Crete property facts | Buying - pay deposit

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Buying a property in Crete

There are a number of steps and statutory checks that have to be carried out before a property purchase can be successfully completed. Your lawyer must know these, and only advise you to go ahead when they are satisfied with the checks. A further safeguard exists in the form of the Notary Public, who will not proceed unless all is satisfactory.

Pay deposit

Under Greek law, it is normal to pay a deposit of 10% to secure the property. You should ensure you obtain a receipt and written confirmation that your deposit is refundable if problems are discovered with the property or the vendor's family, and that the property has been taken off the market pending completion. The deposit is not refundable if you simply change your mind!

Our services
We have a standard deposit contract written in English, which forms a receipt for your deposit. After signing, we will start the legal checks and purchase process on your behalf so that you can return home until the purchase contracts are ready for signing. In brief, our contract follows Greek law:

• You pay 10% of the purchase price to secure the property.

• We stop marketing it for an agreed purchase period.

• If you later decide not to purchase without good reason, you lose this deposit.

• If serious problems are discovered with the property or title, your deposit is returned.

• If the vendor decides not to sell, you receive your deposit plus we attempt to retrieve the same amount again from the vendor.



Friday July 30, 2010

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