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The rather lengthy document below states exactly how we recommend the legal transfer of properties should be handled and paid for. This is the normal process of property completion in Greece.

1. Appoint an English-speaking lawyer.
You will need a lawyer who is familiar with local laws and regulations. They will help you establish the Assessed Tax Value of the property(usually lower than the sale price and relevant to the taxes you will pay).

2. Appoint a Public Notary.
A public notary must be appointed since any property purchase agreement, in order to be valid, must be done in the presence of a public notary. He will execute the contract for the property transaction and calculate the assessed value of the property. The assessed value is usually lower than the actual purchase price. Do note here that the public notary does not represent the interests of either the buyer or vendor.
They are public officials in the presence of whom the contract is read, understood by both parities and signed. The notary drafts the contract and is responsible for the verification and registration of the transaction in the public records, so that the buyer can acquire the official title of the property.

3. Obtain permission to own property in Greece.
All EU citizens can buy property in most areas of Greece. However, if the property is in an area near national borders, you’ll need a temporary residence permit (the Blue Card). These take around two weeks to be issued, from the local police station. If your lawyer has Power of Attorney, he can collect it for you.

4. Power of Attorney
If for any reason you’re unable to sign the final purchase contract in person, you may wish to give power of attorney to your lawyer beforehand. The power of attorney document can be as extensive or as limited you wish, but it should include authorisation to act on your behalf at completion and at tax offices (e.g. to obtain your tax file number and pay taxes).

It is quite normal for people purchasing land or property in a foreign country to give a ‘Power of Attorney’ to a lawyer in the country where the purchase is being made. In this document the individual gives the lawyer permission to act on their behalf and to communicate with third parties, and/ or authorise the transfer of funds on behalf of the individuals.

This is a legal document drawn up between the lawyer, and the individual which is signed by both parties and witnessed by a Notary Public in their presence. You need to make quite sure that your lawyer speaks and understands English perfectly and that you have done due diligence as to the fact that you are using a reliable and trustworthy person.

5. Get a Tax Registry Number.
Every foreigner buying property in Greece needs a Tax Registry Number – an AFM (pronounced Ah-Fi-Me) to be able to proceed with the purchase transaction. This is the Greek tax roll number and everybody, foreigner and Greek, must have one for purchasing or renting a property, opening a bank account, buying a car and for many other transactions.

To apply for a the AFM you need usually only a copy of your passport, but some tax offices may ask you for a copy of your birth certificate as well, so have it with you. This can be also done in your absence by a person who has a simple power of attorney from you. You don’t need to be living in Greece or to have a residence permit to have the AFM.

6. Greek bank account.
You need to have a Greek bank account – all necessary payments will go through this account, and it will also prove that the funds used for the property purchase have come into Greece from another country, via an official import document, or ‘pink slip’. To open an account, you need your passport and the AFM.

7. Preliminary sale agreement.
This sets out various details including the agreed price, the deposit amount, payment method and any conditions that have been agreed on, such as the sale being dependent on the buyer getting a residence permit, obtaining planning permission or getting a mortgage. 

8. Pay the transfer tax.
They need proof of payment of the transfer tax (this is the equivalent of stamp duty and is paid just before completion). The transfer tax must be paid to the local Inland Revenue Service by the buyer prior to signing the contract. This can be done with the aid of the attorney.

9.Currency regulations.
You need proof in the form of a pink slip from the receiving bank in Greece that the money imported to make the purchase has been declared and is legally acquired.

10. Completion.
This takes place at the office of a public notary, usually six to eight weeks after thepreliminary sale agreement. The notary draws up and reviews all the official documents relating to the legal transfer of property.

It’s usual for all parties to be present when the deed of sale is read, signed and witnessed by the notary, although either party can give someone a power of attorney to represent them. This is quite common among foreign buyers and sellers and can be arranged by your lawyer. If a couple buys a property in both their names, the wife can give the husband power of attorney (or vice versa).

The notary reads through the final purchase contract, and both the vendor and buyer (or their representatives) must sign every sheet included in the contract, indicating that they’ve understood and accept the terms of the document. If you don’t understand Greek, you should take along an interpreter – your lawyer may translate for you.

12. Notify the Land Registry for the transfer)
A copy of the title and the certificate from the Registry of Mortgages is needed to register the property under the buyer's name at the Land registry.

Exert from greecebuyingguide.com .