Legal Tips and Advice

It is very important to make sure your solicitor makes the necessary checks prior to you purchasing your Greek property to ensure the property you are purchasing is free of any legal issues. Always ensure you seek specialist advice from an independent solicitor, which is not connected to the seller of the property. Here are the most frequently asked questions when purchasing a property in Greece. If you still have a question or questions that are not answered, please feel free to email our legal consultant with your question. The email address is at the bottom of the page.

1. Do I need a lawyer ?

You need a lawyer to make sure the title is clean. The factual and legal search conducted by the buyer's lawyer at the Land Registry is very time consuming and requires specialization and experience in real estate law. The uncertainty of the current system of Land Registries is resolved in practice through the examination of the legal relationships in connection with the specific asset over a period of 20 years. The lawyer must also make sure that the property is unencumbered (free of burdens like mortgages or other legal encumbrance or Burden) and free of claims (no injunctions and enforcement measures or actions pending). In cases of buildings the lawyer has to further examine if the construction works are based on lawful building permission and all real estate taxes burdening the seller have been paid. The Greek lawyer does not only accompany each contracting party but also drafts the contract deeds and provides all necessary legal advice.

2. Where do I exchange the deeds ?

The deeds are exchanged before a public notary. The public notary's function and duties are very limited in Greece. The notary's duty to explain to the contracting parties their obligations and rights that arise from the respective transaction and make sure they are aware of the implications of their commitments is fulfilled in practice through the reading of the contract deed before signature. The instructed lawyer usually suggests a notary of his preference and trust. Both the purchase and transfer contracts require notarization. Contracts, not concluded in the required form, shall be null without possibility of remedy.

3. Do I have to be in Greece to complete the transaction ?

Each contracting party can give authority of representation to another person by signing a Power of Attorney. The proxy can also be given to the lawyer of the contracting party. A power of attorney can be signed either at the Consulate either at a public notary in the U.K. or even in Greece (usually when you visit the property for the first time and you decide to acquire it while you still are here). The existence of a Greek Consulate is of huge practical importance for foreign purchasers, as the Consulate can carry out legal actions, which, in Greece, fall within the scope of a notary's competence.

4. What are the costs of acquiring a property ?

Expenses to be born by the buyer include Transfer tax, Public notary, and Lawyer’s fee, local Bar association and land Registry. A total of 10%-13% of the property value should cover all expenses. The purchase tax is between 7%-11%. The fees for the Notary Public and the Lawyer are estimated at 5% of the purchasing price. And if you bought your house with a Realtor's help you must know that charges you 2-3% including VAT as commission for their professional services. You lawyer will interpret Greek real estate laws to offer advantageous solutions to you, always taking into consideration relevant tax implications and concerns thus making sure that you shall get what actually comes closest to your wishes.

For an analytical, step-by-step guide in which all legal and taxation issues are explained in Plain English or with any other questions please email Florent Kavadas - fkavadas@hotmail.com who has kindly provided this information for your use.