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BUYING & SELLING PROPERTY IN GREECE

In light of the current financial and fiscal circumstances in Greece, real estate experts forecast that the interest for the purchase and sale of property is bound to increase, offering numerous investment opportunities to prospective buyers and sellers.

The real estate legal team at Balassis & Associates Law Office have the experience, resources and expertise to assist prospective buyers and sellers in an efficient and professional manner. It is not necessary for our clients to be present in Greece to complete a sale and/or purchase transaction. All procedures set out below can be implemented by our experienced team for and on behalf of our clients pursuant to the terms of a Limited Power of Attorney which will empower us to represent our clients before the Greek state authorities and complete the sale and/or purchase transaction.

A prospective buyer of property in Greece prior to giving any down payment to the seller, should:

  • review title deeds and arrange for full title investigation to be effected in the relevant Land Registry / National Cadastre (as applicable) offices in order to establish the existence of any encumbrances over property and the "flawless" nature of title in the property under negotiation;
  • obtain independent valuations in respect of the market value of the property;
  • carry out requisite checks with the competent Town Planning Office of the Municipality where the property and land is located;
  • obtain requisite certificates confirming that, amongst others, no "unauthorised" structures are found in the building or located on the plot of land and that a plot of land is free from any archaeological attachments;
  • consider currency and applicable taxation issues;
  • check financial and taxation position of seller/developer and enquire whether the prospective seller has any monetary obligations to the Social Security offices;
  • negotiate terms of sale and purchase of the property reflecting the commercial agreement of parties; and
  • arrange for the execution of the requisite sale deed and its proper recordation with the competent Land Registry / National Cadastre offices.

A seller of property in Greece should:

  • instruct professional property valuators;
  • procure the issue of requisite certifications (tax and insurance certificates of goodstanding, certificate of Energy Attribution and certificate of no "unauthorised" structures etc);
  • obtain tax and municipal tax clearances;
  • agree payment mechanism of contract price;
  • negotiate terms of sale and purchase of the property reflecting the commercial agreement of parties; and
  • arrange for the execution of the requisite sale deed.

Our Unique Philosophy: To ensure that our clients gain the maximum legal understanding and benefit in Greece, we consistently provide the highest quality legal representation and advice in both the Greek and English languages.

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