If you want the sale of your house in Greece to go smoothly, it is essential to have your documentation in order. Start collecting the necessary papers early and consider hiring a lawyer to handle some of this work. You will need the following documents:
Although a real estate agent in Greece is not strictly necessary, it can be hugely beneficial. They save you time, know the local market inside out and can arrange viewings of your property for you. This is especially useful if you don’t live in Greece or don’t speak the language.
Real estate agents can also help you determine a suitable selling price for your home and can put you in touch with an engineer, Greek notary or lawyer.
It seems obvious, but cleaning and redecorating your home is crucial when selling. Especially areas like the bathroom and bedroom are looked at closely by potential buyers. The smell and cleanliness of your home can have a big impact on their decision. If necessary, carry out renovations before putting your home on the market.
Remember that pictures often say more than words. Get high-quality photos for your online listings. It is recommended to hire a real estate photographer for this. This inspires confidence among (foreign) buyers and can lead to more viewings.
Negociating on the price can be a challenge for new sellers. Think of it as a strategic game, but don’t take it too personal. Often sellers start with a higher price and buyers make a lower opening offer. Ask smart questions of your potential buyer, such as what other homes they are considering and what their goals are in buying a new home.
Real estate agents can support you well in this, as they understand real estate terminology and can realistically assess the value of a property. When making your second offer, it is smart to quote a specific number, such as ‘243,500 euros’ instead of rounded ‘240,000 euros’. This makes your offer more concrete and can help reach an agreement that satisfies both parties.
Once you have accepted an offer, it is time to sign the private sale agreement. This document lays down the terms under which buyer and seller agree to sell the property. Once signed, the property is taken off the market and both parties are under contract.
The purchase agreement is usually drawn up by both parties’ lawyers, after which adjustments can still be made. Upon signing, the buyer makes a down payment, usually between 5% and 10% of the purchase price. If the buyer later changes his mind, he forfeits this deposit. Should the seller withdraw, he may be obliged to repay the down payment twice.
An engineer should check that the permit and topographic drawing match the title deed and the actual condition of the house. This may be necessary as older deeds sometimes have discrepancies. The engineer arranges an electronic building ID (E-ID) that contains all relevant details about the property.
The E-ID is sent to the notary, who uses it to request a TAP certificate (TΑΠ in Greek), a document confirming that municipal taxes have been paid. At the same time, the notary works with the seller’s accountant to update the E-9 tax form. This may involve a fee and check for any debts owed to the Greek state.
You will need the following documents for the notarial deed of sale:
The notary prepares the transfer tax return and submits it to the tax office. After payment of the transfer tax by the buyer, the final deed of sale can be signed. You must attend the signing in person or send an authorised representative through a power of attorney (POA).
The payment is usually made on the day of signing, especially if the banks are in the same country. If the banks are in different countries, the deed of sale may contain a clause allowing the buyer to pay within 10 working days of signing. If the payment is not made on time, you as the seller have the right to take back the property and keep the deposit, provided this clause is included in the notarial deed.
The exact terms and timeframe may vary based on the situation and additional agreements between buyer and seller.
After signing the contract, the seller must have the sale adjusted on the E-9 tax form.
The time needed for the sale depends on the price you ask, the local market and the general housing market in Greece. In general, you can expect the sale to be completed about 8 weeks after an offer is made. However, the actual time may vary depending on your specific situation. So make sure you have your documents ready as soon as possible.
