Legal Articles & Media

Legal Flash Update: Greece is Digitalizing Real-Estate Transactions

By 16/05/2021 No Comments

 

The Greek Government has recently launched the “Doing Business Program”, meant to improve the country’s ranking in the global investment and business environment, focusing on 11 indicators that will render Greece an even friendlier destination for investors, companies and business operations. As part of its planning and the relevant initiatives undertaken by the Greek government, it was announced that until June 2021 a new platform, “e-Metavivasi” (e-Transfer), that will modernize real-estate transactions, enabling the electronic submission and collection of all necessary documentation in cases of property transfers, is to commence operations on a pilot case basis.

Operation of the platform

The platform, “e-Metavivasi”, will be operating under the auspices of the Greek National Cadaster. According to the current planning, both the buyers and the sellers of real estate properties will authorize notaries, that will have access to the platform, in order for the latter to receive the documentation necessary for the completion of the real estate transaction.

As a result, it is the notary that will be electronically collecting all necessary documentation on behalf of the buyers and sellers. Of course, if there are any supporting documents that cannot be electronically retrieved, the parties can manually upload them in order to complete the transaction.

 Interconnection with other platforms

The platfrom will initially be interconnected with the relevant platform of the Independent Authority for Public Revenue, “MyProperty”, regarding Real Estate Tax, which has already been operating since the beginning of March. On that note, it is worth mentioning that, so far, more than 1.000 tax declarations for property transfers have already been uploaded to “MyProperty”, amounting to 10%-15% of the total property transfers, while this number is expected to rise to 2.000 in May, also expanding to parental donations and gift contracts.

 

At the same time, since October 2018, the platform “e-Adeies” (e-Permits) was introduced, allowing for the electronic issuance of building permits, also making the need for the citizen or the civil engineer to come before the Police Departments for the validation of the permit no longer necessary, thus significantly expediating procedures.

In the following couple of months, “e-Adeies” will be interconnected with the Fire Department and all acts will be digitalized, hence no longer requiring the physical appointment by the citizen or the civil engineer to the Fire Department.

Moreover, the platform regarding Social Insurance, “e-EFKA” and DEDDIE (Hellenic Electricity Distribution Network Operator) will be interconnected with the platform, so as to exclude any further procedures before these authorities.

Benefits of the “e-Metavivasi” platform

The newly-introduced platform is expected to present significant benefits, improving the timeframes for the completion of transactions, while also reducing costs for all parties involved, referring both to natural persons and undertakings. In particular, it will involve the following advantages:

·     Acceleration of the collection of the required documentation.

·     Automatization of the collection of the documentation which can be issued online.

·     All the supporting documents are collected from one platform and the notary can use or send them without any surcharges or additional expenses (e.g. printing costs, property research etc.).

·     Its automatic interconnection with “MyProperty” for the deposition of the respective tax significantly facilitates the completion of the transactions.

·     Physical presence before public authorities and services will no longer be required for the collection of all the documentation.

Timeframe

According to the planning, by 2022, the platform is to be further expanded so as to include additional documentation which will either be digitalized or simplified. At the same time, the ultimate purpose is to encompass more notarial acts, further facilitating any relevant transactions.

Procedure for the filling in of the electronic file for the transfer of property

1.    The notary logs in the digital platform for the transfer of property and invites the buyer and the seller of the transaction.

2.    The seller accesses the platform, authorizes the notary and selects the real estate to be transferred.

3.    The buyer accesses the platform and authorizes the notary, thus activating the file.

4.    The platform automatically collects the documentation through its interconnection with the other relevant platforms.

5.    The notary manually uploads any supporting documents which cannot be collected automatically.

6.    The seller receives the Cadastral Chart Extract and uploads it to the platform.

7.    The notary verifies the validity of the documents and proceeds to the Tax Declaration for Property Transfer through the Independent Authority for Public Revenue. The platform for the transfer is automatically updated.

8.    The notary drafts the notarial act. The contracting parties sign the act.

9.    The notary commences the procedures of the final registration of the real estate via the application of the Cadaster.

10. The notary inserts the protocol number in the platform for the transfer.

Taking the above into consideration, purchasing and transferring real-estate property in Greece will now become even easier, enabling more and more investors to complete their projects in Greece in a significantly more speedy manner.

At Amoiridis Law Services® we are dedicated at assisting our well-respected clients successfully complete any of their investment projects in Greece. Thanks to our longstanding experience, we are able to provide a full package of consultancy services to our almost exclusively international clientele, customised to their specific needs.

As a result, we have represented clients from all around the globe regarding their projects in Greece. Our network of associate experts, composed by both in-house and external solicitors, notaries, accountants, tax experts, currency exchange experts, realtors etc., enables us to provide an all-in-one package of consultancy services, guiding you through the ways to properly protect your investments.

For any further information and clarifications please do not hesitate to contact our qualified legal team, ready to provide you with further personalised information tailored to your needs and your profile.

You can email us:  or call/text us directly at: +306908351705 (WhatsApp/Viber)

Athens, May 2021

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