Purchase of land undivided
The estate agency ALEXpolis-akinita advises you in case you are ready to make such a purchase to BE extremely CAREFUL
The buyer of an undivided land is usually meant to participate together with other co-owners in the reconstruction of land and to acquire a separate ownership on some of the properties to be built. To obtain the separate ownership should be set horizontal and vertical ownership by a notary.
But first lets understand the following terms
Plot. It is a part of earth which is located either inside approved street city plan, town, village, or within the limits of settlement without an approved plan.
Undivided. It means that the rights and obligations of each one are determined by the percentage of ownership that has over the property.
Construction of property in land. In order to built property in a plot must be buildable in accordance with Article 6 of Law. 1577/85.
Horizontal property. By this term we mean the determination to separate ownerships for each co-owner, when of course this property usually consists of more than one floor on the land, either on total property, or for one or more floors serving a use (eg apartment, office, shop, etc.) and also fixed percentage ownership in land and common areas of the property.
Vertical property. By this term we mean the undivided co-ownership of a plot, with rights to build more properties in it, either in contact or at a distance from each other. Each co-owner acquires the exclusive property either of these properties or to a part thereof, and acquires the exclusive right to use part of the land, on which will be built property of exclusive ownership
Before you purchase undivided land or land with unfinished building, you have to watch for
That there are recommending deeds of horizontal or vertical property .
That there is spare build and coverage coefficient for your property.
That the building terms have not been modified by reducing the building coefficient or by reducing the permitted height or by lowering the coverage rate etc.
Provided these three conditions, then you can proceed to horizontal or vertical property purchase
When it comes to land, you must keep in mind the following:
Horizontal property can be set up if the land has building terms.
There is no possibility of a vertical property, which was repealed by N.2052 / 92.
Look out for any problems the parcel may have cause of no legal partition
If the parcel is part of large agrarian seller of property in the same area it should be checked for any debt in cash or land. In extreme cases it might not get a built permit
That must be checked at the Forest Service if it is part of the forest area and the Archaeological Service.
Off plan plots must be inspected, both in terms of layout and also the legality of the securities and the titles.
One of the most common problems is the depletion of the permitted building rate of the other co-owners. This situation creates even more arbitrary, in which one takes refuge necessarily cause the co-owners let him no structuring margins. Otherwise one will not build at all.
Controls of City Plan across Greece, the largest number of illegal buildings and additions, have been found in buildings erected on land off plan with undivided co-ownership.
Consider all this you should therefore make the appropriate checks as our office list below:
You should searh for the original deed,usually attached to the topographic diagram
You should check the deed referred to the rights and obligations of not only owners have built but also those that have not yet begun to build.
You should check the vertical property το be clear in the chart coverage of the plot, two or more parts of the whole plot, the imaginary boundary that separates each one and how much is the coverage rate for the whole of the land and for each piece separately, and the building factor of the whole and of each segment separately
You should also check whether the land is bound by the Municipality or if pre-ticked by the Land Registry, or if there is a problem with archaeological findings under the provisions in force each time.