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Free Guide to Hiring a Real Estate Lawyer
Vouliagmeni is a coastal suburb in the Municipality of Vari-Voula-Vouliagmeni in Attica. Mortgages in Greece are governed primarily by the Greek Civil Code, the Code of Civil Procedure, consumer credit legislation, and the rules of the Hellenic Cadastre and local Mortgage Registries. A mortgage is a real security right over immovable property that secures a debt. It must be created in a notarial deed and registered at the competent Land Registry or Cadastral Office to be valid against third parties. A pre-notation of mortgage is a court-ordered interim security that is also registered and can later be converted into a full mortgage once the creditor obtains a final judgment.
Local practice in Vouliagmeni follows national rules, but the due diligence often pays special attention to coastal zone restrictions, forest maps, zoning, and legalization of any unauthorized constructions, all of which can affect a lender’s appetite and a property’s valuation.
Mortgages involve significant financial and legal risk. A lawyer can help you by conducting title and encumbrance searches, reviewing the loan and security terms, coordinating with the notary, and ensuring the mortgage is properly registered. Common situations where legal help is advisable include buying a home with financing, refinancing an existing loan, using property as collateral for a business loan, resolving arrears or restructuring debt under the Bank of Greece Code of Conduct, defending against foreclosure and electronic auctions, negotiating early repayment terms and fees, addressing spousal consent where the property is a family residence, dealing with co-ownership or inherited property, verifying building legality and planning compliance, and assisting non-resident borrowers with tax numbers, powers of attorney, and certified translations.
Creation of mortgage and pre-notation. A mortgage is granted through a notarial deed that specifies the secured amount, interest, and property description. It must be registered at the competent Mortgage Registry or Cadastral Office for the property in Vouliagmeni. A pre-notation of mortgage is ordered by the court as an interim measure and registered to secure a claim. It gives priority from the time of registration and can be converted into a mortgage after a final judicial decision.
Registration and priority. Priority is generally determined by the time of registration. Proper and timely registration is essential to ensure the creditor’s rank against other creditors and buyers. Each property has or will have a cadastral code identifier when in the Hellenic Cadastre. The competent office is the one that serves the geographic area where the property lies.
Consumer mortgage credit. Greece has implemented the EU Mortgage Credit Directive, which provides rules on advertising, pre-contractual information via the European Standardised Information Sheet, affordability assessment, and early repayment with fair compensation. Lenders must follow transparency and conduct rules, including standardized information on the Annual Percentage Rate of Charge and total cost of credit.
Spousal and family home protections. If the property is the family residence, the owner generally cannot mortgage or otherwise encumber it without the other spouse’s consent, unless special circumstances apply. A lawyer will check marital property issues and any required consents.
Enforcement and foreclosure. In case of default, lenders may proceed to enforcement under the Code of Civil Procedure. Property is seized and sold by electronic auction on the national e-Auction platform after required notices and timeframes. The reserve price is based on an appraisal. Debtors have procedural rights and may seek restructuring or settlement.
Debt settlement frameworks. The Bank of Greece Code of Conduct on arrears resolution sets steps for engagement between lenders and borrowers, such as communication, assessment, and proposal of sustainable solutions. Law on Debt Settlement and Second Chance provides procedures for out-of-court settlement and, in severe cases, bankruptcy with a discharge timeline, subject to conditions.
Costs and taxes. Registering a mortgage or a pre-notation involves notary fees, registry or cadastre fees, and taxes or duties calculated as a percentage of the secured amount, plus legal and appraisal costs. Exact rates depend on the type of security and current legislation, so you should ask your lawyer and notary for a detailed cost estimate in advance.
Foreign buyers and non-residents. Non-residents can typically obtain mortgages over Greek property, subject to bank lending criteria, anti-money laundering checks, and documentation such as a Greek tax number and verified identification. Documents in a foreign language must be translated into Greek and may require apostille or consular legalization.
Property legality and planning. Lenders usually require proof that the building is legal and that no significant unauthorized constructions exist. Regularization certificates under the applicable building laws are commonly requested. In coastal areas like Vouliagmeni, compliance with shoreline and beach boundaries, forest maps, and zoning rules is important for both title and valuation.
A mortgage is a full security right created by a notarial deed with the borrower’s consent and registered to secure a debt. A pre-notation of mortgage is a court-ordered interim measure registered to secure a claim pending a final decision. It grants priority from registration and can later be converted into a full mortgage once the creditor obtains a final judgment.
Registration is made at the competent local Mortgage Registry or the Hellenic Cadastre office that serves the specific area where the property is located. Your notary or lawyer will confirm the correct office for your property and handle the filing.
Yes. A mortgage must be created by a Greek notarial deed, which is then registered. The notary verifies identities, reads the deed aloud, ensures legal formalities, and submits the deed for registration.
Loan to value limits depend on lender policies, the property appraisal, borrower income, and creditworthiness. Banks often lend a percentage of the appraised value, not the purchase price, and may set stricter limits for secondary residences or investment properties.
Expect notary fees, mortgage or pre-notation registration duties and registry fees, legal fees, appraisal fees, potential bank arrangement fees, and insurance premiums. Some costs are calculated as a percentage of the secured amount. Ask for a full cost breakdown before signing.
Early repayment is allowed. Compensation to the lender is regulated to be fair and proportionate, especially for consumer mortgages. The exact fee depends on whether your rate is fixed or variable and on your contract terms. Review the loan agreement and standardized information sheet carefully.
Yes, after arrears and required notices, the lender may initiate enforcement and proceed to an electronic auction. However, borrowers have rights to engage under the Bank of Greece Code of Conduct arrears resolution process, and may explore restructuring or debt settlement options before enforcement.
If the property constitutes the family residence, spousal consent is generally required to mortgage or otherwise encumber it. Your lawyer will review your marital status, ownership, and use of the property to determine the necessary consents.
Typical checks include title chain, existing encumbrances and liens, cadastral data, boundary and planning issues, building legality and regularization certificates, zoning and coastal or forest restrictions, and verification that the person granting the mortgage has legal capacity and proper consents.
Yes, subject to lender criteria. You will need a Greek tax number, identification, proof of income, and documentation translated into Greek as required. The bank will perform anti-money laundering checks and may require a local bank account and additional collateral or guarantees.
Hellenic Cadastre - National authority responsible for cadastral data and property registrations. Its local offices handle registrations and issue certificates for properties in Attica, including Vouliagmeni.
Local Mortgage Registry - The traditional mortgage registry that records mortgages and pre-notations in areas not yet fully transitioned to the cadastre. Your notary will identify the competent office for your property.
Bank of Greece - Issues the Code of Conduct for the arrears resolution process that banks must follow when borrowers fall behind on payments.
Ministry of Justice - Oversees civil procedure rules governing enforcement, seizures, and electronic auctions.
Hellenic e-Auction Platform - The national electronic system where judicial auctions are announced and conducted following enforcement proceedings.
Bar Associations in Attica - Professional bodies that can help you locate licensed lawyers experienced in real estate and mortgage law.
Public Notaries in Attica - Notarial offices that draft mortgage deeds, verify identities, and submit registrations.
Technical Chamber of Greece and licensed engineers - Professionals who can verify building legality, planning compliance, and prepare necessary certificates that lenders often require.
Clarify your goals and budget. Decide the amount you need to borrow, the type of rate you prefer, and how long you plan to keep the loan. Consider how monthly payments fit your income and other obligations.
Engage a local lawyer early. Retain a lawyer experienced in real estate and mortgages in Attica to review title, advise on risks, and coordinate with the notary and lender. If you are married or co-own the property, inform your lawyer at once so required consents are arranged.
Collect key documents. Gather identification, Greek tax number, income and tax statements, property deeds, cadastral extracts, planning and legality certificates, and any existing loan statements. Non-residents should prepare certified translations where needed.
Obtain lender offers. Request standardized pre-contractual information from banks, compare the Annual Percentage Rate of Charge, fees, and early repayment terms, and ask for a full cost estimate including registration duties and notary fees.
Complete notarial signing and registration. Your lawyer and notary will finalize the mortgage deed, handle spousal or co-owner consents, and file the registration at the competent office. Keep official copies and registration certificates for your records.
If facing arrears, act promptly. Contact your lawyer and engage with the bank under the arrears resolution process, explore restructuring or settlement under the debt settlement framework, and understand your rights and timelines before any enforcement begins.
This guide is informational and not legal advice. For advice on your specific situation in Vouliagmeni, consult a qualified Greek lawyer and a notary before you sign any documents or provide any collateral.
