Buying Property in Crete - Mortgage Registration

If you are buying with a mortgage there is a clause inserted into the sale contract that allows the bank to pay within a certain number of days of the contract signing. Before the bank can give final mortgage approval and release the funds they normally have to send a copy of the contract, together with the land registration cerificate to their Head Office for final approval.

Once this final approval is granted, your lawyer will accompany the Bank's lawyer to the Court of First Instance, in our case it is in Neapolis, so that the charge on the property can be registered by the Bank. When all the Court papers are returned to the Bank it then takes a further two days or so for the funds to be transgerred to the seller.

Whilst all the registration has been done the transaction is not complete until the seller has been paid in full. The property will revert to their ownership if it is not paid for in full.