Real estate
Contracts that concern real estates in Greece are drawn up by special
permitted law professionals called notaries and practise only this
profession i.e. drawing up contracts. In order to buy and sell a real
estate in Greek territory the following procedures are imposed to be
done by the candidate purchaser.
a) He/she selects the real estate that he/she wants to buy.
b) Assigns in a lawyer to precede the research for the legal situation
of real estate. As long as National Cadastral map of all territory does
not exist in Creece, the cadastral office is now replaced by the land
registry where is written down anything that concerns the real estate.
In the cities that "CADASTRE» has functioned control must be done.
Namely: Who is the proprietor, whether exists juridical
suspense or claim, whether is mortgaged or is registered garnishment
etc
Under a simple condition: To have done at least one legal act or
notarial act which concerns this real estate, because most of the real
estates especially at rural regions do not have titles of property but
are transmitted without contracts. Title for these real estates is
usucaption.
The lawyer who does the legal research at the end of the reseach does a
legal estimation of the real estate.
c) Assigns in a Political Engineer to check the existing topographic
diagram that accompanies the proposal of sale and see the real estate.
A right topographic diagram includes: the area of the real estate,
possibility of layout, the character of extent (whether is in a
built-up area) and various other technical characteristics eg approvals
from forest inspection or archaeological service etc
d) Choose the notary who will draw up the deed of purchase.
CONTRACTS STRUCTURE AND CONTENT
a) Each contract has
a concrete number given by the Notary and a composition date. This is
the real estate identity number in combination with the transcription
number given at the Registry office.
b) Report of the detail elements of the contracting parties, full
names, father names, mother names, police identity (I. D.) numbers, tax
registration numbers, addresses and professions.
c) The real estate is described in details (extent, limits, borders)
and reports the Topographer of Engineers elements mentioned at the
topographic diagram. At this point all the previous acts, titles of
property, contract numbers and registration numbers at the register
office are mentioned.
d) Afterwards, is reported the vendors statement, that sells the real
estate and is described the price, the terms and the conditions of
settlement of price in case it is not paid off immediately during the
signature of contracts.
e) The vendor guarantees that the sold of real estate has no debts.
f) Thereupon, the buyer undertakes the vendor’s real estate and the vendor resigns from any rescission right.
g) The notary reports the copies of tax on transfer of property statement as well as the declared value.
Note: The tax Office imposes the objective value ( ie the minimum one)
of the real estate apart from the agreed price. If the agreed price is
over the objective value the transfer tax the purchaser pays will
depend on the superior. If the agreed price is less than the objective
value the tax is paid will depend on the objective value.
Finally the notary certifies that the transaction takes place according
the law, and reports in brief the relative laws and the certain formal
statements of the contracting parties. Observations:
1) The contract is drawn up only in Greek language
in one original that always remains at the notary’s file, an official
copy which is registered at the register office and the purchaser
receives as many copies as he/she wants paying the proportional tax. If
the purchaser want, he/she may name a translator who takes an oath and
translates orally word by word the contract from Greek to the foreigner
language. At the end of the contract the translator declares that
he/she translated rightly and comprehended completely quoted in the
contract the foreigner purchaser and signs for this at the contract.
Moreover the purchaser is able to receive a copy and on his own tax to
have it translated officially at the Ministry of Abroads at the
translational service or may have it translated from a Lawyer
acquaintance of foreigner language.
2) The parties sign only the prototype contract.
3) By the time the contracting parties sign must possess all the legal
documents that would prove the individual identity or the legal
representation of representative in case the purchaser is a company.
4) The expenses of Land registry burden the purchaser.
5) The transaction is completed not only with the procedure at the Notary but with the registration at the Register office.
PURCHASERS EXPENSES
The purchaser must pay for the following expenses:
a) the transfer tax is about 7-9% on the objective price or if the agreed price is bigger than the objective price, on it.
b) The lawyers’ fee is about 1% on the selling price adding the legal
research and any other legal advice had offered to the client
c) The notary’s fee is about 1,3% on the deed of purchase mentioned price
d) The estate agent’s fee depends on the agreement among the estate agent and the purchaser
e) The registration at the register office is about 4,75 0/00 on the price mentioned on the deed of purchase.