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Legal support when purchasing property in Crete

Not everyone is capable of navigating the intricacies and nuances of legislation, especially when it comes to another country, such as Greece. Going through all the hoops, correctly processing documents, and conducting transactions in a way that avoids being deceived can be quite challenging. To ensure that the process of purchasing property goes as smoothly as possible, without any unpleasant surprises, it’s advisable to seek advice from a specialist. Professional assistance in buying property in Crete is simply indispensable. It’s impossible to take into account all the nuances and peculiarities of the transaction on your own.

The benefits of turning to a specialist are evident. A specialist is knowledgeable about the market situation, knowing the approximate value of properties. They will analyze the apartment or house you’ve chosen, determine whether its price is inflated, and verify the legal purity of the transaction. A lawyer will draw up the sales contract, oversee and document the procedure for transferring the deposit. Greek law requires those interested in having a power of attorney issued by a lawyer.

Stages of Buying Property

– Signing a preliminary agreement with the seller, paying a 10% deposit.
– Legal fees
Read here when a preliminary contract is necessary.

1

Preliminary Agreement (Reservation Agreement)

– Signing a preliminary agreement with the seller, paying a 10% deposit.
– Legal fees
Read here when a preliminary contract is necessary.

Obtaining a Tax Identification Number (VAT), a procedure that takes several hours: you need to fill out an application in Greek, attach the original and a copy of your passport, and if necessary, a marriage certificate.

2

Greek Tax Identification Number

Obtaining a Tax Identification Number (VAT), a procedure that takes several hours: you need to fill out an application in Greek, attach the original and a copy of your passport, and if necessary, a marriage certificate.

Transferring money to the account in a Greek bank, from which the buyer will pay for the property.
The buyer pays VAT, which amounts to 24% of the total amount when purchasing an apartment in a new building. If the building was constructed before 2006, only a property transfer tax is paid, which is just 3.09% of the property’s value.

3

Opening an account at a banking institution in Crete

Transferring money to the account in a Greek bank, from which the buyer will pay for the property.
The buyer pays VAT, which amounts to 24% of the total amount when purchasing an apartment in a new building. If the building was constructed before 2006, only a property transfer tax is paid, which is just 3.09% of the property’s value.

Drafting and signing the property purchase contract (the presence of a notary is mandatory, and their services are paid at a rate of 1-2% of the property value).

4

Contract

Drafting and signing the property purchase contract (the presence of a notary is mandatory, and their services are paid at a rate of 1-2% of the property value).

Registering the transaction and the property itself.

5

Registering

Registering the transaction and the property itself.

Professional Support

With the assistance of a professional lawyer, the process of completing a real estate transaction on the Greek island will proceed without problems. The initial stage, selecting a property, requires at least some knowledge of the Greek language to negotiate the terms of purchase with the seller. The main stages of the transaction include:

Lawyers in the region:

  • XAGORARAKI ZABELINA, +30 6944899662 , info@xagorarakilegal.gr (Greek, English and German speaker).
  • PAOLO FURLOTTI, +30 6985761130 , +39 3382076859 , avv.furlotti@gmail.com (Greek, Italian, English and Spanish speaker)

Notaries in the region:

  • DIMITRIS KAMARIS, +0030 2892024344 , d_kamaris@hotmail.com (Greek and English speaker)

Other Helpful Professionals in Real Estate Transactions

In addition to lawyers and notaries, other professionals can also be helpful when purchasing real estate. These include:

State-certified interpreters / Interpreter: An interpreter fluent in the language of the country where the property is being purchased can be indispensable for negotiations, contract signings, and other legal matters to ensure that all parties understand the content. South Crete Net provides this.

Tax Advisor: A tax advisor can help assess the tax implications of the real estate purchase and optimize the tax structure to ensure compliance with all legal requirements.

  • LEONIDAS VOZIKAKIS, +30 6979661515 , vozikakis@yahoo.gr (Greek and English speaker)
  • MANOLIA LIANOUDAKI , +30 6942840324 , chronakis-lianoudaki@hotmail.com (Greek, German and English speaker)

Building Expert/Architect: Before purchasing a property, it may be wise to consult a building expert or architect to inspect the condition of the property and estimate potential renovation or repair costs.

Financial Advisor: A financial advisor can assist in evaluating the financial aspects of the real estate purchase, including identifying the best financing options and planning the budget.

Insurance Broker: An insurance broker can help find the appropriate insurance coverage for the acquired property, including building insurance, liability insurance, and other relevant policies.

Information supportSouth Crete Net can assist you in finding suitable properties, support the negotiation process, and provide valuable insights into the local real estate market, provides you with all the necessary information and connects you with all the necessary experts in the region:

  • EVA KORNAROU, +30 6982477174 (Greek and English speaker), info@south-crete.net
  • VICTORIA WASCHUTH, +49 1727088500 (German and Russian speaker), info@south-crete.net

Collaborating with a team of professionals can help ensure that the real estate purchase process runs smoothly and potential risks are minimized.

SOUTH CRETE NET

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