Property Recommendations

In a single site or plot of land (under conditions) whether it is unstructured or there is a building within it, more independent and autonomous properties can be created through a Notarial Deed of Establishment.

There are two main types of property formation:

1. Horizontal Property is recommended in case of a property, where its owners want to separate each apartment as an independent property. In the notarial deed of establishment of horizontal properties, the boundaries of the common areas of the building, the boundaries of the independent properties, the percentages of their co-ownership in the plot are clearly defined and the regulation of the Apartment Building is written.
2. Vertical Property is recommended when a plot is divided into two or more independent and autonomous sections, within which separate and independent buildings exist or are to be erected. The notarial deed for the establishment of vertical properties precisely defines the boundaries of each vertical property, the percentage of co-ownership in the single plot and very often the right to build or cover each property.

The Deed of Establishment of Property (Horizontal or Vertical) is a notarial deed which is drawn up by a Notary and registered in the Hellenic Land Registry. For the preparation of this deed it is required to have a Topographic Diagram of the property with coordinates EGSA’87, floor plans of all floors (in case there is or is going to be a building), Certificate of Legality for the existing property and Property Rate Allocation Table. In this table, the name of each property is created, its area, its volume, the percentage of co-ownership of each property in the property, as well as the percentages of participation of each property in the common expenses (Heating, Cleaning, Elevator Maintenance, etc.).

The Property Establishment Deed, from the time it is drawn up, is the most important contract of the property. Therefore, the recording of areas, spaces and uses of each property created must be absolutely accurate and correspond to reality.

The same applies in cases where the owner wants to Amend the Property Establishment Act for any reason (eg due to a change in the square footage of the property, due to the addition of an additional floor or property, due to a change in the common areas of the plot).