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Selling Property in Greece: Our Real Estate Guide

July 22, 2022
2022-07-22
Letting go of your property in Greece is, admittedly, a bit heartbreaking. Whether it's a luxurious apartment in Athens or a whitewashed villa in Santorini, any place here is prime real estate! And you're gonna let that go? Well, there might always come a time when you have you sell your property here. You might not want to do it, but for better or worse, you need to. And the best way to do it is to sell it wisely, properly, and legally. Do you know how? If not, let this real estate guide show you the ropes!

Selling Property in Greece: Our Real Estate Guide


What Are The Costs of Selling Your Property in Greece?

You may not know it yet but selling your property in Greece comes with a few costs. You'll need to pay them first before you can even begin putting up your real estate in Greece for sale. These important costs include legal and accountancy fees and your real estate agent's commission. For the former, these are to ensure that you can legally sell the property as its true owner. And for the latter, it's to pay for your real estate agent if you ever choose to hire one. And while it's more advisable to hire an agent, you can always choose to sell your place on your own instead.


Should You Sell Your Property Privately in Greece?

Selling your property in Greece on your own comes with its own set of pros and cons. One of the major benefits is that you don't have to pay your real estate agent's commission, which is more or less around 4% to 6% of the property value. This allows you to keep more of your profit for yourself. But on the flip side, if you do sell your property through real estate, you have a better chance of finding a good buyer. More often than not, buyers do hire real estate agents and they tend to work with sellers who have their own.

Selling Property in Greece: Our Real Estate Guide



How Do You Make a Property Valuation in Greece?

Speaking of selling your property through real estate, another benefit of this is that you can easily get a valuation for your place. More often than not, real estate agencies offer valuations alongside their main services. This, in turn, helps you save money from having to hire third-party companies to do the job. Moreover, at times, it's the mortgage companies and financial institutions that do the valuation. It's part of their process of determining whether the buyer deserves to get their loan or not. And in most cases, you can also get your local government offices to help with a valuation.


How Do You Survey Your Property for Selling?

Commonly, it's the buyer's 'due diligence' to conduct surveys on your property if they're interested in buying it. However, it's also your responsibility as well. Before you put your property in Greece for sale, it has to be worthy enough to be put on the market. And in order to find out if there's anything wrong with the place, you need to conduct a survey or two. Afterward, fix what needs fixing, renovate if necessary, clean up the space, and dress it up nicely so it will look its best once the buyer checks it out.

Selling Property in Greece: Our Real Estate Guide



How Do You Market Your Property in Greece?

Once your property is ready to go, it's time to put it up for sale. And the best way to do that is to market it online. Since practically everything is on the internet nowadays, the best way for your place to get attention is to have it listed on a top property portal in Greece. Advertise it on popular platforms like Spitogatos or Xe. These websites aren't just popular among locals, but they can reach international buyers as well. So you have a better chance of finding a buyer through any of these portals than anywhere else!


What is The Process of Notarizing Your Property in Greece?

Among the most important steps throughout this real estate process is getting everything notarized. That's why hiring a notary ought to have been one of the first things you did when you decided to sell your property in Greece. It's their role to ensure that every step taken, especially on your end as the seller, is legal. And when it's time to sign contracts, getting it notarized will legally bind you, the seller, and the buyer to the transaction. This will ensure that both parties will see through the purchase till the end!

Selling Property in Greece: Our Real Estate Guide



What Documents Do You Need To Sell Your Property?

As with any other process, selling real estate in Greece requires a number of documents. As the seller, you'll need to provide the deed of the property (with you listed as the legal owner), the property layout plan, the Certificate of Energy Efficiency, tax authority-stamped affirmation, the certificate from your local municipality, and proof of identification (with copies). For many of these legal documents, your solicitor will help you acquire them from their respective offices. And it's often this part of the process that prolongs the purchase so you'd do well to get this done even before you put your property in Greece for sale.


How Do You Set Up the Sale & Purchase Contract?

Once the buyer has settled on your property, it's time to draw up the preliminary contract. It's in this legal document where the terms of the transaction are written down, including the final price that you, the seller, and the buyer negotiated. When you reach this part of the process, you'll want the buyer to sign it as soon as possible. Why? Because this is what will legally bind both parties to the transaction. Upon signing, the buyer will be legally obliged to follow through with the purchase. They'll even pay a 10% deposit for it. As for you, you'll be legally obliged to only sell the property to the buyer and no one else!

Selling Property in Greece: Our Real Estate Guide



What are The Legal Issues in Selling Your Property in Greece?

As far as legal issues are concerned, the buyer will probably face a lot more than you. But with that said, there are two matters that you need to deal with. Firstly, there's the legal ownership of the property. You'd do well to make sure that you are listed down as the owner of the property in the land registry. If not, get your solicitor to fix it right away! Secondly, there's the preliminary contract. As already mentioned, you'll be legally obliged to sell the property to the listed buyer only upon signing. If you ever violate the terms of the preliminary contract afterward, you'll have to pay the buyer double the amount of the deposit.


How Long is The Process of Selling Your Property?

The process of selling real estate in Greece depends on how prepared you are before going into the purchase. As already mentioned, it's better that you've already prepared all the required legal documents even before you put your property in Greece for sale. Because more often than not, it's getting them that's the most time-consuming. So if you're already this prepared, it will likely only take around two to three months for the whole process to go over. If not, it can take as long as half a year or even longer!


What are The Best Tips for Selling Property in Greece?

Now for some final tips for selling your property in Greece! For one thing, get your finances in order. From your existing mortgage to the fees you need to pay, the earlier you deal with them, the better! Also, choose the buyer carefully! Remember that half the work is done by them and if they don't seem like the type to do things properly, you'll end up more hassled than ever. And of course, you'll want to leave your property in the proper hands, right? That'll only be possible if you took the time and effort in choosing the right buyer.

Selling Property in Greece: Our Real Estate Guide


When you deal with real estate, there's a lot you need to know. Especially when selling your property in Greece! From legal documents to many charges, there's a lot you need to stay on top of to avoid trouble down the line!




Destinations

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