Real Estate Law in Greece

In recent times, even the most unsuspecting observer could see the significant increase that is taking place in the wider real estate market in our country. A market that affects many occupational and scientific sectors.

Piperakis Kostopoulos Law Firm has the know-how that ensures full legal support in the implementation of real estate investments, whether it concerns residences, properties for commercial use and exploitation, tourist properties, industrial facilities, etc. In this context, legal due diligence of the property is provided, due diligence of property status and encumbrances, of urban status and land uses and of special legal restrictions. Complete legal planning is also proposed.

Full coverage is provided during the negotiation, preparation and signing of the purchase deeds, lease and management of the property, the issuance of permits by the competent services and the approval of environmental conditions.

Below is a useful summary of the process and the supporting documents that are usually required to initially inform the inexperienced seller or buyer of a property. Important documents related to the property:

• Purchase deed.
• Establishment of horizontal property or vertical property.
• Building permit.
• Energy performance certificate.
• Certificate of completion of Law 4178/13 or 4495/17.
• Floor plans with settled areas.
• Real Estate Tax certificate.
• Certificate of cadastral property.
• Transfer certificate.
• Encumbrance certificate.
• Payment of bills.

Important documents concerning the seller or the buyer (natural persons):

• Identity card.
• Passport.
• Family register certificate.
• Visa / entry into the country / date of entry, as indicated on the stamp.
• Residence permit.
• Email.
• TIN.
• Tax Office.
• Occupation.
• Residence.
• Any power of attorney.

Important documents concerning the seller or the buyer (domestic legal entities):

• Articles of Association.
• GCR notice.
• Certificate of amendments.
• Certificate of representation.
• Act adopted by a body
• ENFIA Certificate.
• Powers of attorney.

Important documents concerning the seller or the buyer (foreign legal entities):

• Articles of Association of the foreign company, as currently applicable, validated by the competent authority of the country where the company is based.
• Certification by the competent authority of the country where the registered office is located that the company has not dissolved nor has its authorization been revoked
• Certification by the competent authority for the registered office of the foreign company and for the persons representing the company at its registered office
• The registration number of the company at its registered office.
• Decision of the foreign company regarding the purchase or sale of the specific property in Greece.

Also:

• Tax / Social security clearance of sellers or debit note.
• Real estate transfer tax return.
• Solemn declaration concerning property acquisition after 1/1/2017.
• Ε9 of sellers.
• Bank checks [order of issuer or in favor of the State or land registry].
  In the case of inheritance: certificates of publication of a will, of non-renunciation of inheritance right, of non-challenge of inheritance right, inheritance certificate, certificate on non-revocation of inheritance.

Main actions:

• Obtaining a tax clearance certificate and filing a real estate transfer tax return from the competent Tax Office
• Obtaining a social security clearance certificate from Single Social Security Entity (EFKA)
• Obtaining a Real Estate Tax certificate and presenting the new contract from and to the Municipality
• Issuing certificates in the competent cadastral office.
• Collection of other supporting documents.
• Representation in a contract.
• Transfer of a contract to the land registry and declaration to the cadastral office.
• Property registration by the buyer in E9 within 30 days.

Β. Preparatory actions [Step 1].

1. Obtaining real estate purchase deeds and other notarial deeds8 from the seller.
2. Obtaining initial information.
3. Obtaining important documents.
4. Study of purchase deeds and other documents, identification of real estate and required supporting documents.
5. Identification of registrations to be reviewed.

C. Initial legal audit [Step 2].

1. Carrying out a legal audit before the competent Cadastral Office and Land Registry.
2. Going to competent services if required.
3. Preparation of a legal audit and property history report.

D. Advance payment [Step 3].
The seller-buyer agreement is usually recorded in writing by drawing up a private contract and the payment by the buyer of a token amount – advance. This agreement usually includes terms that are binding on the contracting parties, but in several cases must also include terms of specific commitment that are specific to the case.

Ε. Collection of supporting documents [Step 4].
The detection and collection of documents and supporting documents required for the purchase and sale, but also for the safeguarding of the parties, is largely a process that is considered on a case by case basis as different conditions prevail per purchase and sale, and each property and party has different properties and characteristics. Safeguarding the parties (buyer and seller) requires a combination of legal training and experience as well as cooperation with all parties involved (lawyers, notary, engineers, real estate agent, etc.). The process is time consuming and laborious especially for parties who do not have the necessary familiarity.

F. Contract [Step 5].
Indicatively in this stage the following actions are included:

1. Study of the draft contract and submission of comments to the counterparty and notary.
2. Final legal audit of the property before the competent Cadastral Office and Land Registry.
3. Legal representation when the contract is signed.
4. Registration of the notarial deed.

G. Indicative notary fee.

• For an amount up to 120,000 euros, a percentage of 0.80%.
• For an amount of 120,000.01-380,000 euros, a percentage of 0.70%.
• For an amount of 380,000.01-2,000,000 euros, a percentage of 0.65%.
• In addition to the above, a fixed amount of 20 euros.
• In addition to the above proportional fee, the notary is entitled for each additional (B) sheet of the deed to five (5) euros and for each sheet of a copy thereof, if such copies are issued immediately after the drawing up of the deed, to four (4) euros. Also for the completion of each tax return as well as for each sheet of tax assessed value the notary is entitled to ten (10) euros. All the above fees do not include VAT 24%.