One of the most important sections of financial activity in Greece, is the conveyance of Greek real estate property; a section which has flourished within the last years. The procedure of Greek real esate property acquisition is quite simple. However, for safe conveyance, it is necessary for some issues concerning the property to be settled, prior to the Deed's execution.
Buying and selling Greek real estate property is implemented only by executing a Notarial Deed before a Greek Notary Public or before the Greek Consulate, for Greeks residing abroad. Buying Greek real estate property is accomplished through the registration of the Notarial Deed, before the competent Greek Land Registry (Ypothikofilakeion) and/or the Land Registry Cadastral (Greek Ktimatologio) of the property's location.
The first and indispensable legal step, before the execution of the Deed, would be to conduct a title search on the Greek real estate property to be sold, before the relevant archives of the competent Land Registry (Ypothikofilakeion) and / or the Land Registry Cadastral (Ktimatologio) of the property's location. A qualified Greek lawyer needs to conduct the title search for the Greek real estate property. Through this and through reviewing all relevant listings either under the name of the owner reagrding the Greek real estate property, as depicted in the Land Registry archives or under the entries, noted under the specific property (in areas where the Land Registry Cadastral is already in effect), the absence of legal flaws is ensured, as well as the lack of registered burdens, lawsuits, seizures, mortgages imposed against the property. Against to what might be in effect in other countries, the Notary Public is not obliged to investigate the status of the property and of the facts that the parties provide him with. The Notary Public in Greece, is only responsible for the execution of the Notarial Deed, while the contracting parties (through their Greek Lawyer) are responsible for the investigation and the accuracy of the facts provided to him.
Selling Greek real estate property can be freely remitted abroad without any restrictions.
Greek law on conveyances of Greek real estate property, provides a number of restrictions to the buying of Greek real estate property in certain areas, which have been characterized as “border areas”. These restrictions apply to foreigners for national security reasons. For the execution of any conveyance Deed within these areas, a permission by the National Board of Defense / Ministry of Defense is required; permission which is granted only in rare cases. The above permission is not required for people who have Greek Nationality or are descended from Greek parents. All Greek Americans and Greek Australians are of Greek descent. An exemption from this restriction applies to citizens of the European Union, as well.
For the execution of the Conveyance Deed in Greece, a number of documents are required (i.e. issuance of tax registration number, certificate of tax clearance, certificate that there is no Inheritance / Gift tax due if the property was acquired by the seller through Inheritance or Gift, Municipal Tax clearance, copy of the building permit, in case that the building was raised later than 1983, issuance of a topographic diagram, when plots are conveyed, etc.); additionally, the submission of the conveyance tax statement, by virtue of which the parties declare to the tax authority the payment of the imposed tax, is indispensable. The Greek Notary Public is obliged to attach to the Conveyance Deed, a copy of the submitted conveyance tax statement, as well as the receipt of payment of the conveyance tax imposition.
All the above procedures for Greek real estate property, can be accomplished through a limited Power of Lawyer to a specialized Lawyer in Greece, like our Law Firm.