dodecanese villas

Legal and Financial

We are not Lawyers or Mortgage brokers, however our experienced team can advise you from the initial stages of purchase on which of these professional services that would best suit your individual needs.

Purchase procedures

Once you have decided to buy land or property, unlike many other European countries, the procedure in Greece really is quite straightforward. From the outset, you make a firm commitment, usually requiring the payment of a 10% deposit to secure the agreed price. This payment will be fully documented, and you can even insist that a full refund should be offered in the unlikely event that title searches or other legal matters prevent the sale being made.

When the receipt is drawn in your favour, this confirms that the vendor has been instructed to take the property off the market awaiting the completion of the purchase contracts by both parties' lawyers. Once finalised, a date will be agreed for you to pay the purchase tax, the balance of the purchase price, and of course your legal fees.

Banking

You will need a Greek bank account. Owning or renting a home in Greece is no different to your current circumstances, bills need to be paid ! Utility bills etc can all be set up and processed very easily. Most banks charge nothing to set up an account, and can be arranged by telephone and fax from your current address, with no need to be in Greece. Institutions such as Piraeus Winbank offer full online banking with ATM access.

Because you are reading this page, you are probably considering purchase or long term rental of property. Open an account NOW, we urge you not to leave this to the last minute, especially if you live in a country not adopting the €uro. This allows you to transfer money online to your account when the exchange rates are favourable, ready for you to pay on demand. We have clients who have “lost” thousands of pounds sterling by not taking advantage of favourable exchange rates. Please contact us for further details of how to open an account.

Your Lawyer

Although you are free to choose a lawyer of your own outside Greece, we would advise you to engage a local Greek lawyer who is familiar with local issues within the prefecture of your choice. They are more acquainted with planning regulations, and usually will have already had dealings with our/your architect and Public Notaries. We can recommend a number of lawyers who are experienced in property law, including commercial conveyancing.

Your lawyer will carry out all the necessary searches to document full and clean title. To ensure fair play, the lawyers are required to make representation of all legal procedures before a “referee” known as the Notary Public, who oversees the searches, and will not proceed with any further transaction agreements until he is satisfied with land registry searches proving a clean title.

A very useful means of representation with the Notary Public is the use of Power of Attorney. This is agreed early in the proceedings, and gives the lawyers of both parties the legal right to sign documents in your absence, saving you the time and trouble of attending the Notaries office.

Once contracts are signed, your lawyer will pay the purchase tax and register the
deeds in your name. At this point, you are the freehold owner of the property. It is advisable that should you require sight of the contract in a language other than Greek, you should request this when you pay the deposit, agree a price for the translation, and exchange e-mail contact details allowing you to view/agree the draft contract contents. This will prevent any unnecessary delays.

Insurance
Before completion, you should consider insuring your home, and obtain quotations ready to pay your premium following signing, the house is now your responsibility. You should also liaise with your lawyer regarding the making of a Greek will following your purchase. You should not rely on wills drawn in the country where you currently live.

Finance
Should you require financial help in funding your purchase, the process of obtaining a mortgage in Euros is very easy, even if this is not the currency adopted where you live. We have formed a partnership with a respected financial institution, namely Conti Financial Services, who specialize in financing property purchase all over the World. Should you require a quotation, please click on the link opposite.