Our Legal Expertise
Our real estate legal services provide comprehensive advice and support to our clients throughout all aspects of property transactions. Property issues can be intricate, and along with the ever-changing regulatory, legal and tax environment of the real estate industry can introduce significant risks and implications. To address all challenges, we have developed a holistic portfolio of services, addressing unique needs and requirements, being able to utilize a multidisciplinary team of experts including Tax and Advisory lines of services and bringing to the table insights from the Global Network.
Roadmap to Purchase a home in Greece
What are the necessary steps for a successful closure/Transaction?
- A. The buyer needs to sign an agreement (Letter of intent-LOI) outlining the terms of sale (including completion dates if this is the case)
- B. Pay a deposit to secure the property. Usually, 10%. It is usual to pay a part of this deposit (called reservation deposit) followed by the remainder of the 10% within two weeks during which the surveyors will have the necessary time to complete their report. This is usually paid in an Escrow account handled by a Notary or our firm
DUE DILIGENCE PROCESS
- A. Legal representation is needed to check the legal standing of the property. If buyers are residing abroad they can give a lawyer a power of attorney so that he can arrange all necessary legal matters such as the necessary tax number, bank account, signing of contract etc., in their absence.
- B. Inspection of property. It is advised that the buyer hires a licensed structural engineer to prepare and sign the necessary papers that will give the all clear for the sale to proceed. It is very important that this report outlines the good condition and/or repair necessity not only of standard things such as the heating system or plumbing but must also depict the complete structural evaluation of the property.
Costs.
- A. The closing costs include fees and payment for the professionals used (see above). These costs are paid during to the notary contract and they involve:
- Transfer tax 3%
- Notary 1%,
- Lawyer 1%
- Estate Agent Fee/Commission including VAT
- Surveyor/Engineer approx. €500-5,000 (Depending on size of the asset and complexity)
CONTRACT CLOSURE (Notarial Transaction)
- Contract drafted by a public Notary. The notary is responsible for the preparation of the transfer contract, the documentation presented, calculating the taxes payable to the state and for the registration of the property at the land registry. Purchase price must be paid on the day of the contract with a bank cheque or a wire transfer. (Depending what all parties have agreed to).
