Navigating the Greek Notary System: A Beginner’s Guide for Property Buyers

Table of Contents

1. Introduction to the Greek Notary System
2. The Role of Notaries in Greek Property Transactions
3. Key Steps in the Greek Property Buying Process
4. Understanding Notary Fees and Costs
5. Required Documents for Property Transactions
6. Common Pitfalls and How to Avoid Them
7. The Importance of Legal Representation
8. Recent Changes in Greek Property Laws
9. Conclusion
10. FAQs

1. Introduction to the Greek Notary System

The Greek notary system plays a crucial role in property transactions, serving as a cornerstone of legal certainty and transparency in real estate dealings. For foreign investors and property buyers, understanding this system is essential to navigate the complexities of purchasing property in Greece successfully.

Greek notaries, known as “symvolaiografoi,” are highly trained legal professionals who act as impartial third parties in various legal transactions, including property sales. Their role extends beyond mere document authentication; they are integral to ensuring the legality and validity of property transfers.

2. The Role of Notaries in Greek Property Transactions

In the context of property transactions, Greek notaries perform several critical functions:

2.1 Document Preparation and Verification

Notaries are responsible for drafting and reviewing all legal documents related to the property transaction. This includes the sales contract, which must be in Greek and conform to specific legal requirements. They meticulously check the accuracy of property descriptions, ownership details, and any encumbrances or restrictions on the property.

2.2 Legal Compliance Assurance

Notaries ensure that all aspects of the transaction comply with Greek law. This includes verifying that the seller has the legal right to sell the property and that there are no outstanding legal issues or debts attached to the property.

2.3 Tax Obligations Management

Greek notaries play a crucial role in managing the tax obligations associated with property transactions. They calculate and collect various taxes and fees, including property transfer tax, on behalf of the government.

2.4 Official Record Keeping

All property transactions in Greece must be recorded in official registries. Notaries are responsible for submitting the necessary documentation to these registries, ensuring that the transfer of ownership is officially recognized and legally binding.

3. Key Steps in the Greek Property Buying Process

Understanding the step-by-step process of buying property in Greece is crucial for navigating the notary system effectively:

1. Property Selection and Initial Agreement
2. Lawyer Engagement for Due Diligence
3. Tax Registration (AFM) Acquisition
4. Preliminary Contract Signing (Optional)
5. Final Contract Preparation by Notary
6. Notary Appointment for Signing
7. Payment and Key Exchange
8. Registration of the Deed

Each of these steps involves interaction with the notary system to varying degrees, highlighting the central role of notaries in Greek property transactions.

4. Understanding Notary Fees and Costs

Notary fees in Greece are regulated by law and typically calculated based on the property’s value. As of 2023, the fee structure is as follows:

– For properties valued up to €120,000: 1% of the property value
– For properties valued between €120,001 and €380,000: 0.7% of the property value
– For properties valued over €380,000: 0.65% of the property value

Additional costs may include:
– VAT on notary services (currently 24%)
– Stamp duty
– Fees for copies of the deed

It’s important to note that these fees are subject to change, and buyers should always verify current rates with their notary or legal representative.

5. Required Documents for Property Transactions

To ensure a smooth transaction, buyers and sellers must provide the notary with several key documents:

For Buyers:
– Valid passport or ID
– Greek Tax Registration Number (AFM)
– Power of Attorney (if not present in person)

For Sellers:
– Property title deeds
– Tax clearance certificate
– Certificate of non-debt from the property’s municipality
– Building permit and any relevant urban planning documents

The notary will review these documents to ensure their completeness and validity before proceeding with the transaction.

6. Common Pitfalls and How to Avoid Them

Navigating the Greek notary system can be challenging, especially for foreign buyers. Here are some common pitfalls and strategies to avoid them:

6.1 Language Barriers

All official documents in Greece are in Greek. To overcome language barriers:
– Hire a certified translator for all important documents
– Use an English-speaking lawyer to liaise with the notary
– Consider having an interpreter present during the signing of the deed

6.2 Incomplete Due Diligence

Failing to conduct thorough due diligence can lead to serious issues. To mitigate this risk:
– Engage a reputable Greek lawyer to conduct comprehensive property checks
– Ensure all necessary certificates and permits are in order before proceeding
– Verify the property’s legal status and any potential encumbrances

6.3 Underestimating Costs

Many buyers underestimate the total cost of purchasing property in Greece. To avoid surprises:
– Request a detailed breakdown of all fees and taxes from your notary
– Factor in additional costs such as property transfer tax and registration fees
– Consider potential currency exchange fluctuations if transferring funds from abroad

7. The Importance of Legal Representation

While notaries play a crucial role in property transactions, they do not replace the need for individual legal representation. Engaging a Greek lawyer who specializes in real estate transactions is highly recommended for several reasons:

1. Personalized Advice: A lawyer can provide tailored guidance based on your specific circumstances and needs.
2. Due Diligence: Lawyers can conduct thorough property checks and identify potential issues before you commit to the purchase.
3. Negotiation Support: Your lawyer can assist in negotiating terms with the seller and their representatives.
4. Document Review: A lawyer can review all contracts and documents to ensure your interests are protected.
5. Post-Purchase Support: Legal representation can be valuable for addressing any issues that may arise after the property purchase.

8. Recent Changes in Greek Property Laws

The Greek real estate market and associated laws have undergone significant changes in recent years, impacting the notary system and property transactions. Some notable developments include:

1. Digital Transformation: The introduction of electronic systems for property registration and tax payments has streamlined many processes.
2. Golden Visa Program Adjustments: Changes to the investment thresholds and eligible areas for the Greek Golden Visa program have affected foreign investment patterns.
3. Short-Term Rental Regulations: New rules governing short-term rentals (e.g., Airbnb) have implications for property use and taxation.
4. Energy Efficiency Requirements: Stricter energy performance standards for buildings have been implemented, affecting property valuations and renovation requirements.

Staying informed about these changes is crucial for anyone navigating the Greek property market and notary system.

9. Conclusion

Navigating the Greek notary system is an essential aspect of purchasing property in Greece. While it may seem complex at first, understanding the role of notaries, key steps in the process, and potential pitfalls can significantly smooth the path to property ownership. By engaging professional legal assistance, conducting thorough due diligence, and staying informed about recent legal changes, buyers can approach Greek property transactions with confidence.

Remember that the notary system in Greece is designed to protect all parties involved in property transactions. Embracing its intricacies and working closely with notaries and legal professionals will ensure a secure and successful property purchase experience in this beautiful Mediterranean country.

10. FAQs

Q1: Can I use a notary from my home country for a Greek property transaction?

A1: No, Greek property transactions must be handled by a Greek notary (symvolaiografos) who is licensed to practice in Greece. Foreign notaries do not have the authority to execute legally binding property transfers in Greece.

Q2: How long does the notary process typically take for a property purchase in Greece?

A2: The notary process itself can be completed relatively quickly, often within a day or two once all documents are prepared. However, the entire property purchase process, including due diligence and document preparation, typically takes 1-3 months from start to finish.

Q3: Is it mandatory to have a lawyer in addition to a notary for Greek property transactions?

A3: While not legally mandatory, it is highly recommended to engage a lawyer in addition to working with a notary. Lawyers provide personalized representation and can conduct crucial due diligence that falls outside the notary’s scope of work.

Q4: Can notary fees be negotiated in Greece?

A4: Notary fees in Greece are regulated by law and based on the property’s value, leaving little room for negotiation. However, it’s always worth discussing the fee structure with your notary to ensure you understand all costs involved.

Q5: What happens if issues are discovered during the notary’s review of the property documents?

A5: If the notary discovers issues during document review, such as encumbrances or discrepancies in ownership records, they will inform all parties involved. The transaction may be delayed or halted until these issues are resolved. This underscores the importance of thorough due diligence before reaching the notary stage.

Article reviewed by Alexandros Ioannidis, Senior Wealth Manager | Multi-Asset Portfolio Specialist | Building Customized Investment Solutions for High-Net-Worth Clients, on March 7, 2025