refunded in double.
Q: I want to buy a home, but I can't look after it all-year-round. Who can help?
Our property management team will arrange everything for you. We will make arrangements for cleaning and maintaining your property for a fee.
Q: Do I have to pay a fee for finding a property?
Yes, commission is usually paid by the seller and the buyer in Greece. Fees and are normally 3% - 5%. After sales services are often available and will also incur an additional charge. Fees are generally fixed in accordance to the services that you require.