Real estate transactions in Greece are governed by a comprehensive legal framework that ensures transparency and security for both buyers and sellers. The core legislation includes provisions of the Greek Civil Code, specific regulations on property and real rights, as well as tax laws covering the imposition of transfer taxes and fees.
A critical first step in any real estate transaction is conducting a thorough title search at the competent Land Registry (Ktimatologio) or Mortgage Registry (Ypothikofilakio) in areas where the Ktimatologio has not yet been fully implemented. This due diligence process verifies that the seller holds valid title to the property and checks for any encumbrances—such as mortgages, liens, or legal claims—that could affect the future use or transfer of the property.
Once the title search confirms the property’s legal status, the next stage involves drafting and signing the final purchase contract before a notary public. Often, a preliminary contract (pre-agreement or “prosymfono”) is signed beforehand, especially when a buyer needs to secure financing or arrange a down payment. Throughout these steps, having legal counsel can be indispensable. An experienced attorney will ensure that all clauses in the contract accurately reflect the terms of the sale, protect the buyer against future disputes, and handle the complex array of tax obligations.
Another crucial aspect of the process is fulfilling the relevant tax requirements. The purchaser is responsible for paying the Property Transfer Tax (FMA) unless they qualify for an exemption. Additional costs include notarial fees, attorney fees (where applicable), and registration fees with the Land Registry or Mortgage Registry. For newly constructed properties, buyers should also consider the possibility of Value Added Tax (VAT) instead of—or in addition to—the standard transfer tax.
After the contract is signed and the purchase price is paid, the notarial deed must be registered at the Land Registry or Mortgage Registry to perfect the buyer’s ownership rights. Proper registration is essential to establish a clear legal title and prevent any future claims or disputes.
At Ratio Legal, we offer comprehensive legal services throughout every phase of the real estate transaction. Our team ensures that clients navigate Greece’s legal intricacies confidently and securely, safeguarding their interests and streamlining the entire process.
