Property Selling Process in Crete: How to successfully sell a property in Crete and attract reliable buyers.
The property selling process requires good preparation and a wide range of critical parameters to be considered. ARENCORES, a Chania Real Estate firm offers some tips on how to make to ensure the process goes as smoothly as possible.
About the Property Selling Process in Crete. How to Sell a Property in Crete article. The material contained in this article is provided for general information purposes only and does not constitute professional advice. Think Crete Real Estate does not purport to be a subject matter expert with regard to this material, and you should conduct your own research and/or seek the advice of appropriately qualified professionals with regard to your specific circumstances before you proceed to a property purchase in Crete, Greece.
Think Crete Real Estate assumes no responsibility, and specifically disclaims all liability, for your use of any and all information contained herein.
1. Preparing to Sell
It’s a wise idea to start preparing your property for sale before you involve an estate agent. This will provide you the opportunity to take care of any works or repairs that are necessary to make the property much more appealing and attractive.
Although such tasks at this initial stage of the property selling process in Crete might seem insignificant, the overall appearance of a property can affect its final selling price. This will also provide you several positive points to a market valuation conducted by an estate agent.
2. Market Appraisal
Every property owner wants to achieve the best price for his/her real estate assets within their desired timescale. A critical step at this stage is to identify the right property experts or property valuers for your asset. Those who combine local knowledge and critical thinking skills can integrate the latest market conditions and property’s specific characteristics to recommend a reliable asking price.
Bear in mind that a reliable asking price combined with a dedicated marketing strategy should likely maximize property viewing activity and the level of offers received. In case of not a consistent asking price, your property could remain in the property market of Crete for many months.
Moreover, this long-term presence of an unsold property on the real estate market, could result in accepting a lower offer than you would have originally achieved if you had come to the market at the accurate price suggested from a market valuation. In Crete there are some truly exceptional real estate agents, providing up to date, realistic valuations to sellers, not hesitating to turn down listings of overpriced properties. Thus, a market appraisal would also provide you the need to hire a professional estate agent.
3. Search and Select an Estate Agent
A professional real estate agent is a unique asset for your efforts to sell the property you own in Crete, Greece. If you decide to sell through an estate agent, make sure you compare fees and evaluate their marketing strategy – not only their reputation. All real estate agents must be licensed.
The selling process can be long and drawn out. From identifying and setting the right asking price to promoting the property effectively in the local and international clientele, and from discovering reliable property buyers to negotiating the best offer.
Moreover, an agent will develop a targeted marketing strategy to market your property in Crete to their network of buyers, property portals and agents. That’s why most vendors choose to hire an estate agent, who can act on their behalf from start to finish. So what should you look out for when choosing an estate agent?
- You need to consider the reputation of the real estate agency firm.
- Have they been successful in selling similar properties in Crete?
- What are their property marketing techniques?
- Except Right Move, Prime Location, Spitogatos, Chrisi Eukairia, or Zoopla where their properties could be advertised to reach local and international audience?
- Will they keep you updated regularly, about viewings, requests, feedback and inquiries?
- Do they charge a fair fee (usually the standard fee is 2.0%)?
- Are there hidden costs or restrictions in their property selling contract?
- Asking more questions
Each real estate agent has a unique personality, ethical performance and business sense, so it’s important to choose the agent in whom you feel, comfortable, confident and who is strong-willed and assertive. We encourage you to meet in person and interview several agents before choosing the one you want to work with.
We also suggest to proceed to a single real estate agent agreement (exclusive listings) for selling your property instead of multiple estate agents. The exclusive right to sell agreement requires that the seller pay the real estate agent a commission regardless of who ends up selling the property, as long as the agreement is in effect.
What Is an Exclusive Listing? Learn more here.
How much do estate agents cost?
In terms of fees, estate agents in Crete charge a percentage fee, which can be anywhere between 2.0% and 3.0% +VAT (24.00%) of the agreed selling price. Estate agents fees in Crete are not subject to negotiation.
4. Property Viewings
Once your property is in good working order, it’s time to prepare for viewings from potential buyers and show off its best features. That for residential and commercial properties except land estates, starts with a deep cleaning.
Viewings are all about first impressions. It is difficult to change this first–impression so you want to do all you can make sure your property attracts the largest number of potential buyers leaves a positive image in viewers’ minds.
Don’t forget to establish a positive impression outdoors too.
The most important part here is to decide how much you are willing to accept and focus on not going below that figure. This is your red line.
Don’t worry too much if you have to turn down an offer; it’s really quite common in the property market of Greece. Nowadays, any buyer will negotiate the initial selling price, and if you want to finalize the sale as soon a s possible, you may have to play that game.
However, most owners want to list their properties at a reasonable price that will attract buyers while still leaving some space for negotiations.
6. Accepting an Offer or Not
The estate agents are legally required to share with you all offers submitted for the subject property.
If you are not happy with the offer submitted, you can either reject it or you’re your estate agent to try to negotiate it upwards to reach your satisfaction standards.
Once you are happy with an offer submitted from a buyer, you need to formally accept it. Your agent will also inform the buyer (and your lawyer) for your decision.
Remember that accepting an offer is not legally binding, and you can legally change your mind or accept a higher offer later. However, this can be pretty distressing to your real estate agent, the buyer and your ethical performance as a trustworthy individual as a whole.
7. Pre-Agreement with the Buyer
As soon as the negotiation is complete the estate agent or a lawyer will provide you a document which outlines the terms of the agreement, including price, deposits, completion date. Both parties must sign this agreement before the exchange of contracts.
The buyer must transfer a deposit via his/her property solicitor or lawyer with a valid power of attorney to your bank account. The deposit is usually 5.0 – 10% of the purchase price.
Never sign a purchase agreement before you’re clear about what is and is not included in the offer submitted —and how it affects your rights on the property.
8. Closing Costs
The costs associated with selling a property are: Engineer’s certificate, Energy certificate, Lawyer’s fees, Estate Agent’s fees.
9. Notarial Contract
At this point you will instruct your Lawyer/Notary to arrange the details for the sale of your property. Completion usually takes between 4-8 weeks from the time we a buyer submitted his/her offer.
Property Selling Process in Crete: Documents & Certificates
The seller should provide all Deeds and plans of the property to the agent who in turn will give them to the buyer’s lawyer and engineer (if any) in order for them to do their inspections and give the green light for the buy.
Prior to the decision for a sale, the property owner should appoint an engineer to verify the legality of the property and provide a legality certificate which is by law obligatory for the property selling process.
It is recommended that the seller ensures that the status of the property is in line with the recent laws regarding selling a property. The engineer shall provide all building permit documents, topography, building plans, building permission as well as the legality documents of the property.
- The green certificate (ΠΕΑ) is provided by the seller’s engineer and is indispensable for the property selling process. Note that, according to the current legislation, the ΠΕΑ certificate is valid for ten years and is a referred to the property and not the owner.
- The seller’s accountant should prepare the tax documents for the selling process, that is, the property tax (ENFIA) and tax clearance certificates, as well as a National Insurance (IKA) Clearance if necessary.
- If the property for sale involves building(s), then a clearance certificate (ΤΑΠ) from the Town hall should also be obtained by the seller, as it is required for the property selling process at the Notary.
- Additional certificates may be required depending on the area where the property for sale is situated in respect to specific regulations that apply to the property area (Hellenic Cadastre, TOEB clearance etc.).
The aforementioned information on this Property Selling Process in Crete article should be checked with the Notary by the time of the sale, as the Greek Legislation regarding the property selling process may be subject to change