It is widely known that the real estate market has been showing an upward trend in recent years in the country. It is encouraging that 2022 was a year of significant growth for the Greek real estate market, despite the turmoil caused by the war in Ukraine and the adverse effects on borrowing, energy, materials and construction costs in general. Consistently positive expectations for the market and undiminished investment interest, especially from abroad, maintained the high growth rates of residential and commercial real estate prices, especially in highly commercialized areas.
However, there are many daily cases where real estate sales are either delayed or canceled because in many cases they have liens, which, contrary to what people think, follow the property and bind the new owner.
For example, recently on behalf of our seller principal, we undertook a full due diligence on a plot of land he owned, as he was aiming to sell it. He discovered that two (2) pre-mortgage notes had been entered from his co-owner mother and the debts had doubled!
Another case that we have recently dealt with concerns a prospective buyer – our principal, who was forced to withdraw from the purchase of a property because there is a Foreclosure on the property, an auction date has already been set and the management company that proceeded with the enforcement process does not respond to our calls … cancel the auction and be paid from the sale price.
The transfers of the loans and their management by the Management Companies worsen the situation, because a). the debts swell and at the same time there is no disposition for out-of-court settlement in case they are effectively secured and b). communication and practical consultation makes buying and selling particularly time-consuming.
Our great experience and the great pathologies in the real estate market created the idea of propertycheck.gr. In fact, we created for the first time in Greece, a site where the prospective buyer has access to a safe, fast and reliable real estate purchase, with constant updates and control of the process from wherever he is.
With detailed inspections of the property and absolute experience in managing the problems that exist or may arise, we are now able to manage the huge changes and challenges of the new era that has formed in the real estate market.
Maria Moschopoulou
Attorney, LLM Civil Law
Owner MARIA MOSCHOPOULOU & ASSOCIATES LAW OFFICE
CEO Propertycheck.gr
