REAL ESTATE SALES

A buyer has been found for the property you are selling and you need to take the next steps to start the process so that you can get to the final signature of the contract. The process of selling a property in Greece is not the simplest of affairs, as there is a lot of bureaucracy involved. However, apart from the bureaucratic issues, it is very important to get the seller – buyer relationship right from the beginning in order for the process of selling the property to run smoothly.

LEGAL SERVICES FOR REAL ESTATE SALES

• Drafting and checking of a private agreement.
• Legal support for notarial preliminary agreements – securing transaction and advance payment
• Contacting the buyer’s notary to collect and process the necessary documents for the sale.
• Legal support and monitoring of the process until the signing of the final contract.
• Legal support on payment issues.
• Representation in the final contract.

Private agreement

A payment deposit in advance is usually given in a private agreement, which mentions the terms that have been agreed orally. Particular attention should be paid in cases where buyers are being lent by banks. In these cases, it should be checked that they have at least individual pre-approval for the amount of the property being sold to avoid unnecessary agreements. Depending on the circumstances, a notarized preliminary purchase agreement can be signed, which has stronger legal force with more security for the seller in case the buyer withdraws from his purchase agreement without cause.

Regarding the terms of the private agreement

In a private agreement, apart from listing the parties, the property, and the price, it is important to include other information and verbal agreements, which play an important role in a subsequent unwanted and bad faith withdrawal by the other party. Particular attention should be paid to other agreed terms, especially in cases where a large payment in advance is given and a withdrawal is more likely to lead to litigation. In short, we strengthen our position by proving agreed upon agreements which are important information that will help to prove a potential loss. Our experience in litigation has taught us important things that should be written into a private agreement to establish liability from negotiations or reimbursement of an advance payment. Therefore, before signing a private agreement, all verbally agreed upon matters should be mentioned to the attorney so that he or she can filter out the legally material information and add it to the private agreement.

Before the contract

In case legal burdens have been found by the buyer’s lawyer, the latter should be contacted to ascertain these burdens and the seller’s lawyer so that the amounts due (if any) can be paid and proceed to the removal and elimination of these burdens. At the same time as the settlement of the burdens, the following should be completed: the electronic building identity card, (which includes the Energy Performance Certificate and Engineering Certificate for arbitrariness) tax and insurance information, ENFIA Certificate, Certificate of complete payment of TAP, extract of cadastral sheet and diagram in case there is a cadastre and certificate of cadastral property in case the cadastre has not been completed. There are also documents that are requested separately if the title of acquisition is by parental grant or inheritance. Our office undertakes to issue all the necessary documents for the sale of your property.

SPECIAL ISSUES

ENGINEER ELECTRONIC IDENTITY OF PROPERTY

It is recently mandatory by law to be issued an electronic property ID from engineers for the completion of the final contract. The common thing that has been observed that delays contracts is both the receipt of original floor plans and topography from the planning department of the area where the property is located and the difference in square footage found during the current measurement which deviates from the old one. In most cases, this issue is solved by a unilateral amendment of the recommendation which is made together with the purchase contract. There are other cases with more complex legal issues which require specialized treatment.

PAYMENT OF THE PRICE

If on the day of the signing of the final contract, the price is paid in full in cash or by bank cheque or by transfer to a bank account of the same bank then no special treatment is required. However, when the whole or part of the price is paid in installments or by transfer from another bank where the amount cannot appear directly in the seller’s account, then the terms of the contract need special treatment for the seller’s security. In such cases, various safeguards should be provided for, such as a mortgage lien, a dissolving or suspensive condition depending on the amount or security chosen by the seller.

LOAN

In case the buyer buys through a loan, it is important and necessary that the pre-approval of the loan for the specific property has been completed. This is because it is possible that during the inspection (mainly by the engineer) the bank may have various objections. At the same time the price will be creditable with the possibility of certain collateral.