Closing on a property purchase in Corfu involves several legal documents and procedural steps. Whether you’re a foreign buyer or a local investor, understanding the required documents will help ensure that the process runs smoothly and that you complete the transaction without any issues. From confirming property ownership to registering your new home, this guide outlines the key documents you’ll need at closing in Corfu’s real estate market.

1. Key Documents Required at Closing in Corfu

1.1. Preliminary Contract (Protocolo d’Intesa)

The preliminary contract is signed before the final deed of sale and outlines the agreed-upon terms between the buyer and the seller, including the purchase price and any specific conditions of the sale.

What to Know:

• Typically includes a deposit (usually around 10% of the sale price) to secure the property.

• Legal review by a local lawyer is highly recommended before signing to ensure the contract aligns with Corfu’s real estate laws.

1.2. Title Deed (Contract of Sale)

The title deed is the official legal document transferring ownership of the property from the seller to the buyer. It must be signed in the presence of a notary and registered at the Land Registry.

What to Know:

• Ensure the property’s title is clear of any legal issues, such as debts or disputes.

• Foreign buyers are required to have a Greek tax identification number (AFM) before signing the title deed.

1.3. Property Tax ID Number (AFM)

The Greek Tax ID number (AFM) is required for all transactions involving property in Greece, including purchases and property transfers.

What to Know:

• Foreign buyers must obtain an AFM, which can be done at the local tax office. A local lawyer or real estate agent can assist with this process.

• The AFM will also be necessary when dealing with the notary, signing documents, and finalizing payments.

1.4. Land Registry Certificate (Ktimatologio)

The Land Registry Certificate proves that the property is properly registered in the land registry and shows the ownership history.

What to Know:

• The certificate confirms that the property is not subject to any claims or disputes.

• It provides important details about the property’s boundaries and land use.

1.5. Proof of Payment of Property Tax (ENFIA)

All property owners in Greece are required to pay an annual property tax known as ENFIA. At the time of closing, you will need to show proof that the ENFIA has been paid for the current year.

What to Know:

• This document ensures that there are no outstanding tax liabilities associated with the property.

• The tax is paid annually, and a certificate or receipt confirming the payment must be presented at closing.

1.6. Energy Performance Certificate (EPC)

An Energy Performance Certificate (EPC) is required for all properties in Greece and provides information about the property’s energy efficiency. This certificate must be provided by the seller before closing.

What to Know:

• The EPC rates the property on a scale from A to H, with A being the most energy-efficient.

• An EPC may help you identify potential energy improvements to reduce future costs.

1.7. Valid Passport or National ID

A valid passport or national ID is necessary for both the buyer and seller during the closing process. It serves as proof of identity for legal purposes.

What to Know:

• Foreign buyers will need to provide a valid passport.

• If you are a Greek citizen or resident, a national ID is sufficient.

1.8. Proof of Payment of Deposit

At closing, you will need to present proof of any deposit payments made as part of the preliminary agreement. This typically includes the bank transfer receipt or any other payment documents.

What to Know:

• This ensures that both the buyer and seller agree on the final purchase price and confirms the deposit payment.

• It is typically paid early in the process as a sign of commitment.

1.9. Final Payment Proof

Proof of the final payment is necessary to complete the transaction and ensure that the full purchase price is settled.

What to Know:

• This is usually completed via bank transfer and will need to be confirmed during the closing process.

• Bank guarantees or proof of financing (for mortgage holders) may also be required.

2. The Closing Process: What to Expect

Step 1: Review of Documents by a Notary

A notary public in Corfu will review all documents before the final signing, ensuring that the terms are legally sound and all conditions have been met.

Step 2: Signing the Title Deed

Once the documents are reviewed and any necessary payments are made, the title deed will be signed in the presence of the notary. Both the buyer and seller are required to be present at this stage.

Step 3: Registration of the Sale

After the signing, the notary will submit the documents to the Land Registry, which will officially record the new owner of the property.

Step 4: Transfer of Ownership

After the sale is recorded, the transfer of ownership is complete. The new owner will receive the official Land Registry Certificate confirming their ownership.

3. Conclusion: Preparing for Closing in Corfu

Understanding the necessary documents for closing is essential for ensuring a smooth property transaction in Corfu. From obtaining a Greek Tax ID to ensuring your property has a valid Energy Performance Certificate, these documents will help finalize the sale and transfer ownership securely.

If you’re ready to close on your property purchase in Corfu, ensure that all required documents are in order and seek the help of local experts (such as a lawyer and real estate agent) to guide you through the process.

For more information on property transactions in Corfu and expert assistance, visit Chase Real Estate Corfu.

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