Buying procedure
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Once you have made a decision to acquire property in Crete and have found the house or the plot of your dreams, your first concern should be to begin the legal proceedings. It is essential that you instruct a lawyer of your choice to do a legal survey of the property deeds, and for this purpose we recommend that you give power of attorney to your lawyer - a simple procedure at a notary's office, with an approximate cost of 60 Euros - consult your lawyer about this.
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Your lawyer can then be your legal representative and can do all the siginficant checks of the property deeds, permits etc. and sign (in your absence) all the important documents required all the way through the process until your final purchase contract is signed, or the house you are building is completely finished - completely hassle free for you!
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If the property deeds are clean, the notary public will draw up the official purchase contract. On the day of the undersigning, the full amount of the purchase price is due (unless arranged differently). Clearly your lawyer will only make payments you instruct him or her to make on your behalf, and will also consult you on each decision that should be made regarding your estate. After the contract is signed, the lawyer will also enter the new owner details of the property into the local land registry - only now the purchase procedure is complete!
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You will also need to open a bank account, at a local bank in Crete. Your lawyer will need to have access to your bank account in order to fulfil your payments. Your lawyer as your legal representative will arrange for you to acquire a tax registration number in Greece (known as AFM) - essential also for other transactions like purchasing a vehicle in Greece!
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Please note that all newly built properties in Greece, for which the application for the building permit, was lodged after November 26th 2005, will have a 19% V.A.T charge added in order to follow the EU directive. The harmonisation of the Greek property law with the rest of Europe, removes all previous property taxes including the deeds transfer charges mentioned above and stamp duties. VAT is rapidly becoming applicable to many properties coming on to the market and is added or included in the price of the property paid to the developer who is liable for its payment to the authorities.
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