NEWS

Limitations regarding transfer

The draft bill sets some limitations on the transfer of illegally occupied land that is been purchased in line with the new law. But these limitations apply only for a certain period of time and cease to apply once the full purchase price has been paid. Property bought in line with the new bill may not be sold, used as a collateral for a loan or given up for repossession. These prohibitions apply if the full purchase price has not been paid. The penalty for infringement is that the sale is deemed to be invalid and the buyer is not entitled to a refund of any installments paid. If the property is inherited by a relative, the legal successor is obliged to pay the price in installments as stipulated. If a legal successor sells such a property, the sale is deemed invalid and any installments paid will not be refunded. Where a property is expropriated less than five years after its ownership was registered, the difference between the purchase price and the final compensation for the area expropriated is held by the compensating agency and given to the Greek state. When a purchase application is rejected for any reason, the Real Estate Service will take action to evict the illegal occupier and demand compensation for illegal land use.