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Appoint a Lawyer in Crete for Property Sales & Acquisitions

Property Buyers and Owners need a power of attorney at some point. Find out what a power of attorney can do for you, how to get the best, and why you need it.

A lawyer will handle all the legal aspects of constructing, buying or selling a property for you. A good one will keep you updated regularly, and can really support you in what is likely to be a complex and stressful process. Find out how to choose a lawyer in Crete, Greece, the fees and the questions to ask.

The first question you’ll be asked when you decide to build or purchase a property is the name and contact details of your lawyer. Especially in the field of real estate which is governed by a plethora of legal sources and interpenetrations of legal systems, our professional partnerships with highly experienced lawyers facing every project as a whole.

With respect to real estate investments in Crete, Greece our synergistic practise is based on the interconnection and the availability of a dedicated property law team of professionals which handles property acquisitions, developments and redevelopments, renovations, investments and financing work.

In co-operation with our external partners ARENCOS provides legal advice to commercial and personal property investors, buyers and owners for purchases, sales, construction matters and commercial leasing.

The team has comprehensive experience in due diligence relating to land registry procedures and cadastres and is also a strategic and important partner for our real estate clients.

1. Finding and Purchasing a Property

This can be done either through our real estate firm – ARENCORES, third party real estate agents or property owners directly. Read our Property Buyers Dedicated Guide and discover the process and tips to facilitate your decision making.

2. Appointing a Lawyer

Before consideration is given to making any sort of offer, purchase or transaction deposit, priority should be given to the appointment of a lawyer! Putting in place a power of attorney can give you peace of mind that someone you trust is in charge of your affairs.

Initially, the lawyer will perform an ownership property title check at the Land Registry office/ National Cadastre to check and verify the ownership status. Additionally, it is highly recommended that the appointed lawyer requests confirmation that the subject property is free of encumbrances (mortgages, liens etc.) and if that all Tax liens or national insurance have been paid.

If such problems are existing with the property, further delays may significantly affect the final project construction cost, budget and time schedule.

3. What is a Power of Attorney (POA)?

A power of attorney (POA) is a legal document giving the attorney-in-fact, the power to act for another person (the principal). The attorney can have broad legal authority or limited authority to proceed to legal decisions about the principal’s property, finances or deals.

The power of attorney is an important mean if you are located outside the country and need someone to manage and supervise certain financial and transaction matters and real estate assets.

IMPORTANT: A person appointed as power of attorney is not necessarily an attorney. This person could just be a family member or a trusted friend.

Appoint a Lawyer for property construction in Crete

Before consideration is given to making any sort of offer, purchase or transaction deposit, priority should be given to the appointment of a lawyer! Putting in place a power of attorney can give you peace of mind that someone you trust is in charge of your affairs.

Average Fees

Property Law professionals charge in different ways:

  • A fixed fee.
  • An hourly rate.
  • A percentage of the property price
  • A percentage of the property construction cost

Unless you trust your lawyer, try to get quotes and recommendations on the cost of their service. Make sure the quotes breakdown all costs, allowing for VAT (24.00%), so you’re comparing like with like.

They should include charges for:

  • Cadastre searches
  • Opening Bank Account
  • Land Registry fees
  • Stamp Duty
  • Additional work if the process is more complex

Other consultants’ fees, fees and charges for intrusive site investigations, specialist support consultants’ fees and contractor’s fees for the provision of pre-construction services may also applied.

The Numbers

Paradigm

If the property purchasing price is €300.000 and tax is 24.0%, then expenses calculate as follows:

A Lawyer’s fee: 300.000х1,23% = 3.690 € (plus 24.0% VAT which is added up to this amount) = €4.575.60

A Notary’s fee: 300.000х1,5% = 4.500 € (plus 24.0% VAT) = €5.580

Title transition tax: 300.000х24.0%=72.000 €

Mortgage registry fee: 300.000х0.5% = 1500 €

Estate agent’s fee: 300.000х2.0%= 6.000 € (plus 24.0% VAT) = 7.480€

Total amount: 91.135€ (This amount can’t be considered a service fee calculated based on property price).

Bear in mind that for a typical purchase, the approximate costs should be range between 9.0% and 12.0% of the property contract price.

Appoint a Lawyer in Crete for Property Sales & Acquisitions

You require transparency and effectiveness

At ARENCOS, our proprietary diagnostic tools can evaluate whether real estate choices and construction projects demand further investigation or corporate strategies to deal with all necessary procedures and potential uncertainties.

For our clients in Crete we provide free in-house legal advise and we offer a list of highly professional real estate attorneys in Crete to facilitate your strategic objectives and decisions.

Our partnership is strongly committed to broad range of local and international clients, namely real estate investment corporations, hoteliers, developers, lenders and private companies.

How We Help Clients

Helping clients maximize the value of their investments and transform their real estate assets value.

Our property law partners are regularly instructed for technical and due diligence affairs such as building permits, constructions, developments, forestry, zoning terms, environmental mandates and archaeological legislation matters – restrictions.

With respect to real estate investments in Crete, Greece and in close co-operation with our external property professionals team we can provide the following extended services:

  • Evaluate the client’s investment budget and locations for investment;
  • Guide the preparation of documents required for constructing or buying property in Crete, Greece;
  • Negotiate the merits of the agreement with the seller(s) or contractors(s);
  • Evaluate and verify that the property belongs to the vendor, or that the vendor has the legal authority to sell
  • Investigate for existing mortgages on the property
  • Ensure that all Tax liens have been paid,
  • Title Search Works
  • Verify ownership of the property, and determine what claims or judgments against the property may exist
  • Issue a Tax Number
  • Open a Greek Bank Account;
  • Appoint Notaries & Accountants;
  • Draft a Power of Attorney for all actions related to the property construction or acquisition;
  • Conduct due diligence on property title deeds & competent Land Registries
  • Conduct due diligence on Cadastral offices for burdens, liens, confiscations, third party rights;
  • Review notarial documents and drafts;
  • Provide oral translation in English on the date of signatures;
  • Register the property with the tax authorities;
  • Register the property with the competent Land Registry or Cadastral Office;
  • Draft and sign lease agreements with tenants;
Legal Information – Building a Property in Crete, Greece – Additional Costs

Appoint a Lawyer in Crete for Property Sales & Acquisitions: Key Facts

1. The client with his/her ID and details of his/her parents, his/her profession and proof of address in home country (e.g. via utility bill, bank statement etc.), will be recommended to a lawyer with knowledge of the client’s language. However, the attorney is not able to communicate directly with the client in a language clearly understood by that client then a translator will be recommended too.

2. A Notary Public draws up a generic (or specific if so requested) Power of Attorney, which will give the named Lawyer the Power of Attorney to act on the client’s behalf in all aspects of purchasing or constructing a property within the Greek State or the local prefecture, including withdrawing the relevant funds for this purpose from the client’s bank account specifically set up for that purpose. The fee for the Notary for issuing the Power of Attorney document costs from 75 -120 euro. No other amount is needed to be paid out at this point.

3. A Birth Certificate (specifically stating parents’ names or a Marriage Certificate) and proof of permanent address should also be provided at this point, so that the lawyer applies for a Greek Tax Number AFM – required to open up the bank account.

Since 2018, some additional documents are required to open up a bank account in Greece; Utility bill or mobile phone bill to show proof of permanent address; tax declaration or pay slip showing client’s tax number in their home country.

4. The Lawyer should carry out a survey at the Land Registry, to ensure the deeds are clear and that there are no debts and that the property is free of encumbrances (mortgages, liens etc.).

5. Documents of bank transfers are considered receipts and are important for presentation to the Tax Office.

6. Having the necessary valid documentation in place, the tax related payments or fees which must be paid are estimated and presented to the local Tax Office. Bear in mind that for a typical purchase, the approximate costs should be range between 9.0% and 12.0% of the property contract price.