Buying, Finance and Banking
Buying Property On Crete
IF you’re considering buying on Crete, it makes financial sense to buy directly from the builder - saving you money and time. Additionally New Century Homes offer you the chance to have a custom designed property built that is tailored to suit your needs, whilst at the same time giving you excellent value for money.
And without doubt New Century Homes has the most extensive portfolio of properties in some of the most sought after locations in western Crete.
Buying on Crete - The Process
From the moment you contact New Century Homes you will be provided with all the information you require without any high pressure selling techniques. And if you decide to buy, English speaking staff who know the area ensure that the purchase process is an enjoyable and trouble-free experience.
Both parties will be serviced by multi-lingual lawyers, architects and sales people, offering not only a financially secure purchase, but also full assistance with all aspects of owning a property in Crete. And if required, New Century Homes can also give you support and help in the purchase of household electrical goods and furniture.
Four steps to your new home in the sun
Step 1
Having decided to buy your new home in Crete, your first step will be to appoint a lawyer to act on your behalf.
Your chosen lawyer - who New Century Homes can introduce you to - will explain the legal side of buying a property in Greece.
He/she will arrange for you to visit a Public Notary (a Government appointed lawyer) where you will pay approximately €60 and complete the documents required to give the lawyer Power Of Attorney to represent you in this purchase.
Your lawyer will then be able to open a local bank account for you (in joint names, if required) to allow you to transfer money from your home country to Crete to finance your purchase.
Once given Power of Attorney, your lawyer will obtain your local tax number (known as your “A-Fee-Mee” number). This number is required by law to enable you to purchase property in Greece and is essential for planning permission, connection to utilities, opening a bank account and for owning a car.
Your lawyer’s fees will be paid separately by yourself at the Land Purchase stage of the buying process; ie 40% or 90% stage. These fees also include the purchase tax and are a one off payment.
Stage Payments
Please note: Clients are also requested to leave a small deposit/credit card payment of €1,000 on the day of their agreed sales purchase. This sales confirmation deposit is to cover immediate transfer costs and secures the plot in your name. The deposit will of course be deducted from the agreed stage payments.
Either:
Ten Percent Deposit.
When you have returned home your lawyer will inform you of the details of the account that has been opened for you so you can transfer the 10% deposit from your home country. New Century Homes will inform you of all monies received and you will be sent a reminder for the final stage payment.
Ninety percent at final stage (completion). This money is required to finance the completion of your property. All extras requested must be paid for at this stage. At this point your plot will be registered with the local Land Registry and titles will be signed for by your lawyer. Now by law, you legally own anything built on the land.
Or:
- 10% Deposit
- 30% Land Purchase
- 30% 1st Construction
- 30% 2nd Construction Less €1000 Retention
- €1000 Handover Of Keys
Step 2
You will receive a Sales Confirmation letter from New Century Homes confirming the price of your new home, a breakdown of the stage payments and the schedule.
Step 3
A specification sheet should be completed before you leave Crete; this is a breakdown of any extras that you would like to add to your new home and also details your chosen kitchen and tile orders.
Step 4
If, like most people, you decide to pay in multiple stages, below is a breakdown of what each stage consists of:
10% Deposit
When you have returned home your lawyer will inform you of the details of the account that has been opened for you, so that you can transfer the 10% deposit from your home country. New Century will inform you of all monies received and you will be sent reminders for future stage payments, as required.
30% - Land Purchase
This stage payment is usually required within a few days of the deposit being received. Depending on how you are transferring the money from your home country, it may prove more cost effective to transfer both amounts simultaneously. At this point your plot will be registered with the local Land Registry and titles will be signed for by your lawyer. Now by law, you legally own anything then built on the land. Your lawyer will send your deeds to you at this point.
30% - First Construction
This money is required two months after the Land Purchase stage payment. This payment finances the initial stages of construction.
30% - Second Construction - less €1000 retention to cover 'final snagging'
This money is required two months after the first construction stage payment. This payment finances the completion of your property construction. All extras requested must be paid for at this stage.
€1000 Final Payment
This final payment is required on completion of the property at the handover of keys. Although New Century will have fully checked your new home for 'snags' before you take delivery, you will be walked through the property to ensure you are completely satisfied and any problems that you may find can be quickly remedied.
Excellent Exchange Rate
New Century Homes offer a complete and efficient service with the best international foreign exchange rates.
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