The buying process

The Buying Process

1. Book an appointment with a real estate agent to view the property.
2. You like the property and you make an offer
3. Offer is accepted and then you proceed with the pre-contract with a deposit (usually 10% of the asking price).
4. a) You issue a Tax registry number and open a bank account b) You give a power of attorney if you are not at the signing of the contract.
5. Submit the documents of the property to a notary. Find a lawyer if necessary.
6. The sellers do all the necessary extra documents to complete the contract.
7. Find out the transaction cost and check the titles of the property if necessary.
8. You transfer the money to your account if you have one or to your person’s account you have given the power of attorney.
9. Pay the transfer tax and sign the contract.
10. Change the names on water, electricity and telephone bills.

• Do I need a Tax Registry Number? Yes, this tax number (AFM) is mandatory for all buyers, including foreigners and permanent residents abroad. It is issued on the spot at the tax offices, free of charge. All applicants must present their passport . A foreigner, who has his residence abroad, qualifies for the acquisition of A.F.M, provided that he has appointed a tax proxy, both for the receipt of the A.F.M. and for the submission and the clearance of the relevant tax declarations
• Do I have to be present at the signing of the contract? No, not unless you would like to be here for the great occasion. If you are busy and haven’t got time to go out to Greece to sign , you will need to prepare a Power of Attorney to enable signing of the contract in your absence.
• Do I have to file tax returns in Greece once I’ve become a property owner? Yes, the Greek State has mandated that all property ownership in Greece must declare by filling out the forms called E3 and E9 and submitting it to the Greek Tax Authorities. This is mandatory for every property owner in Greece even for those who live abroad and have never filed tax returns in Greece or do not have an income in Greecethe The income tax return is submitted annually by all taxpayers between March and June.
• Do I have to pay annual property taxes and what other taxes do I have to pay? The annual property taxes depend on the value of your property (approximately 3€/per sqm). Local council taxes are only a few euros and will be automatically added to your electricity bill. Generally, your after sale cost is: Annual Property Tax, electricity and water bills, the accountant cost.