HOW TO BUY

Should you decide to purchase a property or a service, please find below some useful information:

I. General information

1. Firstly we need to have full information concerning the prospective buyer(s) which includes

• Passport photocopy(ies) and
• The completion of a form (IPP), covering some personal information, necessary for the legal process
  

2. We also need to know who will be your local "representative/lawyer by proxy". For this, you can either

• Find someone yourself or
• Through your local consulate or
• You can use the lawyer that is used by most of our clients. The lawyer by proxy will check the deeds before signing the property purchase contract, will also sign on your behalf and will undertake to deal with the local authorities. Of course, there is always the option of the actual client him/herself signing the property purchase contract should he/she be here in Crete.

3. This person, once defined, will firstly have to get a Power of Attorney from you, in his/her name, which will allow him/her to act on your behalf.

A Power of Attorney can be drawn up in two ways. Either

• Locally (here on Crete) or
• In your home country. In this case, the Power of Attorney will have to be signed there in the presence of a Notary Public and then sent to us for formal translation. We can send you a draft copy of this Power of Attorney, where you will need to fill in the name and details of your representative and then go to a local Notary Public in order to sign and formalize it.

4. For money brought or transferred into Greece you could use one of the following ways

• To your bank account, which you can open during one of your visits here and then fax directly to the bank instructing them about the amount which we can get paid.
• To our bank account.
• In both cases, we obtain the relevant official Import Document (pink slip) necessary to avoid income tax.
• Pay us in cash. If you bring money in cash, you should declare it at the point of entry (airport, etc.) and receive the relevant Import Document (pink slip). We issue the relevant receipts for money transfers involving this company.

5. A private agreement is signed between the client(s) and the seller(s) and includes a full description of the offered property or service, and all the terms and the agreements. If the client is not present, then his solicitor undertakes the responsibility to sign the documents and inform the buyer.

6. The property purchase contract will be signed locally here in the presence of a local Notary Public and you/your representative. We then post to you the title deeds and all other relevant documents. We also include the original Import Documents (pink slips), which you should keep with you and then deliver to your Greek accountant when your tax declaration should be submitted (February/March). By the time of signing the contract, the relevant legal expenses are also due, which include the transfer tax, the Notary Public's fees, the lawyer by proxy fees, agent fees and the Local Bar Association.

II. Buying a project house/ build to order

As soon as you decide to continue with the building construction, then a Building Contract is drawn up and signed by both parties, which includes all relevant building specifications, costs, payment and time schedule.

Payment schedule

Stage 1 - 10%: Contract Deposit - Upon signing the building contract

Stage 2 - 35%: Commencement of Excavations, Concrete Foundations, Columns, Beams, Floors, etc.

Stage 3 - 30%: Commencement Brick Walls, Door & Window Frames, Electrical & Plumbing Installation, Exterior & Interior Plastering.

Stage 4 - 20%: Commencement of Tiling, Bathroom/Kitchen Fittings, Windows, Doors, Shutters & Wardrobes, and Exterior/Interior Painting.

Stage 5 - 5%: Upon completion of the outstanding works / snagging.

These are the initial steps which you have to follow. However, some developers are flexible and in many cases you can fix the payment schedule to suit your individual needs. We can give you more details about this process if required. Should you have any further queries, please do not hesitate to contact us.

III. Buying a plot of land/ resale property

The relevant procedures are as follows

Stage 1 - 10% down payment on the plot/house price and sign a Private Agreement which describes the property for sale, the method of payment and the time of signing the property purchase contract.

Stage 2 - The remaining 90% of the payment is made on the day the land/house purchase contract is signed.