In this article, we tell you the basic process of selling your home in Greece, from the documents required, cooperation with third parties, and the process of signing the purchase agreement.
There are many reasons for selling a home in Greece. Some sellers want to buy a property in a different location in Greece or simply to increase their cash flow. Other sellers may want to take advantage of a seller’s market, as prices of real estate are slowly starting to rise in Greece.
No matter your personal goals in selling your home in Greece, the steps of making a sale are roughly the same.
1. Prepare Your Documentation
This is one of the best ways to speed up the process of selling a home in Greece. Start to assemble your documents at an early date. You can also have a lawyer do some of this work for you. As part of your documentation, you’ll need:
– The deed of the property
– Topographical plan of the property
– Energy Performance Certificate (EPC)
– Building Permit
– Proof of Registration
– Copies of your personal ID
– Front and back of electricity bill
– E-9 tax form
Note that some of the documents included this list may depend on when you first bought your home. In fact, some of the listed documents may have a expiry date, and may no longer be available if you bought your home over a decade ago.
2. Find an Estate Agent
It’s not absolutely necessary to have an estate agent in Greece, but it’s certainly helpful. Real estate agents save you time, have local market knowledge, and can help manage viewings of your property. This is all a difficult process if you don’t live in Greece or don’t speak the language.
Estate agents can also help determine how much to sell your home for. Real estate agents can also connect you to a civil engineer, Greek notary, or lawyer.
3. Clean your Home
This might seem like common sense, but it’s a big factor in selling a home in Greece. Rooms like the bathroom and the bedroom are given close attention by buyers, and the smell and cleanliness of a home play a major role in buyer decisions. Naturally, it also makes sense to make any necessary renovations before you put the home on the market.
Remember: A picture is worth a thousand words. When listing your property, be sure to take quality pictures for any material you advertise online. For foreign buyers, high quality images can inspire confidence and lead to more potential viewings. For more tips on how to take high quality property photos, find the full guide here.
4. Negotiate the Price
This stage can seem daunting for first-time sellers. Price negotiations are a game – and a very serious one at that – so don’t take it too personally! Sellers usually start with a higher price, and buyers naturally start with an opening offer lower than what they are really willing to pay. It helps to ask some thoughtful questions to your buyer – what other properties are they looking at? What goals do they have in buying a new home?
Real estate agents are a good ally in this process because they understand real estate jargon and can realistically assess the value of a property. When you make your second offer as a seller, conventional wisdom says that you should land on a specific number.
For example, saying “243,500 Euros” instead of a rounded 240,000 Euros has a bigger impact. Specific numbers sound more absolute, like they are the limit of what you are willing to concede. After two rounds of counteroffers, you will likely end up at a price which satisfies both you and the prospective buyer.
5. Sign a Private Purchase Agreement
You’ve just accepted an offer, and now you’re ready to sign a private purchase agreement (PPA). But what exactly is a PPA? A PPA spells out the terms under which the buyer and seller agree to engage in the transaction of a property. It will look slightly different for every sale. Once signed, this document places the buyer and seller under contract, and the house is taken off the market.
The PPA is typically drafted by the seller’s and buyer’s lawyers, and then both parties are able to make amendments if they would like to adjust the terms.
Upon signature, the buyer pays to reserve the property with a down payment. This is typically between 5% and 10% of the purchase price and is lost if the buyer backs out of the contract at any point. If the seller backs out, however, the seller may be required to pay twice the deposit amount paid by the buyer.
6. Prepare the Notary Purchase Deed
The seller must hire an engineer to check that the permit and the topographical plan match what is on the deed and what the home looks like in reality. Oftentimes, because deeds in Greece have been around for many decades, there are deviations. The engineer can legalize these deviations, and ultimately creates an electronic building ID (E-ID) of the building, which has all the necessary data about the property.
The E-ID is then brought to the notary, who uses the E-ID to apply for a “TAP” certificate (or “ΤΑΠ” in Greek), another necessary document that is issued by the municipality and proves you have paid your municipality taxes. In parallel, the notary, in cooperation with the seller’s accountant, updates the E-9 tax form of the seller to reflect the changes.
It is common that a fee is paid at this point by the seller for changes to the E-9 form. The notary also often checks at this point whether or not the seller has any debts to the state.
Aside from the above processes, you must also have the following documents for the signing of the notary sales deed:
1. Title Deed
2. ID Card copy and tax assessment
3. ENFIA Certificate
4. Tax Clearance Certificate
5. Social insurance Clearance Certificate
6. Energy Performance Certificate
7. Electronic Building ID and topographic plan
8. Municipality Property Certificate (TAP)
9. Cadastral diagram extract and copy of cadastral sheet
Note again that some of the documents related to your property may have a expiry date, and could no longer be available if you bought your home over a decade ago.
7. Both Parties Sign the Final Papers
The notary leads the process of getting a property transfer tax declaration ready, and submits it to the tax office. Once the buyer pays the transfer tax, the final contract can be signed. At the meeting for the final signing, you’ll need to be there in person or send a legal representative in your place, whom you must have authorised by a power of attorney.
8. Collect Payment
When collecting payment, the seller is entitled to collect on the day of signing. This is the most common, and occurs typically when the transaction is between two banks in the same country (Greek to Greek bank, or Dutch to Dutch bank, for example). For FAQ’s about Greek bank accounts, see the full guide here.
In the case that the banks are located in different countries (Dutch to Greek bank, for example), there is typically a clause in the purchase deed which allows the buyer to pay the purchase sum within 10 working days of signing. In the unlikely event that the buyer does not pay within 10 days, you are entitled as a seller (provided the clause is in the notary deed) to take back ownership and to keep the down payment.
Keep in mind as well that the exact terms and time frame specified will vary depending on the situation and any additional agreements made between seller and buyer.
Finally, after the contract signing, the seller will unregister the property from their E-9 tax form.
How Long Does it Take to Sell a Home in Greece?
The time it takes to sell a home in Greece depends on the price you set, the local market where your property is located, and the home market in Greece at the time of selling. In most cases, you can expect the sale to be completed about 6 weeks after you receive an offer.
However, selling your home could take more or less time, depending on the specific case. The best thing to do is to get your documents ready as soon as possible.
Who Will Buy My Home in Greece?
Buyers from The Netherlands and Belgium
There are differences depending on each buyer’s country of origin. According to Mr Gavriilidis, Dutch and Belgian buyers are the most active from an investor’s point of view. So, about 50% of these people tend to view the acquisition of a secondary home as an investment and prefer to rent it out during the time of the year that they don’t use the house. In fact, some of them, mainly Dutch people, often resell their houses within a couple of years for a significant profit.
Buyers From the US and Great Britain
Similarly, buyers from the US and Great Britain primarily prefer to keep their properties for their own use. Lately, however, more and more are also looking to secure a residency permit in Greece through the Golden Visa programme, even after the recent increase of the minimum investment threshold from 250,000 to 400,000 euros, provided that the house is in the mainland and not on an island with more than 3,100 residents, where the limit is now set at 800,000 euros.
Buyers from Germany and France
Meanwhile, buyers from Germany and France are also driven to the home market in Greece, mainly for self-use, but some of them are also looking to rent out their properties. Especially when it comes to German and American buyers, 10% – 20% are Greek expatriates who wish to acquire their first house in their country of origin.
Which Features Should I Focus on When Selling My Home in Greece?
Terraces are the most important for home searchers in Greece, ranked higher than sea views, mountain views, pools, gardens, and outside kitchens. 54% of people we surveyed said that having a terrace was “very important”, compared to 47% for the next category: sea views. People searching for a home in Greece felt that pools were also important, and they felt more neutral about the garden, garage, and storage.
What Services does Elxis Offer?
Elxis has over 30 years of experience in selling properties in Greece. We assist both with viewings, property evaluations, preparing the necessary paperwork, and the legal services listed above that are required for the property transfer.
With a team of in-house lawyers, we have in-depth knowledge of Greek law and a large network throughout Greece, on both the mainland and the islands. We have also been working with a number of reliable (local) partners for years. So we can guide you professionally in every phase and in every issue of selling your home. All you need to do is sign a power of attorney so we can take care of the whole sales procedure on your behalf.
During the sales process, we will regularly keep you informed about the progress of the sale and the planned viewings. If you are considering selling your home, don’t hesitate to contact us, we are happy to share our knowledge and experience with you!
