Buying Property in Crete - Deposit

So you have found your dream Crete property. How do you secure it?

We never take a property off the market until a deposit has been paid. The normal buying process in Greece starts with a 10% deposit from the purchaser being accepted by the seller. This is normally tied up with a short written contract stating what the deposit is for, when the final payment will be made and any other details. It is normal for a clause to be inserted saying that if the seller changes their mind they have to refund double the deposit. This effectively stops gazumping. There is also a clause stating that if you pull out for any reaon the deposit paid to the seller is non-refundable.

We understand that it is not realistic for you to carry thousands of euros with you when you visit. We will take a property off the market as soon as you do two things

• Sign our Property Purchase Order
• Pay a 500 euro holding deposit and agree to transmit the rest of the 10% deposit within five days of your return to your home country.

We will then contact the seller and inform them that the plot of land or house is sold and arrange an appointment at the Notary's Office with them for deposit payment. The date of this appointment will be based on the date that we expect to have received the balance of the deposit from you.

Your dream property is secure, you can return home with no worries about the property being sold to someone else before you can get the deposit money into your bank account.