Are you interested in buying property in wonderful Greece? It is a safe, beautiful country with ideal climatic conditions and growing economic strength. However, in order to make a proper and serious investment, you must take the appropriate actions and, above all, have the right professional partners by your side that you can trust.
Read carefully what you will need to do.
The first step is to find a lawyer in Greece who will help you understand the process of buying and selling according to the Greek legal system and will provide you with advice and legal support throughout the process. Greek legislation is complex and is amended very frequently. You need an informed, experienced and reliable lawyer to be able to complete the purchase of the property even remotely. Buying a property can be risky. Therefore, for an important decision such as investing in a property you need proper information.
Once the buyer finds the property that meets their expectations, the lawyer should carry out a property title control. What is a property title control?
In simple terms, the lawyer will go to the relevant Mortgage Registry and the Land Registry Office in order to verify that the property actually belongs to the seller and to determine if there are any encumbrances on the property such as mortgages, claims, mortgage prenotation. The lawyer will check if there is a sequence and order in the transfers of the property, if there is any easement such as usufruct or occupancy as well as if any claim has been filed against the property.
It is important to check the titles for a period of at least 20 years prior to the date of purchase of the property. After checking the property, the lawyer receives copies of the property titles.
Please note that it is important to carry out a title check twice. Once during the negotiation stage, i.e. before the deposit is made or the preliminary agreement is signed, and once on the day the contract is signed. The second check is more concise and aims to identify any changes that have occurred since the first check.
It is very important to draw up a notarial preliminary agreement or private advance payment agreement that will be drawn up by the lawyer before the signature of the purchase and sale contract. That is, before the buyer pays the advance payment, they should have an assurance that the seller will not withdraw from the sale of the property. It is a commitment of the buyer and seller that the purchase and sale will take place and will not be cancelled.
After all of the above has been carried out and all the necessary documents have been gathered, which although collected by the seller, it would be a good idea for the buyer’s lawyer to check them as well, the purchase and sale contract is finally signed.
Be careful, however, the purchase of the property is not completed with the signature of the contract. You should consult with your lawyer to have the contract transferred to the competent Mortgage Registry/Land Registry Office. Once the transfer is carried out correctly, only then do you acquire the property and the process is completed.
All of the above is undertaken by the lawyer you trust. You will find a reliable, responsible, direct lawyer with whom you can easily communicate and who will keep you informed of the updates of your case. Our law firm guarantees the above values.
Furthermore, if you are interested in investing for the purpose of the Golden Visa, read the following carefully.
If you are a third-country citizen, then consider the possibility of obtaining a golden visa. What does this mean? It means that you can buy property in Greece and at the same time obtain a residence permit in the country for a period of 5 years. This is an investor residence permit and for its acquisition, certain limits are set on the minimum value of the property in which you will invest. The limits concern the investment in a single property.
In particular:
- EUR 800,000: For the Region of Attica, the Regional Unit of Thessaloniki of the Region of Central Macedonia, the Regional Units of Mykonos and Thira of the Region of South Aegean and for the islands with a population, according to the last census, of over three thousand one hundred (3.100) inhabitants, the minimum acquisition value of the real estate at the time of its acquisition, as well as the total contractual rent of a long-term complex tourist accommodation contract or a timeshare rental contract for tourist accommodation are set at eight hundred thousand (800,000) euros.
- EUR 400,000: For the other regions of the country, the minimum acquisition value of the real estate at the time of its acquisition, as well as the total contractual rent of a long-term complex tourist accommodation contract or a timeshare tourist accommodation lease contract, are set at four hundred thousand (400,000) euros.
- EUR 250,000: In particular, in cases of investment through the purchase of real estate and if its main premises are changed to a residence, the minimum acquisition value of this property at the time of its acquisition is set at two hundred and fifty thousand (250,000) euros. The same minimum limit also applies in cases of investment through the purchase of real estate consisting of an industrial building or part of an industrial building or within which an industrial building is located, exclusively if for at least the last five (5) years, no industry was established and operating there.
- EUR 250,000: In particular, in cases of investment through the purchase of real estate consisting of a listed building or part of a listed building to be restored or reconstructed or within which a listed building is located, the minimum acquisition value at the time of its acquisition is set at two hundred and fifty thousand (250,000) euros.
The minimum value of the property is one of the conditions set by law. It should be emphasized that with the investment you will receive a golden visa and at the same time your family members will also obtain a residence permit.
If you are interested not only in purchasing a property in Greece but also in obtaining a golden visa, then you should consult a lawyer who will fully inform you of the details and will handle your application.
Our office undertakes the legal advice and the process for acquiring real estate in Greece. If you are thinking of buying property in Greece, please contact us. (Email: korsanou@yahoo.gr).
Evangelia Souli
Partner Lawyer at Anna Korsanou Law Firm
