Greek property query

[mazdaq100]

Hi

A few years ago, I provided a loan to someone to get a business started. The guy owns a piece of land in Greece on which he planned to one day build a house. As security for the loan, I have the deeds for this land and it was agreed in a written contract that I could force the land to be sold should this guy not be able to repay the loan.

A few years down the line, the business has failed and he is not in a position to repay the loan to me. So I am now considering forcing the sale of this land.

As I said, I have the deeds and I think I am right in saying that property in Greece cannot be sold without the deeds. So does anyone know how easy it is to sell the land? Obviously, the land is still in this guys name even though I have the deeds. Will he need to agree to the sale of the land? Or can I go ahead and sell the land without his permission?

Appreciate any help/guidance anyone can provide.

Thanks.

 

[Veronica]

Hi

A few years ago, I provided a loan to someone to get a business started. The guy owns a piece of land in Greece on which he planned to one day build a house. As security for the loan, I have the deeds for this land and it was agreed in a written contract that I could force the land to be sold should this guy not be able to repay the loan.

A few years down the line, the business has failed and he is not in a position to repay the loan to me. So I am now considering forcing the sale of this land.

As I said, I have the deeds and I think I am right in saying that property in Greece cannot be sold without the deeds. So does anyone know how easy it is to sell the land? Obviously, the land is still in this guys name even though I have the deeds. Will he need to agree to the sale of the land? Or can I go ahead and sell the land without his permission?

Appreciate any help/guidance anyone can provide.

Thanks.

If the land is still in his name having the deeds in your possession might not be enough.
For one thing you may have a copy and not the original deeds.
We have copies of deeds for many pieces of land here in Cyprus as we sell land as well as houses but we could not use those deeds to sell the land without the owners permission as it is registered at the land registry under the owners name.

 

[mazdaq100]

Thanks for your reply. Just to confirm, they are the original deeds, not copies.

 

[Veronica]

Thanks for your reply. Just to confirm, they are the original deeds, not copies.

You would still need to consult a lawyer to see whether you can sell the land as it is still registered in the other persons name.

 

[oregon woodsmoke]

Have you asked him if he will just sign his interest over to you, in order to avoid a possible court action? That's the easiest way to deal with it.

I suspect that you will have to go through some sort of foreclosure action, since that is basically what you are doing: taking the property because the debts were not paid and the property was given as security.

You really need to consult a lawyer in the area where the property is located.