How to Sell Property in Greece For Sale By Owner

Selling property in Greece, especially “for sale by owner” (FSBO), can be a complex but rewarding endeavor. While it offers the potential to save on real estate agent commissions, it demands a thorough understanding of Greek legal procedures, taxation, and administrative requirements. For non-residents, the process can be even more intricate due to geographical distance and unfamiliarity with local nuances. This comprehensive guide will outline the necessary steps, legal considerations, tax implications, and the role of a local bank account when selling your property in Greece as an owner.

1. The Decision to Sell FSBO vs. Using an Agent

The first critical decision is whether to sell your property “for sale by owner” (FSBO) or to engage a real estate agent.

Benefits of FSBO:

• Saving on Commission: This is the primary driver for most FSBO sellers. Real estate agent fees in Greece typically range from 2-4% (plus 24% VAT) for each party (buyer and seller), though they can sometimes represent both parties as mediators. For a significant property, these savings can be substantial.
• Direct Control: You have full control over pricing, marketing, and negotiations.
• Personal Knowledge: No one knows your property better than you do, allowing you to highlight its unique selling points to potential buyers.

Challenges of FSBO:

• Time Commitment: Marketing, showing the property, and handling inquiries can be very time-consuming. This is particularly challenging for non-residents.
• Market Knowledge: Setting the right price requires deep knowledge of the local market, recent sales, and property values. Overpricing can deter buyers, while underpricing means losing money.
• Marketing Reach: Reaching a broad audience, especially international buyers, can be difficult without an agent’s network and marketing tools.
• Negotiation Skills: Dealing with potential buyers and their offers requires strong negotiation skills and emotional detachment.
• Legal and Administrative Complexity: This is the biggest hurdle in Greece. The legal and bureaucratic process is intricate, and errors can lead to significant delays or even cancellation of the sale. This is where a reliable lawyer becomes absolutely indispensable.
• Language Barrier: If you don’t speak Greek fluently, managing inquiries and local professionals can be challenging.

Given the complexities, especially for non-residents, most foreign owners selling in Greece opt to work with a reputable local real estate agency or rely heavily on a Greek property lawyer from the outset. If you choose FSBO, consider it a partnership with your lawyer.

2. The Indispensable Role of a Greek Lawyer

Regardless of whether you use an agent or go FSBO, engaging an independent Greek property lawyer is non-negotiable. Their role is central to ensuring a smooth, legal, and secure transaction. For FSBO sales, your lawyer essentially takes on many of the critical responsibilities that an agent might otherwise manage, especially concerning legal compliance and documentation.

Your lawyer will:

• Conduct Due Diligence: On the property, ensuring there are no legal encumbrances (mortgages, liens, claims), zoning violations, or unpaid taxes attached to it.
• Gather and Verify Documents: They will advise you on all necessary documents (listed below) and help procure them.
• Draft and Review Contracts: Prepare or review the preliminary agreement and the final notarial deed.
• Handle Onerous Bureaucracy: Navigate the Greek tax authorities, land registries, and other public offices.
• Manage Power of Attorney (POA): If you are a non-resident and cannot be physically present for all stages, your lawyer can act on your behalf via a specific POA.
• Advise on Taxation: Explain your tax obligations and help ensure compliance.
• Manage Funds: Facilitate the legal transfer of funds, often through a client trust account.
• Coordinate with Notary Public: The notary public, a mandatory figure in Greek property transfers, acts as a public official to certify the transaction. Your lawyer will liaise closely with them.

3. Essential Documents for Selling Your Property

Preparing all necessary documentation well in advance is crucial to expedite the sale. Many documents have expiry dates or require recent updates.

Key Documents You Will Need (as the Seller):

1. Property Ownership Title Deed (Συμβόλαιο Κτήσης): The original deed proving your legal ownership (e.g., purchase contract, inheritance deed, donation deed). This is registered at the local Land Registry or Cadastre Office.
2. Property Electronic Identity (Ηλεκτρονική Ταυτότητα Ακινήτου – E-ID): Introduced in recent years, this is a comprehensive digital file containing all essential information about the property, including its building permit, floor plans, legalizations of any illegal constructions, and energy performance certificate. This is mandatory for signing the final purchase deed and must be prepared by a civil engineer. It needs to be up-to-date and valid.
3. Recent Topographical Plan (Τοπογραφικό Διάγραμμα): A detailed and recently certified topographical diagram of the property, depicting accurate measurements, boundaries, and any buildings, prepared and electronically submitted by a licensed civil engineer.
4. Energy Performance Certificate (Ενεργειακό Πιστοποιητικό – EPC or ΠΕΑ): Mandatory for all buildings over 50 sq.m. for sale or rent. Issued by a certified energy inspector (engineer), it assesses the property’s energy efficiency (A+ to H rating) and is valid for 10 years. Its class must be included in any property advertisement.
5. Building Permit (Οικοδομική Άδεια): The original permit issued when the property was first built, confirming its legal construction. Your civil engineer will need this for the E-ID.
6. Certificate of Non-Debt of Unified Property Ownership Tax (ΕΝΦΙΑ): Issued by the Tax Office (AADE), proving that all annual ENFIA property taxes have been paid up to the current year.
7. Certificate of Municipal Tax Clearance (ΤΑΠ – Τέλος Ακίνητης Περιουσίας): Issued by the local Municipality, certifying that the property’s municipal taxes have been paid. This is typically a small annual tax collected via electricity bills.
8. Tax Clearance Certificate (Φορολογική Ενημερότητα): Issued by the Tax Office, confirming that the seller has no outstanding tax debts to the Greek State. This is crucial for any major financial transaction in Greece.
9. Social Security Clearance Certificate (Ασφαλιστική Ενημερότητα): Required if the seller is a legal entity or a self-employed individual with social security obligations, confirming no outstanding social security debts. Less common for individual residential sellers unless they also run a business.
10. Proof of Property Tax (E9 Form): Your annual property declaration form submitted to the Greek tax authorities, detailing your ownership of the property.
11. Personal Identification: Valid Passport or Greek ID card.
12. Tax Identification Number (ΑΦΜ – Arithmo Forologiko Mitro): Your Greek tax number is essential for all financial transactions in Greece. If you don’t have one, your lawyer can help you obtain it.
13. Building Legalisation Documents (Νόμιμο): If any illegal or unauthorized constructions or additions were made to the property (e.g., extensions, pergolas, internal layout changes), these must be legalized and declared. This process can be complex and expensive, requiring a civil engineer to assess and submit rectification plans. The E-ID incorporates these legalizations. It is critical that all illegal constructions are legalized before a sale can proceed.

4. The Selling Process (FSBO with Lawyer Support)

1. Preparation and Valuation:
   • Gather Documents: Start collecting all documents as early as possible. Your Greek lawyer will guide you on this.
   • Property Assessment: Consider getting a professional valuation to determine a realistic market price.
   • Property Condition: Address any necessary repairs or minor renovations to enhance appeal. Consider professional photography and even virtual tours for online listings.
2. Marketing Your Property:
   • Online Listings: Utilize international property portals (e.g., Rightmove Overseas, A Place in the Sun) and Greek property websites. Ensure high-quality photos and detailed descriptions, including the EPC rating.
   • Local Advertising: If applicable, use local Greek newspapers, community boards, or expat forums.
   • Networking: Leverage personal contacts, word-of-mouth, and social media.
3. Negotiation and Preliminary Agreement:
   • Direct Negotiation: Engage directly with potential buyers. Be prepared for negotiation on price and terms.
   • Deposit: Once an agreement is reached, a preliminary agreement (private agreement or “pre-contract”) is often signed. The buyer typically pays a deposit (usually 10% of the purchase price). This agreement usually outlines key terms, conditions precedent (e.g., full due diligence, OIO consent if a foreign buyer of “sensitive” property), and the final signing date. Your lawyer will draft or review this to protect your interests.
4. Due Diligence by the Buyer (and You Providing Documents):
   • The buyer’s lawyer will conduct their own due diligence, verifying all your provided documents and ensuring the property is legally sound. This includes checks at the Land Registry/Cadastre and with the local planning department.
   • This stage highlights why having all your documents prepared and verified by your own lawyer beforehand is crucial; it minimizes delays and builds buyer confidence.
5. Payment and Anti-Money Laundering (AML) Compliance:
   • Greece has strict AML regulations. All payments related to property sales must be made via bank transfer, not cash. This includes the deposit and the final payment.
   • Your lawyer will ensure compliance with these regulations. The funds will typically be transferred from the buyer’s bank account to your Greek bank account (or your lawyer’s client account, then to yours).
6. Notary Public Involvement:
   • The Notary Public is a key figure mandated by Greek law. They are neutral public officials responsible for drafting and certifying the final Sale and Purchase Deed.
   • They ensure all legal requirements are met, collect all necessary taxes and fees (from both buyer and seller) on behalf of the state, and submit the deed for registration.
   • Both seller and buyer (or their POAs) must be present for the signing of the final deed.
7. Final Deed Signing and Registration:
   • On the agreed settlement date, the final Sale and Purchase Deed (Συμβόλαιο Αγοραπωλησίας) is signed in the presence of the Notary Public.
   • Your lawyer will ensure all legal conditions are met and funds are transferred.
   • After signing, the buyer’s lawyer or the Notary will arrange for the registration of the new ownership title at the relevant Land Registry (Υποθηκοφυλακείο) or Cadastre Office (Κτηματολογικό Γραφείο). This step legally transfers ownership to the buyer.

5. Taxes and Fees for the Seller

Selling property in Greece involves several taxes and fees that are the seller’s responsibility.

1. Capital Gains Tax (Φόρος Υπεραξίας):
   • Good News: As of current legislation, the capital gains tax on real estate sales for individuals in Greece has been suspended until 31 December 2026. This means that as an individual seller, you are currently not taxed in Greece on any profit you make from the sale of your property.
   • Important Caveat: This suspension has been extended multiple times. Always confirm the current status with your Greek lawyer or tax advisor before proceeding with a sale.
   • Foreign Tax Residence: Remember that if you are a tax resident in another country, your home country may impose capital gains tax on the profit from your Greek property sale. Greece has double tax treaties with many nations to prevent double taxation, but you must consult a tax professional in your country of residence.
2. Unified Property Ownership Tax (ΕΝΦΙΑ – Eniaios Foros Idioktisias Akiniton):
   • You are responsible for paying ENFIA up to the date of the sale. Your lawyer will ensure this is cleared, and you’ll need the “Certificate of Non-Debt of ENFIA.” This is an annual property tax assessed on all property types.
3. Municipal Tax Clearance (ΤΑΠ – Τέλος Ακίνητης Περιουσίας):
   • You must provide a certificate from the Municipality confirming all municipal taxes for the property have been paid up to the sale date.
4. Lawyer’s Fees:
   • Legal fees for the seller are typically a percentage of the property value, often around 1% to 1.5% plus 24% VAT, with a minimum fee. This is a matter of agreement with your lawyer.
5. Civil Engineer’s Fees:
   • You will pay fees to a civil engineer for preparing the Topographical Plan, Energy Performance Certificate (EPC), and the crucial Property Electronic Identity (E-ID), including any necessary legalizations of unauthorized constructions. These costs vary depending on the property size and complexity.
6. Notary Public Fees:
   • While the buyer typically bears the larger portion of the notary fees and property transfer tax, the seller might contribute to specific notary services related to document certification or specific clauses in the deed. The notary’s fee is proportional to the value of the property (objective tax value or sale price, whichever is higher), typically around 0.8% to 0.1% plus 24% VAT, on a sliding scale.
7. Real Estate Agent Commission (if applicable):
   • If you decide to use an agent, you will pay their commission, typically 2-4% plus 24% VAT.

6. The Need for a Local Greek Bank Account

Yes, a local Greek bank account is practically essential and highly recommended for selling property in Greece, especially for non-residents.

Reasons a Greek Bank Account is Crucial:

1. Receiving Sale Proceeds: While theoretically, the funds could be wired directly to an international account via your lawyer’s trust account, having a local Greek bank account for the final transfer of proceeds from the buyer (or their lawyer/notary) simplifies the process. It ensures compliance with Greek banking regulations and streamlines the payment verification process mandated by AML laws.
2. Paying Local Expenses and Taxes: Many of the fees and taxes associated with selling property (e.g., civil engineer fees, legal fees, notary fees, any outstanding ENFIA or municipal taxes) may need to be paid from a Greek account or through your lawyer who would use their trust account.
3. Repatriating Funds: While the funds from the sale are now in Euros within the EU banking system, having them in a Greek account can facilitate easier transfer to your home country. Greek banks are accustomed to handling large international transfers and meeting reporting requirements. You’ll need to demonstrate the legitimate source of funds (the property sale) to your Greek bank for smooth outward transfers, which your lawyer can help document.
4. Proof of Tax Residency/Compliance: For tax purposes, especially if you have had rental income or other financial dealings in Greece, a Greek bank account helps maintain a clear financial footprint.
5. Future Financial Dealings: If you plan any future financial activities in Greece (even small ones), a local account is invaluable.

Opening a Greek Bank Account as a Non-Resident: This can be done, but it requires specific documentation and is generally easier to do in person. You will need:

• Your AFM (Greek Tax Identification Number).
• Your passport or valid ID.
• Proof of your overseas residential address (e.g., utility bill).
• Proof of your source of funds (e.g., bank statements, pay slips, tax returns).
• Evidence of your property ownership in Greece. Some banks may allow you to start the process online or via video call, but final activation often requires a physical presence. It’s advisable to contact Greek banks (e.g., National Bank of Greece, Piraeus Bank, Eurobank, Alpha Bank) in advance to understand their specific requirements for non-residents. Your lawyer can also often assist in facilitating the account opening process.

7. Repatriating Funds from the Sale

Once the sale is complete and the proceeds are in your Greek bank account, you will want to transfer them to your home country.

• Documentation: Your Greek bank will require documentation proving the source of the funds (the property sale). This will include the final Notarial Deed.
• AML/CFT Checks: The bank will conduct their own AML/CFT checks on the outbound transfer.
• Transfer Limits: Be aware of any daily or transaction limits your bank might impose, though large transfers from property sales are routine for them.
• Currency Exchange: If transferring to a non-Euro currency, consider the exchange rates offered by your bank versus specialized foreign exchange services.

Selling property in Greece “for sale by owner,” particularly as a non-resident, is a formidable undertaking but entirely feasible with the right professional support. While you can save on agent commissions, the complexities of Greek property law, extensive documentation requirements, and tax implications necessitate the indispensable involvement of a highly competent and independent Greek property lawyer. They will be your guiding hand through every step, from ensuring legal compliance and managing bureaucracy to facilitating the secure transfer of funds. Establishing a Greek bank account is a practical necessity for seamless financial management of the transaction and subsequent repatriation of funds. By understanding these critical elements and preparing thoroughly, you can navigate the Greek property market successfully and achieve a smooth sale of your cherished property.