BUYING A PROPERTY IN CRETE: step by step the process.
If you're interested in purchasing property in Crete, Greece, here's a general outline of the steps and considerations involved in the process:
1. Research and Preparation
Budgeting: Determine your budget, considering property prices, taxes, legal fees, and other expenses.
Property Type: Decide whether you're looking for a villa, apartment, land, or commercial property.
Location: Research the different regions in Crete (e.g., Chania, Heraklion, Rethymno, Lasithi) to find the area that suits your needs.
2. Legal and Financial Considerations
Hire a Lawyer: It’s advisable to hire a local lawyer to assist with legal matters, due diligence, and contract reviews.
Hire a Notary: All property sales in Greece must be finalized in the presence of a notary.
Obtain a Tax Number (AFM): Required for all property transactions in Greece.
Open a Greek Bank Account: Essential for handling payments related to the purchase.
3. Property Search
Real Estate Agents: Work with us, a reputable real estate company in Crete to find properties that match your criteria.
Site Visits: Visit the properties in person, if possible, to assess their condition and location.
4. Property Evaluation
Surveyor: Consider hiring a surveyor to evaluate the condition of the property.
Legal Checks: Ensure that the property is free of liens or legal disputes and that all permits are in order.
5. Negotiation and Purchase Agreement
Offer and Negotiation: Make an offer based on the market value and negotiation.
Preliminary Contract (Pre-Contract): A preliminary agreement may be signed, involving a deposit (from 10%).
Final Contract: The final contract is signed in the presence of a notary and your lawyer.
6. Finalization and Registration
Payment: Complete the payment through your Greek bank account.
Registration: The purchase must be registered with the local Land Registry or Cadastral Office.
7. Post-Purchase Considerations
Property Taxes: Understand your obligations for property taxes and other municipal fees.
Utilities and Services: Arrange for the transfer of utility services (electricity, water, etc.).
Insurance: Consider getting property insurance to protect your investment.
8. Residency Permits (if applicable)
Golden Visa: If your property purchase exceeds €250,000, you may be eligible for a Greek Golden Visa, granting residency rights.
