Your Four Steps To Happiness
Having decided to buy your new home in Crete, your first step will be to appoint a lawyer to act on your behalf.
- Your chosen lawyer (who we can introduce you to) will explain the legal side of buying a property in Greece.
- Your lawyer will arrange for you to visit a Public Notary (a Government appointed lawyer) where you will pay approximately ¤60 and complete the documents required to give the lawyer Power Of Attorney to represent you in this purchase.
- Your lawyer will then be able to open a local bank account for you (in joint names, if required) to allow you to transfer money from your home country to Crete to finance your purchase. Your lawyer will then be able to forward to the builder the stage payments when requested to do so.
- Your lawyer, once given Power of Attorney, will obtain your local tax number for you (known as your “A-Fee-Mee” number). This number is required by law to enable you to purchase property in Greece and is essential for planning permission, connection to utilities, opening a Bank account and for owning a car, so make careful note of it as you will be asked for it when making any major purchase.
- Your lawyer¢s fees will be paid separately by yourself at the Land Purchase stage of the Buying Process, ie 40% or 90% stage. These fees also include the purchase tax and are a one off payment.
- 10% deposit
- When you have returned home your lawyer will inform you of the details of the account that has been opened for you, so that you can transfer the 10% deposit from your home country. We will inform you of all monies received and you will be sent a reminder for the final stage payment.
- 90% At Final Stage (Completion)
- This money is required to finance the completion of your property. All extras requested must be paid for at this stage. At this point your plot will be registered with the local Land Registry and titles will be signed for by your lawyer. At this time, by law, you legally own anything built on the land.
- 10% deposit
- 30% land purchase
- 30% 1st construction
- 30% 2nd construction less 1.000 Euros retention
- 1.000 Euros - handover of keys
You will receive a Sales Confirmation letter from The Builder confirming the price of your new home, a breakdown of the stage payments and the schedule.
A specification sheet should be completed before you leave Crete; this is a breakdown of any extras that you would like to add to your new home, and also details your chosen kitchen and tile orders from local stockists for reference by The Builder during the build.
If, like most people, you decide to pay in multiple stages, below is a breakdown of what each stage consists of:
When you have returned home your lawyer will inform you of the details of the account that has been opened for you, so that you can transfer the 10% Deposit from your home country. We will inform you of all monies received and you will be sent reminders for future stage payments, as required.
30% - land purchase
This stage payment is usually required within a few days of the deposit being received. Depending on how you are transferring the money from your home country, it may prove more cost effective to transfer both amounts simultaneously. At this point your plot will be registered with the local Land Registry and titles will be signed for by your lawyer. At this time, by law, you legally own anything then built on the land. Your lawyer will send your deeds to you at this point.
30% - 1st construction
This money is required two months after the Land Purchase stage payment. This payment finances the initial stages of construction.
30% - 2nd construction - less ¤1000 retention to cover 'final snagging'
This money is required two months after the 1st construction stage payment. This payment finances the completion of your property construction. All extras requested must be paid for at this stage.
1.000 Euros Final Payment
This final payment is required on completion of the property at the handover of keys. Although we will have fully checked your new home for 'snags' before you take delivery, we will walk through the property with you and make a note of any final issues that you may find, so that we can quickly remedy them and you can begin enjoying your new home in the sun.