Greek Buying & Selling Law
The buying and selling of property in Greece is governed by the Greek Civil Code. The law stipulates that a notarized “Contract of Sale” and entry in the “Land Register” are required for the purchase to take place legally. The right to be the title holder of a property is only complete after entry in the Greek “Land Register” and / or “Registry of Mortgages”.
Contract of sale
Greek property transactions take place through there being a notarized, precisely worded contract of sale, written out by a notary public. The property being purchased is described accurately, the purchase price is mentioned and the date when money is to be paid is stated. The rights of both seller and buyer to revoke or cancel advancement of the sale and the contractual penalties in the event of such revocation as well as penalties relating to late payment are clearly stipulated. Also, clearly mentioned is how contract implementation is to take place so as to arrive at transfer of title holder names in the “Land Register” and / or the “Registry of Mortgages”.
Registry of Mortgages (Ipothikofilakio)
According to the Greek Civil Code, change of title is valid upon registration with the “Registry of Mortgages” which has jurisdiction for real estate. Every entry there is verified in relation to the potential owner’s name, whether and when he or she became the owner and through which legal deed and whether there are legal disputes relating to the property. All such matters are registered there.
Land Register (Ktimatologio)
The “Land Registry” has jurisdiction in specific areas / municipalities. They operate according to the piece of land or plot and not owners, with cross referencing of owners’ names in the “Registry of Mortgages”.