PROPERTY TRANSACTIONS

Tool to cut realty red tape

Electronic Property File, set to facilitate real estate transactions, to go live this fall

tool-to-cut-realty-red-tape

The procedure for property transactions is being radically overhauled, with owners and buyers needing just a few minutes to complete the transfer without having to procure any documents, certificates, etc. from various agencies. This is thanks to the new online platform that is under creation on the state’s gov.gr portal, which promises to change realty transactions in Greece beyond recognition.

According to figures, for 142,000 property transactions to be completed in 2019 it took over 300,000 visits to tax offices across the country, not counting the hours lost at land registries, cadastre offices, forestry services, etc.

After the major progress recorded already thanks to the online declarations of the property transfer tax, the ”Electronic Property File” will, as of this fall, make life easier for property owners and buyers as it will relieve them from the task of gathering the 17 documents currently required for the transfer of a property. The collection of the documents will only be conducted electronically, by a notary authorized by the parties concerned.

The ”Electronic Property File” will make the drafting of notarial documents easier, as it will be connected in real time with state entities such as the databases of the Independent Authority for Public Revenue, the electronic Single Social Security Entity (e-EFKA), the Technical Chamber of Greece (TEE) and the Hellenic Cadastre, from which the new online application will be able to draw information and documents.

The parties concerned and the notary drafting the contracts will be able to enter the online platform, the former using their Taxisnet usernames and passwords, and the latter using the credentials from the Register of Notaries. They will then be able to authorize one another so as to have the necessary documents issued online. Notaries will also be able to apply for the correction of errors.

All documents forwarded and downloaded from the various state agencies through the online platform will be considered equal to an original document.