The acquisition of a private or commercial property in Greece typically runs a different course than in other European countries. For example, the opening of an escrow bank account from which to pay for the purchase is entirely uncommon in Greece.
Therefore, the buyer of a property in Greece must produce proof that he/she can cover the entire cost of purchase, either in cash or by bank check before the contract can be notarized.
In our experience, this practice is seen as being highly irregular by foreign buyers, while it is also simply impractical in many ways. Most foreign buyers, for example, do not have an account with a Greek bank prior to the purchase of a property, which they can instruct from abroad to pay for the purchase. Meanwhile, the issuing of a cashier's check by a foreign bank is usually not an alternative, because such checks are cashed by Greek banks with a significant delay, meaning that the seller has already ceded the property in the notarization process.
Escrow bank account for real estate acquisition
Our firm offers an alternative that accelerates the process and also provides greater legal certainty. After signing a deposit statement and a trust agreement, you can deposit the money for the purchase in a special escrow account. The money will be paid to the seller of the property only after the signing of the purchase agreement and the appropriate registration of the property with the land registry.
Power of attorney from AP & Generalis Law Firm
The further processing of the notarization can be completed via power of attorney, which is also provided by our firm.
In order to provide maximum transparency, we can draft the power of attorney in Greek, German or English, and you can sign in the presence of a notary in Greece or at the nearest Greek Consulate in your country of residence. This power of attorney allows us to minimize the numerous administrative procedures that lead up to the signing of the sales contract and the final registration of the property with the Greek cadastre.
Assessments by German- and English-speaking architects
Prior to certification, we advise our clients to commission an engineer to evaluate the structural and general construction quality of the property that is being considered for purchase. For our German- and English-speaking clients, we can recommend the German architectural firm Alias (Dipl. Arch Edit Buchholz and graduate architect Aris Liakopoulos) from our network. The relevant report can also be drafted in German upon demand.
For German-speaking clients, in addition to contractual arrangements in the German language, we offer the possibility of certification of the purchase contract with a German notary from our network. Our notary, Evi Rammou (www.notar.gr) can draft, at no additional cost, a copy of the purchase agreement in German.
Support following the purchase of real estate
For the first year after the purchase of your property, AP & Generalis will be by your side, supporting you. Without any additional fees, we will handle all of your business with local authorities in the first year after the acquisition of your property. Furthermore, our accountants will take care of your first tax declaration in Greece for the newly-acquired property. In addition, in this first year, we will be at your disposal, even for general questions regarding the management of your property, at no additional cost.