Contract of sale
According to the Greek Civil Code, property transactions are effected in written, by a notarised, precisely worded contract of sale, written out by a Public Notary. The property being purchase is described accurately, the sale price is mentioned, as well as all possible conditions regarding payment, rescission rights and contractual penalties in the event of late payment and / or rescission of the contract of sale stipulated, as is contract implementation to arrive at transfer of title holder names in the “Registry of Mortgages” and / or the “Land Registry”.
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 the real estate. Every entry there is verified in terms of the potential owner’s name, whether and when he / she became the owner and through which legal deed, whether encumbrances, easements or legal disputes, have been registered, etc.
Land Registry (Ktimatologio)
The “Land Registry” has jurisdiction in specific areas / municipalities. They operate according to the piece of land and not owners, public faith in what is entered under the plot, etc.
Objective or Assessed Value
“Objective” or “Assessed” Value of a property is the estimated value of the property, set by the State. These values are calculated by the Public Notary and the Inland Revenue Service for each individual property and are based on public data relating to prices per square metre as well as other characteristics of the property. Objective Values constitute information available to the public.
Commercial or Market Value
“Commercial” or “Market” Value of a property is the value which the seller asks for, in order to sell their property. It is usually higher than the Objective Value of the property.