The process of transferring a property, i.e. the completion of a sale and purchase transaction, presupposes - for its successful completion - a series of legal actions that precede the signing of the relevant purchase and sale contract, as well as some that follow, in order to complete the transfer and transfer the property to the buyer. The following is a chronological list of the main steps and procedural acts required for the successful completion of a sale and purchase transaction:
1. Checking the ownership titles and encumbrances of the transferred property
The verification of the title deeds is carried out, on behalf of the prospective buyer, at the locally competent Land Registry or Land Registry Office, in order to ascertain both the ownership of the property - i.e. that the seller is indeed the owner of the property - and whether there are any encumbrances (e.g. mortgage notes, seizures, pending lawsuits) that may prevent the transfer.
Ο lawyer who carries out the check also examines for any discrepancies between the seller's title deed data and those indicated on the relevant cadastral sheet (e.g. differences in square metres, floor, address, volume/transcription number). In case of such discrepancies, a request for correction must be submitted to the competent Cadastral Office.
It is important to carry out two title checksan initial one, before any advance payment is made, and a final one on the day the contract is signed, to ensure that no new charges have been made in the meantime.
2. Signing of a preliminary contract
After the completion of the title check, and as the drafting of the final contract takes time (usually more than a month), the parties often conclude private agreement (pre-contract), with which an advance payment is made and the property is essentially "closed".
The pre-contract sets out the price, the necessary actions to be taken (by a lawyer or engineer), the estimated time of signing the final contract, as well as any penalty clauses for unjustified withdrawal. If a large amount is paid as a deposit, it is recommended to sign notarial preliminary contract, for increased legal protection of the buyer.
3. Collection of documents and other legal actions
In the period between now and the signing of the contract, the buyer's attorney takes care of all the necessary legal actions:
- In the case of a mortgage: If the relevant debt has been repaid, a court order is required to remove it. Alternatively, part or all of the price may be paid in payment of the debt, with an explicit reference in the contract to the removal of the mortgage.
- Version Electronic Building Identity by an engineer, requires the settlement of any urban arbitrariness.
- In case of errors in the recording of the property in the Land Registry: A request for correction of a manifest error is submitted or, if necessary, an appeal to the competent Court (e.g. in cases of properties appearing as "unknown owner").
4. Signing the contract
On the day of the signing of the final purchase and sale contract, a second weight check is carried out by the buyer's lawyer. Subsequently, the parties, or their proxies, cooperate before the notary and sign the relevant transfer deed. The presence of a legal adviser, especially on the part of the buyer, is crucial to ensure the accuracy and completeness of the contract.
5. Contract transfer
The last phase of the process is the Transcript of the contract at the competent Land Registry or Land Registry Office. Once the registration is completed, the property is removed from the seller's register and registered in the register of the buyer, who becomes the legal owner.
Our office has many years of experience in the field of real estate sales and undertakes the complete and seamless handling of the process, whether it is a purchase or a sale, throughout the Greek territory.
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