Legal check of the property
Property Check by a Lawyer
The presence of a lawyer when signing a contract for the sale and purchase of a property is considered crucial.
This is the only way to prevent errors which may prove disastrous after the contract has been signed.
Initially, any prospective buyer through an experienced should :
- Check the legal status of the property at the locally competent land registry office (Property title check – Legal property check ). This check is carried out to determine whether the property carries any encumbrances (mortgage notes, mortgages, claims, etc.).
- Furthermore, a thorough check is required to ascertain the order and sequence of transfers and the legality of the method of acquisition of the nearest and the furthest grantor.
- Subsequently and after the above procedure has been completed, if the property is ‘clean’, copies of the title deeds are taken. These copies are required for the drawing up of the contract, which is signed before a notary in the presence of the seller, the buyer and the lawyers of both parties.
However, the completion of the transfer does not only take place with the signing of the contract.
It is also required to be registered at the competent land registry, where the ownership of the purchased property is now officially registered in the new owner’s register.
We with prudence, diligence and promptness stand by every prospective property buyer to facilitate and better manage a purchase that seems simple but carries consequences in case of error. (Legal check of the property)
Legal check of the property Fee – Title check Cost.
The cost for the above procedure is not always fixed. It is determined by several factors such as the cost of the property, its location (inside or outside Attica) etc. In a more general context, the cost of the audit is determined through a written agreement between the law firm and the interested party. As a rule, the cost of title control and legal control of real estate is either priced at the minimum amount per hour that the lawyer will be employed. Or at a percentage (%) according to the value of the property. (Legal check of the property)
The Title Check- Legal Property Check must be performed prior to signing a preliminary contract and delivering the down payment to the seller.
Provided that the title check – legal inspection of the property by a lawyer is completed and there is no encumbrance, planning violation or any other problem, the buyer shall make the down payment for the purchase of property to the seller.
Pre-contract for the purchase of real estate – Private agreement for the purchase of real estate.
The down payment to the seller is given through a private agreement drawn up by a lawyer or through a notarized preliminary agreement. This procedure is considered necessary and it is not recommended under any circumstances to deliver money or a down payment without the signing of an agreement by both parties.
In order to sign the contracts the seller of the property should have collected the necessary documents – supporting documents. The collection of the supporting documents is primarily done by the seller, but this is not the rule.
Supporting documents for the sale of property – purchase of property.
- Seller’s contract (title deed)
- Identity card of the seller and buyer and photocopies thereof.
- Cadastral sheet – cadastral diagram.
- Certificate of cadastral property if there is a cadastral office.
- Certificate of non-payment of VAT.
- Topographical diagram.
- Certificate from an engineer confirming the absence of unauthorized premises.
- Energy efficiency certificate for the property.
- Building permit in some cases.
- EN.F.I.A. certificate of the last 5 years.
- Tax information of the seller. In case the seller is a legal entity, runs a business, or participates in any company then insurance information is also required.
If the contract is signed by a third person, a power of attorney is required. (Legal check of the property)
Property Transfer Tax – Legal check of the property.
In the next step the notary must prepare the property transfer tax return. Then this amount is submitted to the tax office where the property is located by the buyer and he receives the corresponding certificate. The property transfer tax amounts to 3% of the property’s objective value. (Legal check of the property)
Under certain legal conditions the buyer is exempt from transfer tax for the purchase of a first home.
Drafting of contracts
The next step is the drafting of the contract by the notary and the checking of the body by a lawyer for any corrections, omissions or additions. On the day the contracts are signed, the lawyer carries out a second title check at the mortgage office to exclude the possibility of new encumbrances being registered in the meantime. (Legal check of the property)
Transcription of the Contract.
The completion of the procedure is completed with the transcription of the contract at the Land Registry or at the Land Registry respectively. The notary delivers copies of the contract to the buyer’s lawyer and an application for the property’s transcription. For this transcription a fee is required, which amounts to 0.475% of the objective value of the property or the price, whichever is higher, plus. After a few days the lawyer receives the transcription certificate. The buyer gives a copy of the deed to the accountant so that it can be passed on to the E9 and thus the process is completed. (Legal check of the property)
Legal check of the property – Property Title Check.
The Legal Property Audit and the Title Control process is one of the services we provide. Our law firm takes care of the process from the beginning to the end of it and covering any steps that the buyer or seller of the property cannot carry out.
Legal check of the property
Lawyer Deftereou Anna and Associates
Stadiou 39, Athens.