The government announced four interventions for “express” property transfers, aiming to simplify transactions and reduce bureaucracy. According to new regulations presented by Deputy Prime Minister Kostis Hatzidakis, interoperability between notaries, the Technical Chamber of Greece (TEE), the Independent Authority for Public Revenue (AAADE), and the Land Registry will be enhanced, reducing delays. The topographic survey requirement will be abolished in certain urban planning areas, and inheritance tax can now be covered from the sale proceeds. Additionally, the transfer regime for seized properties becomes more favorable.
In detail:
1. Upgrading notaries’ role and operating as one-stop shops: Notaries already handle various tasks beyond drafting contracts, such as issuing tax/insurance clearances and applying for Land Registry registration. They will now gain connectivity with TEE for electronic building identity and AAADE for tax exemption cases, submit transfer tax declarations, and pay corresponding amounts. Various expenses and fees for contract preparation will be paid into a special, unseizable account, from which notaries will make payments, with a proportional increase in their fees for additional services. Once implemented, contracting parties will only need to appear for contract signing.
2. Abolishing mandatory topographic survey for property transfer contracts in urban planning areas with approved implementation acts: When property is located in areas with approved and registered implementation acts and operational land registry, preparing topographic diagrams by private engineers becomes unnecessary, since the cadastral sheet includes topographic diagrams, while building terms and other critical elements for buildings are derived from the electronic building identity.
3. Option to pay inheritance tax upon inherited property transfer: Currently, those unable to pay inheritance tax cannot sell their property. The new regulation allows tax payment from transfer proceeds. In practice, contracts can be drafted without presenting tax payment certificates, as notaries will withhold the inheritance tax amount, remit it to the State, and submit the relevant declaration simultaneously with contract signing.
4. AAADE’s ability to definitively release seized property transfers: AAADE can release seized property transfers, provided that a percentage of the price (determined by AAADE based on debt amount and transfer proceeds) is withheld and remitted by the notary to AAADE.
Property transfer files are mandatorily reviewed by competent AAADE services within 60 days, with specific deadlines set for document submission. Transfer tax declarations are submitted digitally through the myPROPERTY application by certified notaries and liable parties.
The declaration records property condition and value, any changes, and provided exemptions. The competent tax office issues an administrative tax determination act within 10 working days, while properties outside the objective value determination system require prior provisional value assessment. Finally, within 60 days of contract posting on myPROPERTY, AAADE conducts audits for data accuracy and agreement between declaration and notarial act.
