Notarial Deed of Sale, Registration, Post-Completion Formalities & Considerations

⚫︎ Notarial Deed Requirement

Under Greek law, the final purchase agreement must be executed before a Greek Notary Public. Contrary to common belief, Notaries do not represent the buyer's interests nor do they negotiate the terms. Their role is to formalise what has already been agreed and ensure compliance with applicable legal formalities.

⚫︎ Pre-Drafting by Our Office

At Tsiricos Boutique Law Office, we do not leave this document of critical importance to be hastily assembled on the day of execution. We take charge of the drafting process well in advance, drawing directly from our legal due diligence findings, the client's individual risk profile, and any customised contractual protections or representations that must be incorporated. The draft is then forwarded to the Notary Public for review and consultation prior to being circulated among all involved parties. Every deed we prepare is:

◍ Tailored for the specific transaction and property

◍ Reviewed with the client in clear, non-technical English

◍ Structured to reflect both Greek legal requirements and the protections expected by international buyers.

⚫︎ Documentation Review

We ensure all supporting documents are in order well in advance, including:

◍ Valid IDs and TINs

◍ Tax clearance certificates for the seller

◍ Engineer's certificate of legality and Digital Building Identity (Law 4495/2017)

◍ Energy Performance Certificate (EPC)

◍ Transfer tax payment proof

◍ Cadastre Certificates, if applicable

◍ Topographic diagrams and building schematics where applicable

◍ Proof of payment for all outstanding utility bills

⚫︎ Execution of the Deed

The contract is signed in the presence of the Notary Public by both parties – or their duly appointed representatives via Power of Attorney. The deed is certified and archived by the Notary.

⚫︎ Payment of the Purchase Price

Full payment is typically effected on the day of execution via traceable, AML-compliant means, such as wire transfer or certified bank cheque. However, where circumstances warrant – and if previously agreed among the parties – the following alternative structures may be embedded directly into the notarial deed:

◍ Conditional Transfer of Ownership: Where the contract includes suspensive clauses (e.g., pending certificate issuance or full payment), ownership passes only upon fulfilment of the agreed condition. The deed is signed and inscribed, but the buyer's title is subject to automatic reversal if the condition is not met.

◍ Credit Sale with Seller Protection: In cases of deferred payment, the seller may agree to immediate ownership transfer but simultaneously reserve the right to inscribe a mortgage or other security over the property to secure the unpaid balance. This method ensures the seller's ability to recover the funds in case of default.

◍ Dissolution Clause with Automatic Reversion: The parties may include a resolutive condition (e.g., non-payment within X days) in the contract, triggering automatic contract termination and reversion of ownership without further consent.

To ensure smooth implementation of any such structure, the notarial deed should pre-authorise unilateral execution of a follow-up notarial act. This authorisation should empower each party's legal representative (typically acting under Power of Attorney) to independently certify fulfilment of the agreed conditions, without further involvement from the counterparty.

The Notary Public, in his official state capacity, supervises the objective satisfaction of the agreed conditions, thereby enabling:

◍ The party's legal representative to unilaterally execute the confirming notarial act once the conditions are fulfilled, lifting any suspensive terms and triggering full ownership transfer

◍ Automatic completion and registration of clear, unencumbered title – even if the counterparty is abroad, unavailable, or uncooperative

All such mechanisms are carefully drafted and agreed in advance. Whether acting for the buyer or seller, we meticulously integrate such conditional clauses into the Notarial Deed to safeguard our clients' interests and preserve full enforceability under Greek law.

⚫︎ Mandatory Registration

Immediately after the notarial deed is signed, it should be filed for inscription with the competent Land Registry or Cadastral Office, depending on the property's location.

⚫︎ Effect of Registration

Ownership legally transfers to the buyer only once the deed is inscribed. Until then, against all third parties, the seller remains the legal owner despite the signed contract.

⚫︎ Proof of Title

After the notarial deed is formally recorded, the competent authority issues a certificate confirming the transfer. This document serves as final legal proof of ownership.

⚫︎ Utility Transfers

Electricity, water, and telephone accounts must be transferred to the new owner. TIN and proof of ownership will be required.

⚫︎ E9 Property Declaration

The newly acquired property must be declared with the competent Tax Authorities as a matter of tax compliance.

⚫︎ Annual Tax Filing & Unified Property Tax (ENFIA)

All individuals holding a Greek Tax Identification Number are generally required to submit an annual income tax return to the Greek tax authorities. In addition, all property owners in Greece are subject to the Annual Unified Property Tax (ENFIA), as detailed earlier. Both filing and payment obligations are processed through the TAXISnet portal.

⚫︎ Rental Income

If the property is to be leased, the lease agreement must be registered with the Greek tax authorities. Rental income derived from property located in Greece is subject to Greek taxation.

⚫︎ Seasonal Fire Safety Declaration

Property owners are annually required to clear land where applicable, before fire season, with fines for non-compliance.

⚫︎ Property Insurance

While not mandatory, comprehensive coverage for fire, earthquake, and flood is strongly recommended and may trigger a 10%–20% reduction in ENFIA tax.

⚫︎ In practice:

◍ The will is executed in the home country

◍ Once probate is finalised there, heirs must present the foreign will and probate certificate to the Greek courts

◍ A Greek court judgment is then required to recognise the foreign succession decision and permit transfer of the Greek property

◍ Upon recognition, the transfer is recorded at the competent Land Registry or National Cadastre

⚫︎ To avoid delays or disputes:

◍ Ensure your foreign will expressly includes the Greek property

◍ Use consistent personal identification data across all documents (e.g., full legal names, Tax Identification and passport numbers)

◍ Consider preparing a separate Greek will, limited to assets in Greece, to simplify the process

◍ Where appropriate, consider passing the property to intended beneficiaries during your lifetime. If the beneficiaries are your children, such transfer could offer additional tax benefits

At Tsiricos Boutique Law Office, we routinely assist foreign heirs with the validation of foreign wills, recognition procedures in Greek courts, and the legal transfer of property titles.