Last updated 14 October 2026. By Demetre E. Katsouris, Managing Partner, Katsouris Law Firm.
The short answer: until the final deed is signed, the buyer can usually be changed, and the deposit usually survives, but neither happens automatically. It depends on what was signed, who paid, and what the new buyer needs the property for. A substitution between family members on a reservation agreement is a few documents and a few weeks. A substitution after a notarial pre-contract, or one that moves the purchase into a company, is a transaction in its own right with its own consequences. Below are the four situations we see most often.
Situation 1: a reservation agreement, no pre-contract yet
Most purchases begin with a private reservation agreement and a deposit. If the final buyer is to be a different person — a sibling, a child, a parent — the parties sign a short amendment or a fresh reservation naming the new buyer and recording that the deposit already paid is held for their account.
Three things need checking:
- Does the agreement allow it? Many developer forms say the buyer may not assign. Developers generally agree to a family substitution when asked, but it needs their signature.
- Who paid the deposit? If the original buyer paid from their own account and the new buyer will own the property, the payment is a gift or a loan between them and should be documented as such, because the tax office may ask where the new buyer’s funds came from.
- Does the new buyer have what the deed will need? A Greek tax number, a bank account, proof of funds and, if abroad, a power of attorney. Start these immediately; they are the usual cause of delay.
Situation 2: a notarial pre-contract has been signed
A pre-contract is a binding notarial contract between named parties. To change the buyer, either the pre-contract is amended by a further notarial deed with all parties present or represented, or the original buyer assigns their rights under it to the new buyer. Both are routine, both carry notarial fees, and both require the seller’s consent unless the pre-contract permits assignment.
If sums have been paid under the pre-contract and the new buyer is not a close relative, the tax treatment of the assignment needs to be considered before it is signed, not after.
Situation 3: adding or substituting a spouse
Joint ownership between spouses is common and straightforward: the deed names both, in the shares agreed, and each needs a tax number and, if absent, a power of attorney. Two points are often missed.
For a Golden Visa, the investment must be made by the applicant. A spouse can be a co-owner, but the applicant’s own investment must meet the threshold for the area, or the spouse is included as a family member rather than as a co-investor. Which route is better depends on the family’s plans, and it should be decided before the deed names the owners.
For the 15% transfer tax expected from 1 July 2027, the citizenship of each buyer may matter. The final law will determine how joint purchases by couples of different citizenship are taxed; until then, keep the option open and do not fix the shares earlier than necessary.
Situation 4: moving the purchase into a company
Buyers ask about this for three reasons: liability, succession planning, and, since September 2026, the transfer tax, because purchases by companies were described as outside the 15% measure.
A Greek private company can be formed quickly and can hold property. What follows is less often mentioned:
- Formation costs, an accountant, annual accounts and corporate tax filings, every year, for as long as the company owns the property.
- The company pays ENFIA property tax like any owner.
- Rental income is taxed at the corporate level, and distributions to the shareholders are taxed again.
- Selling the property later, or selling the company, each has its own tax treatment.
- For a Golden Visa, an investment through a Greek company is possible only where the applicant owns the company in full, and the permit still attaches to the individual.
- Whether the final transfer-tax law contains anti-avoidance rules for companies formed to hold a home is unknown.
A company is the right vehicle for some buyers, usually those holding several properties or letting them commercially. It is rarely the right vehicle for a single apartment bought as a home or a visa investment, once the running costs over the years of ownership are added up.
The paperwork of a substitution, in order
- Written consent of the seller or developer to the change.
- Amendment to the reservation agreement or pre-contract, naming the new buyer and the fate of the deposit.
- Tax number, bank account and power of attorney for the new buyer.
- Documentation of any transfer of funds between the old and new buyer.
- Transfer-tax declaration in the new buyer’s name before the deed.
- The final deed in the new buyer’s name.
Frequently asked questions
Will I lose my deposit if I withdraw entirely? That depends on the reservation agreement. A properly drafted one returns the deposit if the seller cannot deliver clean title and forfeits it if the buyer withdraws without cause. Read it before you pay.
Can two unrelated friends buy together? Yes, as co-owners in stated shares. We recommend a written co-ownership agreement dealing with use, expenses and exit, because Greek law otherwise treats them as any co-owners. See our article on co-ownership disputes.
Does changing the buyer restart the timeline? It adds the time needed for the new buyer’s tax number, account and power of attorney, typically a few weeks if they act promptly. The seller’s documents remain valid, subject to their expiry dates.
This article is general information, not legal advice; it reflects the position on the date above and may change.
If you need to change who is buying, contact us before any further payment is made: info@katslaw.eu or +30 210 8982 864.
