Property in Greece - Foreign Ownership
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All EU citizens have equal rights concerning the purchase or sale of property in Greece. Non EU citizens are also free to buy property in Greece, however with some restrictions as described below. An additional special permission is required for the purchase of properties close to the Greek borders. Such permission, will be issued by the local Authorities and it is not granted to non EU citizens.
Land Registration SystemAccording to the Greek law, the transaction contract, also known as a "Transaction Deed", is signed by the buyer and the seller in the presence of:
- A Notary Public.
- A lawyer appointed by the buyer.
- A lawyer appointed by the seller.
The documents required for signing a property-transaction deed are: Both the buyer and the seller must provide:
- A valid passport (or a legal or legally attested identification card or document for EU citizens only)
- A Greek VAT registration number (IRS registration number) which is obtainable by non Greek citizens, within 5 working days by the Greek Tax Authorities.
- The seller should provide a clean "B" Tax certificate issued by the competent Tax Authority, according to Law 1882/1990 proving that he has no outstanding debts towards the Hellenic Fisc.
In most prefectures and municipalities of Greece the transaction deed as described above, is registered by the Notary Public, under the name of the buyer, in the records of "The Public Registration Office of Mortgages & Deeds". However in some prefectures, properties are registered under the Identification Number of the property in the "Cadastral Public Registry". This registration system is under development all over Greece.
Other Industry ProfessionalsNeither lawyers nor any other persons from other professions, are directly involved with, and /or being paid for the sale or rental of properties in Greece. It is required, though, that lawyers and notaries to be involved in the completion of a real estate transaction, in the capacity of their profession.
Practitioner Dispute Resolution SystemsThere is no mechanism other than through the legal system to adjudicate remuneration disputes.
Practitioner ServicesServices are to assist both in sales and /or rental. The practitioner, in his/her capacity as a real estate agent, will advise the customer (the buyer or the seller to be), will propose alternative property, and acting on behalf of the customer, will negotiate the details of the transaction to his / her customer's best interests. HAR members will additionally provide services including but not limited to the following: Ownership investigation, in order to propose property free of any charge, lien, mortgage, rights of third parties, claims from any State or any other Person (s) for any reason whatsoever; especially from estate taxes (viz. land property, inheritance etc.) or municipal taxes, damages to neighboring owners and/or plots, of any lease or use by third parties and disputes in or out of Court, and also that the property is sold and will be delivered to the buyer, on the day of signing the final contract, with the benefit of full vacant possession. However, it is always mentioned that the full responsibility for this investigation remains with the parties' legal representative, who must be present at the signing of the contract, as it is required by the Greek legislation. Co-ordination and follow-up of all necessary actions towards the legalization of the purchase contract within specified time limits.
Relationship of Buyer/Seller to PractitionerThe legal obligations between the practitioner and the party are described in a mandate, which functions as a contract between the parties. In Greece, the practitioner represents either the buyer, or the seller, or both. The contracts are always in writing. "Written contracts", is the usual practice, but are not mandatory. There are formally no other types of relationships between the practitioner and the consumer, but a number of services can be carried through, subject to mutual agreement.
RemunerationA commission is agreed upon and referred in the mandate to be signed. The commission will be paid by the Buyer and/or the Seller, according to the relevant agreement. According to the Greek law, payment is effected upon the signing of the final contract. Funds are not specifically, controlled by any particular establishment or institution. There are no statutory restrictions regarding remuneration.
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