Do I Need a Lawyer?
The Role of Power of Attorney in Real Estate Transactions.
While having a lawyer is not legally mandatory for a property sale contract in Greece, it is highly recommended. Buyers typically engage a lawyer to ensure their interests are fully protected throughout the transaction.
A lawyer conducts essential Land Register searches, drafts the contract document, and signs the sale contract. They also ensure that the buyer’s rights are adequately secured. Additionally, the lawyer verifies that the property is free from mortgage notes, claims, expropriations, rights-of-way, and any other legal issues.
What Can a Lawyer Do for You?
Title Verification
One of the most critical roles of a lawyer is to conduct thorough title searches to verify the ownership status and legal history of the property. This helps to identify any potential issues, such as disputes over ownership or encumbrances on the property, which could affect the buyer’s rights.
Contract Drafting and Review
A lawyer is responsible for drafting the contract of sale, ensuring that it accurately reflects the terms agreed upon by the buyer and seller. They also review the contract to ensure that it complies with Greek law and adequately protects the buyer’s interests.
Transaction Oversight
Throughout the property transaction, the lawyer acts as a trusted advisor and advocate for the buyer, overseeing the process to ensure that all legal requirements are met. They coordinate with the seller’s legal representative and other relevant parties to facilitate a smooth and timely transaction.
Resolution of Legal Issues
In the event that legal issues arise during the transaction, such as disputes with the seller or unexpected complications with the property title, the lawyer provides guidance and assistance in resolving these issues efficiently and effectively.
Peace of Mind
Ultimately, having a lawyer represent them in a property transaction gives buyers peace of mind, knowing that their interests are being protected by a qualified legal professional with expertise in Greek real estate law. It minimizes the risk of encountering legal problems or complications down the line and ensures a successful and stress-free purchase process.
The lawyer plays a crucial role in several essential tasks on behalf of the property purchaser:
Issuing a Tax Registration Number: The lawyer obtains a Tax Registration Number from the competent Tax office for the property purchaser. This unique number is a prerequisite for real estate acquisition, serving as the official tax identification for the buyer.
Conducting a Property Deed Evaluation: The lawyer evaluates the property deeds of the seller at the relevant Land Registry/Cadastral Office. This assessment ensures the legal integrity of the ownership deeds and identifies any encumbrances such as mortgages, claims, sequestrations, or rentals. It extends to previous owners, covering the period until the initial registration of ownership deeds in the Land Registry.
Coordinating Technical Evaluation: Collaborating with a civil engineer, the lawyer arranges for a technical inspection of the property. This examination ensures that the construction adheres to approved building plans. In the case of vacant land, the engineer certifies the absence of unauthorized structures. These technical assessments bolster the security of the property buyer, and the resulting certificates are appended to the purchase contract.
Drafting and Registering the Purchase Contract: Working alongside a notary, the lawyer prepares the official purchase/sale contract and assists the client during its signing. Subsequently, the lawyer lodges a copy of the purchase contract with the Land Registry/Cadastral Office for registration, ensuring the legal formalization of the transaction.
Empowering Property Purchases
In Greece, the Power of Attorney plays a pivotal role in property transactions. It grants authorized individuals extensive powers to act on behalf of buyers, facilitating various essential tasks such as contract signing, financial transactions, and legal representation.
The appointment of a lawyer is formalized through a notarial document known as a power of attorney. This legal instrument grants extensive authority to the appointed lawyer, also referred to as an attorney-in-fact, to act on behalf of the property buyer. The scope of these powers encompasses various financial and business transactions, including settling claims, managing business interests, and engaging professional assistance to facilitate the property purchase process. By having an attorney oversee the transaction, both parties can ensure compliance with applicable legal requirements and fulfil their obligations under the purchase agreement.
A general power of attorney serves as a valuable tool in situations where the buyer is abroad and requires someone to manage specific matters, or when they are unable to handle their affairs due to physical or mental incapacity. It is commonly incorporated into property purchasing procedures to authorize the attorney to represent the buyer throughout the entire process and undertake necessary actions on their behalf, such as opening a Greek bank account, obtaining a Tax Registration Number, executing the payment, and signing the purchase contract.
In Greece, the general power of attorney is typically drafted in Greek before a Greek notary, with the presence of a translator if necessary. However, if the buyer is unable to be physically present in Greece, alternative options are available:
Consulate Composition: The power of attorney can be drafted in Greek at a Greek Consulate in the buyer’s country of residence, with the assistance of a translator. This document serves as official documentation with immediate legal validity in Greece.
Apostille Stamp: Alternatively, the power of attorney can be executed before a notary in the buyer’s country, in their native language. However, for this document to be legally recognized in Greece, it must be endorsed with an Apostille Stamp by the competent authorities of the buyer’s country, in accordance with the Hague Convention of 1961. Once endorsed, the power of attorney is translated into Greek either by the Translation sector of the Greek Ministry of Foreign Affairs or by an English-speaking Greek lawyer.
Everything you need to know about the property transaction and home buying process in Chania, Crete.
REDS - Real Estate Data Sources and Information for the Greek Real Estate Sector by ARENCORES, Chania Real Estate Experts.
Finding a Professional Real Estate Team in Chania, Crete.
At ARENCORES, we meticulously select target references by identifying serious and trustworthy potential buyers for your property. We enhance the commercial appeal of our listings through dedicated research and services, including property documentation reports and targeted marketing strategies.
With years of experience in Chania’s real estate market, ARENCORES has achieved a high level of specialization and professionalism, aimed at expanding and significantly improving our range of services.
Our goal is to establish trust-based relationships with our clients by offering our expertise and utilizing all our resources to ensure a successful transaction within a short timeframe.
Located at 66 Apokoronou Street, 73135, Chania, Crete, our office operates from 8:30 a.m. to 5:00 p.m., Monday through Friday.
For inquiries or to schedule an appointment, contact our team at +30 2821112777 or email us at co*****@ar*******.com .
