Real Estate – Overview
NIKOLANTONAKIS & PARTNERS offers a comprehensive commercial property service for a range of clients, from multi – national corporations to pension funds, charities and chartered bodies. These include clients who occupy property for the purposes of their business, clients who are in the business of developing land and clients who invest in real estate. For investors, the firm handles property acquisition and disposals, either singly or as part of a portfolio, property management, development, funding, and joint ventures, including limited partnerships. For residential property owners, NIKOLANTONAKIS & PARTNERS has expertise in all areas of leasehold enfranchisement including the collective acquisition of freehold interests. In addition the firm provides individual clients with conveyance and other related services. NIKOLANTONAKIS & PARTNERS is also able to field a team of specialist lawyers in complementary areas such as property tax, environment, planning and construction.
Real Estate – Owners and Tenants
NIKOLANTONAKIS & PARTNERS assists owner – occupiers including many companies in the acquisition, disposal and redevelopment of premises. The office acts for landlords and tenants in a wide range of sectors, including industrial, manufacturing, retail and leisure, plus a substantial practice in the fast food sector. NIKOLANTONAKIS & PARTNERS provides advice on lease negotiations, rent reviews, repairing liabilities, insurance issues, lease renewals and landlord and tenant liability.
Real Estate – Investors
NIKOLANTONAKIS & PARTNERS works with its investor clients on deals ranging from traditional investment acquisitions and disposals to increasingly innovatory structures designed to maximize investment return. These deals may involve development funding and joint venture / co – ownership structures.
Real Estate – Developers
NIKOLANTONAKIS & PARTNERS work in property development ranges from enterprise zone schemes through to business and retail parks. The firm’s experience encompasses all aspects of the development process, from site acquisition, financing, planning and construction to onward sale and letting.
The purchase / sales procedure step by step
Under Greek law, the purchase/sale procedure is exactly the same for all property buyers, Greeks and foreigners. To begin, the purchaser has to sign a power of attorney to his lawyer, who represents him in front of all the local authorities in relation to the property purchase/sale paperwork. The document can be signed either in front of a Greek Notary Public or a foreign Notary Public, who will verify the signature of the purchaser/vendor. The first step is to register the purchaser with the local tax office and complete the legal search with the Land Registry Office in order to verify that the property is freehold. At the same time, an Architectural search should be made (by an authorized Architect) regarding the building regulations in the area where the property is located (building ability of the plot, maximum size of the future house etc.). Immediately after this search is completed and in cooperation with a Notary Public and the vendor’s lawyer, the deeds are drawn and signed. At the same time the purchase expenses are paid. This payment involves the Legal fees, the Notary’s fees, the Land Registry fees and the purchase tax and usually comes up to about 10% of the purchase price. Under Greek law, all official documents have to be signed and sealed by a Notary Public who acts as an independent legal supervisor of the purchase/sale procedure. The vendor of a property is committed to pay only his lawyers’ legal fees and nothing on top this. All funds that are used for the purchase and the building of a property should be paid to the lawyer and the builder through a clients’ deposit bank account, which should be opened with a Greek Bank and operated by the purchaser and/or his lawyer. When funds are received and deposited in the account, the Bank issues a “pink slip” which is necessary for the purchaser once he fills his tax return. All property owners in Greece have to fill a tax return once a year, no matter if they have any income in Greece. This is always completed by an authorized Accountant. Once the deeds are signed the purchaser/vendor receives by post an official copy of the deeds for his/her records. The original stays with the Notary Public. Another copy of the deeds is sent to the local Land Registry Office where it is officially registered. Our Office can carry out the whole procedure as described above, without the need for any personal involvement of the client, whose only required action is to sign the power of attorney to one of the Office’s lawyers. In general, the property purchase/sale procedure is quite straightforward, safe and secure for both sides, as long as the right people are involved…
Nikolantonakis & Partners Law Office
2, Platia Eleftherias
73132 Chania, Crete, Greece
Tel.: +3028210 28831 Fax: +3028210 23151