If you decide to buy a property in Crete there are certain steps you should follow. Actually, you won’t have to do much, since we are going to be there to guide you all the way.
First step: find the property of your dreams
Obviously, the first step is to find the property that best suits your criteria. Browse our large database of high quality properties or simply tell us what you are looking for and our specialized real estate agents will take it from there. And do not forget: QPS holds strong alliances with many other real estate agencies to offer you as many choices as possible.
Second step: becoming he owner
Becoming the owner of your property starts with the Purchase Agreement and ends with signing the final contract and recording your property at Land Registry.
This agreement identifies the buyer and seller and states all relevant details of your property (location, description, agreed price, estimated transfer tax, legal fees and all other terms and conditions agreed until the signing of the final contract).
Also, the purchase agreement states the deposit amount to secure the property purchase (usually a 10% of the agreed price).
Once your purchase is secured you will need an attorney in order to represent and assist you throughout the legal buying process. We can provide a list of experienced lawyers upon request.
Additionally, you can give your lawyer the authority (by signing a power of attorney) to legally represent you through the buying process in case you can’t be present.
Your lawyer’s responsibilities include:
- Ensure that the seller owns clear title of the property
- Prepare all necessary documents for the contract
- Arrange for you to visit a public notary (a government appointed lawyer) who based on Greek property law, must be present in the signing of the final contract
- Issue a tax registry number (AFM)
- Open a local bank account and arrange mortgage (if applicable)
- Act on your behalf in the course of the buying process (if given the authority)
When your lawyer and the notary have successfully completed all necessary checks, the notary drafts the contract. He/she is present when it is read to both buyers and sellers or their legal representatives and proceeds to the signing.
At this stage the balance of the agreed purchase price (after deposit has been deducted) is required and the deed is transferred and registered in the name of the buyer.
Third step: payment of taxes and fees
1. Transfer taxes: Transfer taxes related to the purchase must be paid by the buyer or their lawyer at the local Tax Office prior to signing the contract. This tax is 3% on the transacted value of the contract.
2. Notary Expenses: The notary’s expenses are calculated with an approximate factor of 1,5% - 2% on the price of the property as stated in the contract. There is also a stamps’ tax, expenses for third parties and expenses for registering the land (about 0,5% of the price of the property as stated in the contracts).
3. Lawyer’s Fees: The representation of a lawyer is obligatory and costs about 1,5% of the valid price of the property (unless agreed otherwise).
4. Real Estate Agents Fees: according to agreement.
Fourth step: Title transfer at the Registry of Mortgages and the Land Registry
The buyer's attorney makes sure that the title is transferred to the buyer's name by obtaining the relevant certificate from the Registry of Mortgages. A copy of the title and the certificate from the Registry of Mortgages is needed to register the property under the buyer's name at the Land Registry.
Annual tax declaration
As a property owner in Greece, you will be required to complete an annual tax declaration.