F.A.Q.

Frequently Asked Questions about the real estate market in Chania, Crete, Greece.

As you can imagine, real estate agents are asked quite a few questions about real estate issues every day; some of them come up more often than others.

Below you will find accurate answers to these, which may be very useful whether you are a first-time buyer or have made a purchase in the past.

Why should I advertise with ChaniaMyEstate LP?

By advertising the sale of your property by the CHANIAMYESTATE LP, you ensure its promotion to a vast audience of potential buyers of real estate through our leading website, which has exceptionally high traffic. Furthermore, you benefit from our cooperation with many reputable international portals specialized in real estate.

Your property will thus receive immediate and broad exposure to an extensive network of websites with massive traffic. That means that your real estate for sale or rent will appear directly and prominently where potential buyers are searching.

What do visitors love about ChaniaMyEstate LP?

ChaniaMyEstate LP provides access to prospective buyers, sellers, and real estate investors in reliable data of various properties located in the Prefecture of Chania. The properties included in our listings are undoubtedly tradable since certified brokers, engineers, and appraisers have systematically and thoroughly checked them.

ChaniaMyEstate LP visitors can:

1. Search properties using their criteria.
2. Learn how ChaniaMyEstate LP can help them through the real estate process.
3. Share their favorite listings with friends and family.
4. Learn more about a property's features with detailed information for each listing.
5. Have the great experience of visiting many of the properties in our listings by a virtual tour

How much is Real Estate Agent's Commission?

Buyer and seller each pay 1% to 2% (plus 24% VAT) as a real estate agent's fee.

How will the real estate agent receive their payments?

ChaniaMyEstate LP will get paid when the final contract takes place. In the case of a pre-contract drafting, half of the fees are payable at this stage.

How many houses can one see in a day?

If you get to see more than five houses in a day, the most likely thing to happen is that you will forget some details of them. If you have minimal time to look for a new home, there is no need to look at ten houses in a day.

It will even take longer than you expected to get home. Limit the search to less than five houses in a day; that's how you will be able to remember the essential details of each place.

How many homes should I view before buying one?

That's up to you! For sure, home shopping today is easier than ever before. The ability to search for homes online while relaxing on your comfortable couch, watching properties videos, and virtual touring, has completely changed the home buying game.

Convenience is at an all-time high. But there is nothing better than visiting a house up close and seeing how you "feel it."

What is earnest money?

Earnest money, or good faith deposit, is a sum of money you put down to demonstrate your seriousness about buying a property. In most cases, earnest money acts as a down payment on the property you're looking to buy. When a buyer and seller enter into a purchase agreement, the buyer deposits the earnest money, and the seller takes the home off the market while the transaction moves through the entire process to closing. While the buyer and seller can negotiate the earnest money deposit, it often ranges between 1% and 5% of the property's purchase price.

Before the down payment deposit, the involved parties sign the relevant agreement. The amount of the earnest money is deposited interest-free in a bank account commonly accepted by both parties for safekeeping. If a deal is struck, the earnest money is applied to the closing costs. If the deal falls through, the money is returned to the buyer.

Important: if both parties agree upon the terms of a deal, but then the buyer backs out, the earnest money may not be returned to the buyer. Beware the "caparra" is not the same case as the "holding deposit" you may have heard. The holding deposit has the same meaning and purpose but is only legally valid when it annexes a notarized preliminary agreement. Ask ChaniaMyEstate LP about the ways to protect your earnest money deposit.

What if my offer is rejected?

Sellers can flat-out accept or reject an initial offer. But a third path is quite common; sellers can initiate a counteroffer. Remember this: a deal isn't dead until it's dead. So, if the seller proffers a counteroffer, you're still in the game.

You and your agent need to review it to determine whether the counteroffer is acceptable. If so, then approving it closes the deal immediately. Keep in mind that offers and counteroffers can go back and forth many times; this is not unusual, and negotiations are a part of what realtors do as a matter of routine. Each revision should bring both parties closer together on the terms of the deal.

Should I order a home inspection by an engineer?

Yes! Home inspections are required if you plan on financing your home with a loan. However, home inspections are highly recommended because they can reveal defects that are not easily detected. Home inspections bring peace of mind to one of the most significant investments of a lifetime.

How complicated is the property purchase process in Greece?

EU nationals can freely purchase property in Greece, while there are a few restrictions for non-EU citizens. The potential buyer must open a Greek bank account and transfer all the funds required for the purchase (property price, notary fees, registration fees, etc.) to comply with the Greek tax legislation or import cash through the Greek Customs Authority.

Acquiring property near military bases national borders - mainly for security reasons, especially those close to Turkey - requires special permission from the Local Council in some islands. Such license is not granted to non-EU nationals.

The importation of funds for real estate acquisition needs to be documented and requires the permission of the Bank of Greece. You will also need to secure a Tax Registry Number from the Internal Revenue Service. If you are a married couple planning to purchase property jointly, you should each obtain one.

The first step to purchasing property in Greece is to hire a real estate attorney. He will be responsible for performing due diligence and ensuring the protection of your interests in the transaction.

Once you have selected the property, make an offer to the seller. Your lawyer will draw up an initial purchase agreement if it is accepted. Both parties will sign, and you must pay a 1% to 10% deposit to reserve the property. Title search follows. Your lawyer must check if there are any charges on the property if the construction follows government planning regulations and all taxes due have been paid by the seller.

This can be accomplished at the Registry of Mortgages. When the results are to your satisfaction, settle the remaining balance and necessary government duties.

Closing usually takes four to six weeks. You must obtain copies of the title from the seller. It is your responsibility to hire a notary public to prepare the contract deed, ensure it has been drawn up correctly, and oversee the finalization of the purchase. Both parties must sign the contract deed in the notary's presence to verify and register the transaction in public records. This requires you to present a valid passport, your Tax Registry Number, and special permission to purchase (if necessary).

In addition to this, the seller will also need to submit a "B" Tax certificate proving he has a clean record with the Hellenic Fiscus (tax office). When this has been done, the final step involves submitting copies of the deed and transfer certificate to the Registry of Mortgages to change property ownership to your name.

A National Land Registry is still in the process of completion.

Can landlord and tenant freely agree on rents in Greece?

Rents are freely negotiable between the tenant and the landlord. Any percentage annual rent increase must be specified in the contract, which duration should be a minimum of three years for residential use as per the law.

The specific and general lease terms are in the private lease agreement signed by both parties. The essential details of this agreement must be posted within a short time from its signing on the TAXISnet website.