Posts Tagged greek property
Why is a title search with the Land Registry/National Cadastre Office recommended for your inheritance matter?
According to Greek Civil Law, in order for a Deed referring to real estate property (of whatever legal reason, i.e. Parental Gift Deed, Sale/Purchase Deed, Donation Deed, etc) to be effective, it has to be registered with the competent Land Registry and National Cadastre Office; the registration is a prerequisite for the Deed to be effective and to result in the legal transfer of the ownership to the grantee (buyer, person accepting the Donation, child receiving the Parental Gift). Additionally, all liens, encumbrances, mortgages/pre notice of a mortgage or seizures, in general every burden against the property, has to be registered with the same Public Records in order to be effective.
When one is proceeding with accepting an inheritance, which requires a signed Acceptance of Inheritance Deed registered with the Land Registry/National Cadastre, the grantor’s title Deed is always required, so that the property can be described. Also, the volume and number of the registration with the competent Land Registry/National Cadastre must be mentioned.
It is true that in many cases, you may be in possession of your grantor’s title Deed. Yet, this does not ensure that it has been properly registered nor that any liens, etc. haven’t been registered against the property nor even that the grantor had not proceeded with selling the property in the meantime, without the grantee’s knowledge. This can only be confirmed via a title search conducted by a lawyer, which will determine the legal status of the property and the grantor’s non contested ownership.
So, in order for you to be certain of what you are inheriting, in order to be certain that the property is free of encumbrances, a title search is necessary. Yet, at your discretion, especially when you are quite certain of your right and of the property’s status, we can order certain certificates, which will confirm that your grantor’s title Deed is in order (i.e. certificate of ownership, certificate of no liens, encumbrances, etc having been registered against the property, etc). This can be recommended in cases of remote Land Registries, however it has the disadvantage that, due to the workload of said Authorities, it can take some time to have the certificates in hand, as opposed to a lawyer conducting the title search which is much more prompt.
In March of 2010, the Ministers of Finance and Environment, Energy and Climate Change signed a joined Decision, approving the Regulation of Energy Efficiency of Buildings. This Regulation now fully implements the Law 3661/2008 as amended by Article 10 of Law 3851/2010, regarding the Energy Efficiency of all Buildings. Based on the above legislation, starting January of 2011, before an owner of a property in Greece larger than 50 square meters can rent it, sell it or renovate it, a Certificate of Energy Efficiency will be required. For storage rooms and parking spaces such a certificate is not required. The areas of the building that have been legalized or regulated pursuant to legal provisions are included in the total square footage of the building.
This Certificate will be issued by the Energy Inspectors (private Engineers who have completed a series of special Seminars and are certified by the State as qualified to issue these types of Certificates, who will be included in a special Registry). These Inspectors will inspect the property and issue the so called “green Identity”, which will state the amount of energy the structure consumes and the actions/repairs required for the improvement of the energy efficiency. The required certificate will rate the property pursuant to an energy scale, similar to that of electrical appliances and will be valid for 10 years. Our office can assist all our clients who own properties over 50 square meters in Greece, through our network of qualified and certified Engineers and Inspectors.
Greece has started a new immigration program in hopes that it will boost its suffering due to the economic crisis real estate market by encouraging investments. According to the new Law 4146/2013, third-country citizens (non-EU citizens), who buy property in Greece, the value of which reaches or exceeds the amount of €250.000, may obtain 5 year residence permits. Furthermore, third country citizens, who have signed rental agreements for hotels or touristic facilities for the amount of €250.000 or more, may also acquire 5 year residence permits. Only the immediate family members of the person making the investment have the right to obtain said permits. A husband and wife can purchase one said property in joint tenancy, of €250.000 value. For more than one co-owner who are not married, each person’s interest in the property should be at least €250.000. It should be clarified that if a person of a third country decides to invest in Greek property pursuant to this Law, they can only obtain a Greek residence permit (renewable every five years for as long as they continue to own the property), but not a Greek passport/citizenship. The process involves first applying for an entry permit to the Consulate of the applicant’s place of residence.
In general, the documents that should be presented to the Consulate in order to procure the entry permit are an agreement with an attorney or a real estate agent and the documents necessary for the residence permit application are:
1) Αcertificate of an A class bank or of any other financial institution, which certify the existence of at least 250.000 Euro and also the intention of the applicant to purchase the property.
2) Two application forms. The aforementioned application must be submitted by the applicant himself of by an attorney at law, but at the time of the submission the applicant must be present in Greece.
3) Three resent color photos.
4) A certified copy of the applicant’s passport.
5) A health certificate issued by a Greek hospital verifying that the applicant has no health issues that would pose a danger to public health.
6) A certified copy of the purchase Deed.
7) A Notary’s Confirmation that the purchase Deed fulfills the provisions of law for obtaining a residence permit.
8) A Land Registry certificate.
9) An Insurance Policy proving that the applicant can cover his medical expenses while in Greece.
10) A 75 € application fee.
The aforementioned documents should be drafted in Greek, except from those which are issued in a foreign country and bear the proper authentication (an apostille or certification by the consulate). For more information on this program, please contact our office at email@example.com