Understanding the Timeline for Buying Property in Greece

When buying property in Greece, understanding the timeline is crucial to ensure a smooth and efficient purchase. The process can vary depending on several factors, including your nationality, the type of property you’re buying, and whether you’re purchasing for personal use, investment, or vacation purposes. In this article, we’ll break down the key stages of buying property in Greece and provide an overview of how long each step typically takes.

1. Initial Research and Property Search: 2 to 4 Weeks

The first step in buying property in Greece is conducting thorough research. This includes finding the right property, understanding the market, and assessing whether the area aligns with your goals.

Key Steps:

• Define Your Requirements: Determine your budget, preferred location (e.g., Corfu, Crete, or Athens), and the type of property (apartment, villa, land, etc.).

• Engage with a Real Estate Agent: It’s highly recommended to work with a local real estate agent who can help you find properties that match your needs. This also speeds up the process as agents are familiar with the market.

• Property Tours: Visiting potential properties is essential to get a feel for the area and the property itself.

This initial phase generally takes about 2 to 4 weeks. However, it could take longer depending on your requirements and the availability of properties in your preferred area.

If you’re looking for properties in Corfu, explore our Corfu real estate guide to get started.

2. Legal Due Diligence and Paperwork: 3 to 6 Weeks

Once you’ve found the property you want to purchase, the next step is to conduct legal due diligence. This step is vital to ensure that the property is free from any legal issues that could affect the purchase.

Key Due Diligence Steps:

• Verify Ownership: Ensure the seller is the legal owner and has the right to sell the property.

• Check for Liens and Debts: Make sure the property is not encumbered by unpaid debts or mortgages.

• Building Permits and Compliance: Confirm that any renovations or constructions are compliant with local building regulations.

• Tax Status: Verify that all property taxes are paid and up to date.

This legal verification process typically takes 3 to 6 weeks, depending on the complexity of the property’s title and the efficiency of the notary and legal teams.

For detailed information about the legal process, visit our legal guidance page.

3. Sign the Pre-Contract and Pay the Deposit: 1 to 2 Weeks

Once legal due diligence is complete, the next step is to sign a pre-contract (also known as a deposit contract) with the seller. This contract outlines the terms and conditions of the property sale and serves as a commitment from both parties.

Key Steps:

• Deposit Payment: At this stage, you’ll usually pay a deposit (typically 10% of the purchase price) to secure the property. The deposit is non-refundable if you back out of the deal.

• Sign the Pre-Contract: Both the buyer and seller sign the pre-contract, which is not legally binding but marks the formal start of the transaction.

The process of signing the pre-contract and paying the deposit typically takes 1 to 2 weeks.

4. Finalizing the Property Contract with a Notary: 2 to 4 Weeks

The next step is to finalize the property contract with a notary. The notary plays a crucial role in ensuring the legality of the transaction and will prepare the final sale agreement.

Key Steps:

• Prepare the Contract: The notary will draft the final sales agreement, which includes all the terms of the sale, including the price, payment schedule, and any conditions.

• Sign the Contract: Both parties sign the final contract in the presence of the notary.

• Pay Remaining Funds: The remaining balance of the property price is due at this time, and payment is usually made through a bank transfer.

The finalization of the contract usually takes 2 to 4 weeks, depending on the availability of the notary and any additional steps required.

5. Property Transfer and Registration: 2 to 4 Weeks

After the sale agreement is signed, the property transfer process begins. This involves registering the new ownership with the local Land Registry.

Key Steps:

• Transfer the Property: The notary submits the signed contract to the local land registry, and ownership is officially transferred to you.

• Register the Property: The property is now registered under your name, and you receive the title deed.

This final step can take an additional 2 to 4 weeks to complete, depending on the local Land Registry’s processing times.

6. Additional Time Considerations

While the steps outlined above represent the typical timeline, there are factors that could affect the process:

• Financing: If you’re securing a mortgage, this can add extra time to the process. Mortgage approvals can take several weeks, depending on the bank and your financial situation.

• Delays in Legal Verification: If there are issues with the property’s title or other legal complications, this may delay the process.

• Language Barriers: Non-Greek speakers may encounter additional delays due to the need for translation services and understanding local legal processes.

On average, the entire property buying process in Greece takes between 2 to 3 months, but it can vary depending on the complexity of the purchase.

For more information on how to navigate the buying process in Greece, check out our Corfu real estate listings.

Conclusion: How Long Does It Really Take to Buy a Property in Greece?

The time it takes to buy property in Greece depends on several factors, but on average, the process takes about 2 to 3 months. From initial research to finalizing the transfer, it’s essential to understand each step and allow enough time for legal due diligence and paperwork. Working with local experts, such as real estate agents, lawyers, and notaries, will help ensure the process is smooth and efficient.

If you’re ready to start your property search in Greece, visit Chase Real Estate Corfu for expert guidance and listings.