Must know about property

 

LAWYER
Buying a house or land to built on in Corfu, like in most other EU countries is subject to legalities and paperwork .
First It is necessary to appoint a lawyer, who will check the title of ownership and ensure that there are no mortgages or taxes outstandingor other legal encumbrances attached to the property.
Kassiopi Accountings can, if requested, make recommendations for an appropriate lawyer with whom we have been working for many years andliaise with him/her on your behalf.

NOTARY
Your lawyer would also be responsible for the appointment of a notary public who prepares the necessary Final Contract in conjunction with him/her.
Once the sale has been completed, it is the Notary who registers it with the Land Registry, retains a copy of the Final Contract and gives you certified copies of it.
A notary public is a government-appointed lawyer who processes and certifies all real estate transactions, including drawing up and reviewing all official documents, to ensure the legal transfer of the property.

ACCOUNTANT
You are required to obtain a Greek tax number (AFM) ( which is mandatory for all buyers, including foreigners and permanent residents abroad) prior to the final contract being signed.
It is issued at tax offices free of charge, with the help of your accountant who will fill in the forms.
All applicants must present their passport ( valid ). If you have granted your accountant full Power of Attorney with the very specific term, he/she can apply for an AFM on your behalf.
All necessary payments will be made through your or joined (with your name first) bank account.
Money deriving from this account will prove that money used for purchasing the property have come into Greece from another country and is already taxed there.
Opening a bank account in Greece usually takes more than a few minutes.
Banks will ask for a minimum opening deposit and you will also need your passport, your AFM (see above), your tax number of the country you live in, ( eg UK) an utillity bill from your country that shows your address, an utillity bill from greece (if any) and a document for your occupation abroad. Your accountant will be in the bank with you, to help with the forms.
There is an annual property tax in Greece based on your property tax declaration your accountant will do for you annually.
Also as a property owner you would need to complete an annual income tax return.
Your accountant will submit the forms for you every year.
Your bank will issue at the end of the greek tax year, after your request, what are usually known as pink slips.
They are certifications stating that the money for the purchase was brought in from abroad.
This certification is unique, (don't loose it, a copy is no good and an original cannot be reissued) and will be needed on completing your tax return, so pass it to your accountant.
If you loose it you will not be able to show where the money came from, so you will be taxed for the ammount of your purchase.
If you bought a land and you are planing to built on it, your accountant will arrange the monthly insurance payments for the staf to IKA (Social Insurance Organisation).After all legal work is done (2 months, usually)sign the final contract.Pay your fees (lawyer, notary, agent ) and taxes (transfer tax paid until one day before signing).

ARCHITECT - CIVIL ENGINEER - CONSTRACTOR

The planning regulations in Greece are complicated, a building permit must be obtained and this service is normally carried out by a civil engineer who, working with you, will complete the plans and submit these together with the other documents required, to the building permit office for approval.
He will also make an application for you to connect to the electricity and water supplies.
Once the building permit (usually after six months) is obtained, we advise you to sign an detailed agreement with a constractor to build the house.
It is very important to find a reliable one and we are here, after 43 years in the market, to introduce you to profesionals you can trust and see on site finished projects.
Your accountant will be taking from your constructor all the invoices from the project ( labour and supplies), make photocopies to attach them to your annual tax declaration and keep the originals in your file.
Those originals will be used by the civil engineer, after the project is finished, to connect with electric and water supllies.

STEPS ON PURCHASING
- Select your property.
- Appoint your lawyer to check the titles.
-Apoint your architect - civil engineer to check if and what you can built on the land
- Get an apointment with your solicitor.
- Sign a private agreement detailing terms of sale and payments.
- Pay a deposit to secure the property. The deposit is controlled from your lawyer
until it is clear that you can proceed with the purchase.
-Apply for your Tax Registry Number (AFM).
- Open a Greek bank account.
-After all legal work is done (2 months, usually)sign the final contract.
-Pay your fees (lawyer, notary, agent ) and taxes (transfer tax paid until one day before signing).
-Take original and cerified ( by the notary) copies of the final contract.