Thalatta.realty is dedicated to large real estate projects related or being part of any business investment, big or small. Such properties, often are intended for hospitality city or resort projects of an LCET (Luxury Curated Experience Touring) character, often including yachting investing, sometimes including condominiums associated to a hotel business. Large real estate investments in Greece often also refer to Athens or Thessaloniki housing or office developments and commercial projects and even urban inner city redevelopments, while many investments are intended as industrial spaces and logistics and industrial level storage facilities.
These types of projects, would attract very substantial co-financing, possibly equity financing and certainly Greek bank lending on extremely beneficial for the borrower terms, while any such financing would be greatly augmented via subsidised interest, subsidised wages and HSS related costs and a very dynamic, environment related and international promotion connected, subsidies’ program, financed by the GG (Greek Government) and the EU.
The TTUK team of experts would consult, advise and facilitate investors in every step of their Greek projects, including bank mortgaging or bank lending facilitation and GG and EU programs applications.
The process of buying in property in Greece, is similar to the processes in most western countries, maybe with different emphasis on certain points. A prospective buyer must carefully adhere to all.
First, upon identifying a property you generally like, compare it with others and check the true worth of the specific property. Sellers, often dream of getting from a sale, what they need. The sellers’ dreamy needs are not a criterion by which to judge the value and worth of a property. Ask for advice and inform the seller and his agents, that you need to and you will engage your own property advisers, which have to be independent from the sellers’. A good way to go, to find the value of a property, is to submit an application for a mortgage to a Greek bank, even if you don’t intend to take their offer. Banks will know the true value of any property they would give a mortgage for. Under no circumstances accept offers to advise you, from the seller’s agents, engineers or lawyers.
Second, engage a solicitor for conveyancing, an engineer for building structural condition surveying and for Planning surveying and Planning compliance (two different things). Only upon having the written advice for all the professions mentioned, should you conclude the negotiations about the price and any deliverables. This process may take easily a few weeks to detect issues and more time to have everything put right and ready for Exchange. There are some reasonable and, in any way, negotiable costs involved, but it is better to be safe than sorry. And of course you can didact such costs, from the total expenditure, by negotiating a lower price for the intended property. If you are not a good negotiator, leave the negotiating to THALATTA.homes.
Other than this, you may be asked to pay a deposit of 10% upon signing a pre-agreement, advised by a solicitor or a proper Exchange Contract, always on a ‘’subject to’’ clause, where similarly a 10% deposit is required. What either of these ‘’subject too’’ condition may refer to, are various irregularities in the titles or the Planning Compliance or any liens related to historical tax obligations or financial obligations on the seller’s part or, indeed, issues related to resolvable Planning Compliance issues, which the seller must resolve, post Exchange, but prior to Completion.
Greeks, in the past used to ‘’add’’ a few extra habitable square metres, despite Planning conditions not allowing it and owners have to rectify such ‘’irregularities’’ fully, before any sale transaction can take place and often pay some penalties imposed by Law, in rectifying them. It is like anyone in Britain or Germany, extending his living space into his garage or basement or loft. He is allowed to do it, but often without totally meeting the ‘’habitation conditions’’ set by Planning Authorities. It is the same in Greece, but Greeks having naturally anarchic genes since ever, they have indulged themselves in the sport of trying to stretch the law, con gusto. You must be protected from all this.
After all the prerequisites are completed and the Notary Public is satisfied, you would be called to Complete. The act of Completion is performed in person or by a physical person having a PoA (Power of Attorney) from you, always in the physical presence of the Notary Public, chosen and appointed by the buyer (you). If there is a mortgage involved, then the bank which issued the mortgage, would have made the necessary arrangements, directly between the bank’s legal department and the Notary Public. The buyer has to produce a banker’s draft for the amount required to Complete, which in the end of the signing from all parts, is handed to the Notary Public, who records it and passes it to the seller or his PoA. No sale on any exchange of property in Greece, can ever be paid in cash money notes. All payments / receipts of money must be done, via the Greek Euro-System banking system.