The Legalities Of Buying Land In CretePosted on: 15 May 2008 by Gareth Hargreaves
The nuts and bolts of buying land and building a property in Crete.
A foreign national looking for a plot of land in Crete can rely on the services of a property consultant, who will search for the land and advise clients on finding bilingual notaries, lawyers, accountants and explain how to open a Greek bank account and do money transfers.
The average construction costs for a 120 m2 villa or house is a minimum 1200€ per m2 and takes on average eight to ten months to complete.
The costs of land varies depending on location, views and proximity to the sea, but on average the range is from 50€ to 150€ per m2. Property transfer tax is approximately 15% of purchased price and others fees approximately 5%.
The Greek government has relaxed regulations for the purchase of property by foreign nationals in Greece. As a member of the E.U., purchasing property in Greece is an open market. Once a plot of land is selected, a civil engineer will need to prepare a topographical diagram showing the boundaries of the land.
A notary will prepare the Agreement of Purchase and Sale contract between the buyer and seller which will include the property price, legal fees and property transfer tax which is 15% of sale price. The contract will be confirmed by both parties’ lawyers. The notary and the lawyer must be registered to practice in Greece. Many bilingual notaries and lawyers are available in Crete.
Once the contract is signed a deposit of 10% of the purchase price is required. The buyers lawyer will conduct a title search of the property. If the buyer is not in the country they can agree to have their lawyer Power of Attorney giving permission to act on their behalf.
Once the final permission is given to purchase the property, the exchange of contracts are held in front of a notary with both parties’ lawyers present. The remaining 90% of the purchase price, taxes and fees are paid.
The registration to the land registry office is held immediately after the exchange of contracts and the purchaser now owns the property. Regarding the money transfer for foreign bank accounts, a bank account can be opened for the client in Greece. The receipt for the money transfers is required to be shown to the tax office in Greece and used as proof that the money was not derived in Greece.
For further information on Europlan-Crete visit their website at http://www.europlan.gr, or email firstname.lastname@example.org. They can also be contacted at R. Kapetanaki 13 - 72100 Aghios Nikolaos, Creta - Greece, or by telephone on 0030 28410 28452.
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