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How to buy a property in Crete / Greece (18.04.2016)

Should you decide to purchase a property in Crete, please find below some useful information:

1. Firstly you need to find a local lawyer who will be your local "representative/lawyer by proxy".

The lawyer by proxy will check the deeds before signing the property purchase contract. He/she will also sign on your behalf and will undertake to deal with the local authorities. 

Of course, there is always the option of the actual client him/herself signing the property purchase contract should he/she be here in Crete.



2. This person, once defined, will firstly have to get a Power of Attorney from you, in his/her name, which will allow him/her to act on your behalf. 

A Power of Attorney can be drawn up in two ways. Either – 

• Locally on Crete at a Notary Public

• In your home country. In this case, the Power of Attorney should be signed in a Greek consulate. This has among others the advantage that the document will be issued in Greek and no further translation is necessary. If there is no Greek consulate in your area, you can sign the Power of Attorney at a local Notary Public, but it has to incorporate the Apostille. We can send you a draft copy of this Power of Attorney, where you will need to fill in the name and details of your representative and then go to a consulate or a local Notary Public in order to sign and formalize it. 

3. A Tax Number and bank account are needed. They can both be included at the power of attorney in order for your lawyer to deal with them or you can do it while you are in Crete. 

4. In the case that you are buying a land in Crete, it is highly recommended to arrange for a civil engineer to check out the land capability to build. It could be a long process but it is worth the time and the money for your new investment in Crete. 

5. When the above steps have been done then a pre-contract is signed at the Notary Public, here in Crete, between the client(s) and the seller(s) and includes a full description of the offered property or service, and all the terms and the agreements. If the client is not present, then his solicitor undertakes the responsibility to sign the documents and inform the buyer. A normal amount at the pre-contract is usually the 10% from the purchase price. 

6. At the end the property purchase contract will be signed in Greece, in the presence of a local Notary Public and you/your representative. Then your lawyer post to you a copy of the title deeds and all other relevant documents. The original Import Document will be kept at your lawyer’s. These have to be delivered to your Greek accountant when your tax declaration should be submitted (February/March). By the time of signing the contract, the relevant legal expenses are also due, which include the transfer tax, the Notary Public’s fees, the lawyer by proxy fees, agent fees and the Local Bar Association fees. 

7. For money transferred into Greece you could use one of the following ways: 

• Transfer the funds from your bank account in your home country to your bank account in Greece.

• Transfer the funds from your bank account to a Foreign exchange service (if your country has a different currency) and the foreign exchange company transfers the funds to your bank account in Greece. In this way you could have a small profit from the banks exchange rates. 

In both cases, your lawyer should obtain the relevant official Import Document for you, needed to declare the transfer.

In case you need more information please come in contact with us.

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