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:
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).