Buying Property in Paxos

Buying in Greece

Procedures for purchasing property in Greece

Greece now comes under EU ruling, with regards to the transfer of ownership of land and property.
Due to beneficial change in the law, it is now possible for everybody worldwide to purchase property
in Greece as it is no longer exclusive to EU citizens.
It is necessary to appoint a lawyer in the case of buying property, who will check and confirm title of
ownership and ensure that there are no mortgages outstanding.
A public notary is also appointed, to make a record of all contracts and file necessary documentation
within the Land Registry Records.
Once a decision has been made to purchase a property and a sale price is agreed, the following
procedure takes place:

Power of Attorney in case of Purchasing Abroad

Clients will often opt to arrange a power of attorney during their time on Paxos as a means of being
able to initiate and if required, complete the process of buying without the need for their continued
presence. Many clients have found this an invaluable asset when purchasing on Paxos as it eliminates
the potential difficulty in traveling to and from Greece during the buying process and importantly,
it allows us to act with the nominated person as and when necessary. The public notary is authorized
to activate a power of attorney to any person nominated by the purchaser and this should be given
only to a trusted person or legal representative chosen to deal with the case.
JM Property can arrange this with the purchaser if required and the notary will charge a small fee for
drawing up the document.
Power of attorney can be arranged from the UK, but the process is more lengthy and costly and an
official translation is also necessary.

1) Tax Number

Anybody wishing to purchase land/property in Greece must obtain a Greek Tax Number. This is a
relatively easy process and JM Property will make the necessary arrangements for this to be done.
It requires the completion of a form, consisting of personal details along with a copy of a valid
Passport. An administration fee of fifty euros is payable for each tax number made.

2) Appointment of a lawyer

The purchaser is responsible for the appointment of a lawyer. JM Property can assist and advise on
this matter and if required, make appointments for the lawyer to liaise with the purchaser.
Additionally, JM Property can liaise with the lawyer on behalf of the purchaser.

3) A pre-contract Agreement

This is an agreement made in writing, by the purchaser and JM Property. It determines the agreed
purchase price and the date of completion of the final contract.
Although necessary checks have already been carried out by JM Property, we require that the
purchaser appoint a lawyer to make the final checks before transfer.
During this period the lawyer will satisfy him/herself that the property in question, is clear of
mortgages or tax liabilities and that title of ownership is clear.
At this time the purchaser will deposit to a lwayer of the purchaser a sum equivalent to 10% of the agreed
purchase price. This deposit is held in trust until completion.
In the event that completion can not take place because the lawyer is not able to satisfy requirements
on behalf of the purchaser, the deposit shall be returned to the purchaser, in accordance with the
agreed timescale for return.
In the event that the purchaser no longer wishes to complete the sale, the deposit is forfeited.
The pre-contract agreement takes place in the office of the Public Notary, who will oversee and
approve the agreement.

4) Completion of Final Contract

Signature of the final contract takes place in the office of the Public Notary. The presence of the
purchaser is necessary, unless somebody has been appointed with power of attorney to act on their
behalf. JM Property can arrange this if required.

Additional Costs to be accounted for in a purchase:

Transfer Tax Fee
Approximately 3% should be accounted for; based on the agreed purchase price.
Public Notary Fee
Approximately 2% of the purchase price.
Lawyer Fee
To be agreed between the lawyer and prospective client, however we advise that this should not
exceed 2% of the purchase price.
Agents Fee
Fee is 3% of the purchase price.
Survey Fee
Costs vary for a topographical survey depending on the size of the property and detail of the plan.

Loan Possibilities

Property is considered a good investment here in Greece & it is possible to obtain a loan from a
Greek Bank for both the purchase and/or construction of property.