1. Obtaining a Greek Tax Number
Before completing the purchase, the buyer must obtain a Greek Tax Identification Number (AFM). The AFM is required for the purchase of property and for fulfilling the relevant tax obligations.
2. Legal Due Diligence
Before signing any purchase agreement, a legal due diligence of the property is carried out.
The lawyer conducts searches at the competent Land Registry or Hellenic Cadastre to verify that the seller is the lawful owner and that the property is free from mortgages, pre-notations of mortgage, seizures or other encumbrances.
The chain of title is also reviewed, together with any pending claims or legal disputes concerning the property.
3. Technical and Planning Due Diligence
Alongside the legal review, a technical and planning inspection by a qualified engineer is recommended.
This may include checking the building permit, approved plans and the actual condition of the property, as well as identifying any unauthorised constructions or planning violations.
4. Tax Obligations
Before the purchase deed is signed, the applicable tax procedures must be completed and the relevant real estate transfer tax must be paid, where applicable.
As a general rule, the transfer tax is payable by the buyer and is calculated based on the taxable value of the property.
5. Signing the Purchase Deed
Once the necessary checks have been completed and all required documents have been collected, the final purchase deed is prepared and signed before a Greek notary.
If the buyer is unable to be present in Greece, they may, where appropriate, be represented through a special power of attorney.
6. Registration of the Purchase
Following the signing of the purchase deed, the deed is registered with the competent Land Registry or Hellenic Cadastre, completing the transfer and registration of the buyer’s ownership right.