1. Appoint a Lawyer
2. Appoint a Public Notary
3. Registry of Mortgages
4. Acquire a tax registry number (AFM)
5. Pay the transfer tax
6. Signing the contract
7. Effect transfer at the Registry of Mortgages
8. Notify the Land Registry for the transfer

1. Procedural Costs for the buyer
2. Can I draw-up a loan to buy property in Greece?
3. Is there Value Added Tax in Greece?

A. Buying Procedure

1. Appoint a Lawyer

The buyer must appoint an attorney to assist him with and represent him in the whole procedure.

2. Appoint a Public Notary

A public notary must be appointed in order to secure the purchase agreement and to be valid. A public notary is a public official and he is present when the contract is read, understood parities and signed by both. The notary drafts the contract and is responsible for the verification and registration of the transaction in the public records, so that the buyer acquires the official title of the property.

3. Registry of Mortgages

   Get a copy of the title deed and perform a title search at the Registry of Mortgages. The buyer must obtain the contract deed held by the seller. This can be done with the help of the lawyer. It is then the lawyer's obligation to search the deed at the registry of mortgages. This search is requires in order securing that:

   • The seller holds the absolute deed of the property.
   • The property is without any debt.
   • All property taxes burdening the seller have been paid.
   • The construction was completed in accordance to all planning and building permissions.

4. Acquire a tax registry number (AFM)

The AFM is the Greek tax registration number and required by the Greek Tax Authorities is necessary for purchasing or renting a property, opening a bank account, and in many other occasions. To apply for a the AFM you need usually only a copy of your passport (in some tax offices they may ask you for a copy of your birth certificate as well) and go to the nearest tax office. This can be also done by a person who has a simple power of attorney from you. A tax registry number must be issued for the buyer, to be able to proceed with any transaction. The tax registry number is applied for and issued by the Inland Revenue Service.

5. Pay the transfer tax

The transfer tax must be paid to the local Inland Revenue Service by the buyer prior to signing the contract. This can be done with the aid of the attorney.

6. Signing the contract

In order to have a valid contract, it must be signed in the presence of a public notary. When the contract is signed, the notary registers the transaction at the local registry of mortgages.

7. Effect transfer at the Registry of Mortgages

The buyer's attorney makes sure that the title is transferred to the buyer's name by obtaining the relevant certificate from the Registry of Mortgages.

8. Notify the Land Registry for the transfer

A copy of the title and the certificate from the Registry of Mortgages is needed to register the property under the buyer's name at the Land registry.

B. Various Costs

1. Procedural Costs for the buyer

   • Lawyer: about 1-2% (subject of agreement) on the selling price adding the legal research and any other legal advice had offered to the client.
   • Fee of public notary: 1,3% on the value of the property.
   • Transfer tax: This is payable to the local tax authority and amounts to 9% for the value up to 15.000 Euro plus 11 % for the value above 15.000 Euro. In areas that are not covered by a fire department these figures drop to 7% and 9% respectively.
   • Municipality tax: This amounts to 3% of the above transfer tax and is also payable to the local tax authority.
   • Registry of Mortgages: The fee payable to the registry of mortgages amounts to 0.45 % of the property value.

2. Can I draw-up a loan to buy property in Greece?

Greek banks are well developed and equipped in offering a variety of financing programs. They have branches throughout the world and similarly many international banks have branches in Greece. Financing in order to buy property in Greece can be arranged by both Greek and international banks with branches in Greece.

3. Is there Value Added Tax in Greece?

Yes, there is VAT in Greece for goods and services purchased and the standard rate is 19%. Property purchase can be an issue of VAT.