The purchaser must approach a lawyer of good repute and ask him/her to search the titles at the Registry of Mortgages and represent him/her to the Public Notary where the contract deed will be signed. The purchaser's lawyer must carry out his/her search at the Registry of Mortgages and ensure that the vendor holds an absolute title (deed) to the property, that the property is unencumbered, that all acts associated with the construction of the property are based on a lawful planning permission and that all property taxes burdening the vendor have been paid.

The purchaser must secure copies of the title (contract deed) held by the vendor. This is usually carried out through his/her lawyer.

The purchaser must appoint a Public Notary in the presence of whom the contract deed is to be signed thereby becoming an official transaction whereby the purchaser acquires the title to the property purchased.

It is possible to either raise finance for buying property in Greece as some Greek banks can offer different modules of finance or get your money to Greece by a simple transfer from your account to an account in Greece.

The purchaser must apply for and secure a Tax Registry Number (AFM) from the Inland Revenue Service.

The purchaser must make sure that the transfer tax is paid prior to signing the contract with the aid of his/her lawyer. The tax is paid by the purchaser.

The purchaser will have to pay the following obligatory costs as required by Greek Law:

• Lawyer 1% of contract amount up to Euro 45.000,00 approx. plus 0.5% for amounts exceeding Euro 45.000,00 *
• Public Notary 1.5% of contract amount.
• Transfer Fees 11% of contract amount.
• Registration Fee 0.5% of contract amount.

For property to be officially bought/sold a contract must be signed before a Public Notary. The Notary is a state official in the presence of whom the contract deed is read and signed by both vendor and purchaser. He/she is there to draft the contract deed, make sure that it is understood by both vendor and purchaser and verify and register in the public records the transaction which takes place in his/her presence.

The contract deed must be transferred in the purchaser's name at the Registry of Mortgages and the relevant official certificates secured. This is usually carried out by the purchaser's lawyer.

If the property has already been registered under the National Land Registry the purchaser must submit a copy of the contract deed together with the transfer certificate from the Registry of Mortgages so that the said property be properly registered in his/her name.

The Registry of Mortgages is a State Authority where titles to property are kept and where all encumbrances on properties are registered. Property is filed under the names of the owners as opposed to the Land Registry system whereby property is filed under the National Grid irrespective of who the owner is. Lawyers are entitled to check property belonging to any individual or company to establish whether it has been properly transferred, whether it is encumbered, whether there are any claims etc. This is always carried out in the conveyancing process with the aim of securing the future purchaser's rights.

The difference between the two cases lies in the basis of the security of the titles: once an owner holds an uncontested title from a Land Registry it means that his/her title is secured by the State, while in the Registry of Mortgages the title is secured through the contract held by the owner, and hence, the owner must secure his interests through his lawyer. Therefore, in the first case there is an independent Authority which regulates the various ownerships while in the second the process is left to individuals on a contractual basis. Diligent legal work will mean that ownership is as secure with the Registry of Mortgages system as with the Land Registry one.

For property to be officially bought/sold a contract must be signed before a Public Notary. The Notary is a state official in front of whom the contract deed is read and signed by both vendor and purchaser. He/she is there to draft the contract deed, verify and register in the public records the sale/purchase which is signed in his presence and understood by the parties concerned.

The Notary is not there to advise or to protect either the vendor's or the purchaser's interests. He/she is there to record the transaction based on a contract prepared by him/herself. When this record is made then the contract becomes a valid title to the property purchased. The process is completed by registering the contract at the Registry of Mortgages which results in the transfer being effected. The parties concerned meet at the Public Notary's office where the contract is read out and they place their signatures on the contract and the Public Notary's Registry Book. Payments by the Purchaser to the Vendor are made on the basis of their contract at the Public Notary's office. The Public Notary issues official receipts upon request.
Following the signing of the contract the purchaser's lawyer takes it to the Registry of Mortgages and effects the transfer of the property in the purchaser's name by issuing the appropriate certificates.

It is customary, when buying built property, which is at its early stages of construction, to sign a Private Agreement laying out the terms of the sale and for the official contract to be signed later on. This Private Agreement is binding only as a usual contract is and does not provide any party with specific performance rights. Hence, in the event that the contract is breached by either party, the injured party is only entitled to damages. A reputable developer will always treat such Private Agreements as if they were the proper contract deeds and will never entertain thoughts of breaching them whatever the extra profit.

Payments of Transfer Tax must take place prior to the signing of the contract deed. Should the signing of the contract deed be cancelled for whatever reason while Transfer Tax has already been paid, the Tax is refunded after making the appropriate application to the Tax Authorities.

In some cases purchasers opt to declare as the contract amount, the Government-issued values, for tax purposes, the so called "Objective Values". These are calculated on the basis of Governmental Data by the Public Notary and the Inland Revenue Service. The "objective value" of each property is calculated according to a specified formula and a price per sq.m for the location and particular characteristics of a property. The advice of your lawyer is highly recommended on this issue.

Funds imported for buying a property should be officially documented so that on a subsequent sale the proceeds can be repatriated. Exchange controls are gradually being phased out.

It is possible to either raise finance for buying property in Greece as some Greek banks can offer different finance schemes or get your money to Greece by a simple transfer from your account to an account in Greece.

Since you have acquired property in Greece you have the obligation to submit a statement to Tax Authorities each year declaring your property, in order to pay any taxes due for the said property. The total value of all property holdings of a person or legal entity are summed up and tax is determined on that. Tax is calculated on "Objective Values".

You could purchase the property:

• In your own name
• In the joint names of you and your wife/husband or co-purchaser(s)
• In your children's names or in the name of somebody who will eventually inherit the property from you
• In the name of a company either local or overseas or even an offshore one.