Published August 12, 2022  13:18 PM



Real estate property transfer requires specific procedures to be carried out with the assistance of various professionals (lawyer, notary, accountant, engineer, etc.) in order to gather all necessary legal documents and technical survey of the property.


Free White Concrete Building Near Body of Water Stock Photo


Priority is given to legal and technical property investigation in order to find any potential legal or technical concerns and fix them before the property transfer. Therefore, it is thought that the support of the engineer and lawyer is crucial. 



A legal research refers to the deed search of the property, the burdens, claims, and liabilities of any kind, as well as the resolution of any legal issue, whereas an engineer’s research refers to checking the property’s topographic plan, the conformity of the buildings to the issued building license, and their compliance with the town planning regulations.


Property Transfer Procedure And Its Obligation


The seller agrees to fulfill the responsibility of giving the notary drafting the act of sale the required paperwork, as previously mentioned. Next comes the buyer’s payment of the transfer tax. As soon as the contractual parties sign the act of sale, the process is finished. When the purchase agreement is recorded at the appropriate land registry or cadastral office, the ownership of the property is officially transferred to the new owner. The following is a brief list of the property transfer procedure.



Stacked Documents And Eyeglasses stock photo


It’s possible that the seller will bring up the subject of a deposit to be paid upfront when a preliminary agreement is signed if legal or technical concerns develop during this phase that need to be resolved before the property transfer and the seller needs to pay for applicable costs or expenses.



The preliminary agreement is a notarial act that binds both parties to proceed with the transaction, i.e., for the seller to transfer ownership of the property to the buyer and the buyer to pay the agreed-upon amount. It entails all conditions that have been set forth as prerequisites for the completion of the sale and the execution of the final act of sale.


Free Photo Of People Doing Handshakes Stock Photo


It connects the act of sale to the performance of particular requirements or conditions by the contracting parties, or to a specific time frame after which the act should be executed. Penalties apply if either team fails to finish. Among the rights granted to the parties, the buyer essentially reserves the right to either ask for a duplicate refund of the deposit if the seller doesn’t keep his end of the bargain or, if the seller opts not to move forward with the property transfer, the right to compel him to do so through the courts.


On the other hand, if the buyer withdraws from the transaction and elects not to proceed with the final contract, the seller is entitled to keep the forfeited deposit. The preliminary agreement’s cost is often borne by the buyer because it is included in the total notary fee for the sale act. The contract, which is signed in front of a notary, may also contain additional clauses.


This agreement between the parties is not to be confused with the “deposit agreement,” which has a different function and is signed privately rather than in front of a notary (and sometimes the real estate agents). However, in order to prevent any problems in the future, it is best to avoid making any deposits until you have spoken with a legal counsel.





Free Two People Doing Paperwork and Computing Taxes Stock Photo





However, it is important to keep in mind that the freedom to contract is a fundamental principle of Greek law, and that, with a few notable exceptions, parties are free to assume or forfeit any obligations they see fit with regard to paying the fees and taxes associated with the transfer of property in Greece. 


Unless otherwise agreed, the buyer is obligated to cover the costs associated with drafting the deeds of transfer as well as those required to actually transfer the property, such as notary fees and land registry/Cadastre registration fees. The vendor is responsible for paying any income taxes associated with the amount earned from the acquisition of the property.





Property Transfer Tax In Greece


This is a one-time cost.  These expenses should be paid by the buyer.




Greek law stipulates that real estate sales contracts must be in writing, be notarized, and follow a specific format. Without the ability to seek compensation for damages, agreements made in contravention of these conditions are void.


In Greece, a public notary’s roles and responsibilities are relatively constrained, but one of them is to verify that the parties understand their rights and obligations. Practically, this can only be achieved by having the parties read the contract’s terms before signing them in a language they both understand. The notary is typically approved by the parties at the seller’s suggestion.


To finalize the transaction, can be completed by the parties themselves, through their representatives, or both by signing a contract in Greece or at the Greek consulate.



Read more here..


Visit us online for more information, or email us at [email protected]


Connect With Us   Email  Facebook  Instagram


Disclaimer: This is simply meant to serve as a quick reference. Therefore, it is crucial to seek out the necessary professional guidance.