As much as it may pain you to do it, there will come a time when you have to sell your property in Greece
. Whether it's your relocation to somewhere else or your need for another kind of home, this sort of thing may come eventually. And when it does, it's better if you know a few things beforehand. Selling a property in Greece—or in any other country for that matter!—is a pretty complicated process. Fortunately, however, it's not that impossible to do! As long as you can follow tips like preparing the documents beforehand and marketing the property properly, things will work out just fine!
Make Sure You're The Legal Owner
Before anything else, make sure you're the legal owner of the property you plan to sell. There have been cases wherein homeowners couldn't sell their properties because it was not their names listed on the deeds and other legal documents. Some even got into legal trouble for it. So before putting your property in Greece for sale, make sure that you are, in fact, the listed owner. You can do this by having your lawyer check the Land Registry to see if your name is there. If not, then you'll need to do the necessary paperwork to transfer the property ownership to you!
Prepare The Documents Beforehand
You’d do well to prepare your documents already. More often than not, it's this part that prolongs the entire process. But what are the documents you need? According to Wise
, they include the deed and property titles, proof of identification, property layout plan, certificate of energy efficiency, certificate of Local Real Estate Duty, and affirmation stamped by the Tax Authority of Greece. You'll likely need the help of your lawyer to get all of these so the first step is to hire one that's trustworthy and easy to reach.
Know The Fees You Need to Pay
Even though you're selling your property in Greece, this doesn't mean you won't be spending money. The process comes with a lot of costs, after all. Firstly, there's your capital gains tax. This is paid when you finally earn the profit from the sale. If you hired a real estate agent
to help you sell the property, you'll have to pay them their commission, which may be around 7% to 30%. Of course, there are also your lawyer's legal fees, which may depend on the lawyers themselves. And with these fees comes the VAT as well, since you're essentially paying for their services.
Market The Property Properly
As the homeowner, your most important job is probably marketing the property. You can either hire professionals or do it on your own
. Either way, as long as you get it out there for all the world to see, you'll eventually catch the eye of many potential buyers. But how do you go about this? Firstly, take high-quality pictures and video footage of your place. The clearer the resolution, the better! Afterward, submit your property to a popular property listing website in Greece. Go for one that caters to international buyers so more people can see your home.
Choose The Buyer Carefully
Once you've marketed your property, you'll likely receive many responses from a lot of potential buyers. It's up to you to choose one carefully. The more you get to know them, the better! In fact, if it's possible, meet them in person. Seeing them face to face, how they behave, and how they communicate with you are good signs of whether they're trustworthy enough. Remember that you're placing your property—which costs a lot of money—in the hands of the buyer. Even if the place wasn't that special to you, you still owe it to yourself to choose a buyer who won't scam you.
Sign The Pre-Sales Contract ASAP
When you and the buyer have settled on a final price for your property in Greece. sign the pre-sales contract as soon as possible! Why? Because this document will legally bind you and the buyer to the transaction. On your end, you'll get a 10% deposit which you can already use to pay for the various fees and taxes
. The contract will also ensure that the buyer will pay the full price at the end of the day. Consequently, upon signing the document, you'll also be legally required to sell the property to the buyer only.
Selling your property in Greece is no joke! The process can get pretty complicated at times and it's your responsibility to stay on top of things! And if you follow these nifty tips, you will do just that and more!