Completing your property purchase in Greece

The keys to your Greek property are almost in your hands – here are the final steps before they can be.

Overview of the closing process

After signing your reservation contract, your final step is to sign the contract of sale or property deed (Συμβόλαιο). This completes the legal process of buying a home in Greece and marks the formal handover of the property.

You normally sign this at the notary’s office, but you can grant your lawyer Power of Attorney if you prefer. The buyer pays the remaining balance, plus taxes and fees, and gets the keys in return.

Role of the notary in Greece

A notary in Greece is an official responsible for authenticating written, signed, or sealed documents. When buying a property in Greece, one of the main notary services you will use is the transfer of title deeds, which confirm legal ownership of the property.

While Greek notaries are legally trained and mandatory for any property transaction in Greece, they are employed by the government and so officially do not act for either the buyer or vendor. Your lawyer is employed by you alone to protect your interests and most international buyers prefer to employ their own lawyer in addition.

Both buyer and seller (or their lawyers via power of attorney) must visit the notary to sign the deed. It will then be legally validated by the notary and finalised.

Notary fees are usually split between the buyer and seller in Greece. The buyer usually pays for the issuing of the deeds. Rates are set by law and buyers should allow around 2% of the property value for the notary fees.

Power of Attorney when buying a property in Greece

If it’s inconvenient to return to Greece to sign your buying documents, you can grant Power of Attorney to your lawyer, authorising them to sign on your behalf.

However, there is a cost to this. Moreover, some buyers enjoy the ritual of signing for the property and meeting the seller.

Top tips to ensure a smooth property purchase

• Apply for your AFM (Tax Identification Number) well in advance. Your lawyer or accountant can do this for you.
• If you are a cash buyer, make sure your funds are readily available, so you can transfer them in due course for completion.
• Use a property specialist for the currency transaction for pounds (or dollars) to euros. We recommend Smart Currency Exchange.
• Provide your lawyer with all necessary documentation and contact details for necessary parties, so that enquiries can take place swiftly.
• Make sure your independent lawyer knows your ideal completion date.