The Exclusive Mandate
This is the written confirmation by the seller or purchaser towards the Real Estate Agency that assigns the exclusive promotion and management of the property for a certain time as 6 or 12 months to this agency alone, provided that the office will receive the commission only if the sale is made within the given time limit. An exclusive mandate is the best way of promoting a property because the Real Estate Agency is able to use all legal means of advertising, without the fear of being deprived of its payment, by disclosing certain information of the property.
The Simple Mandate
This simply means that the seller or buyer is committed towards the Real Estate Agency only if the buying or selling are done by this exact Real Estate Agency. That means that the agency will not be paid if the transaction is made by the owner of the property himself or by another office.
The Agents’ Commissions
The Agent is paid from all parties represented after having their written or oral mandate. The agent acts with consistency and reliability in order to complete the contract and is paid with 50% of the agreed fee, if there is a notarial preliminary contract and with full payment upon completion of the contract. The commission is the result of the free negotiation between the agent and his client. The same rules apply to assessments, as well as for land use studies.
This segment refers to mortgages, liens, seizures, forced or conservative, servitudes upon real estate assets which are marked in the relevant books of the Land Registry office of the property. These are those spaces which are not included legally in the declared square meters of the property, not exceeding the urban planning coverage rates defined by the state. Those extra square meters, that are shown on papers as terraces for example, and were afterwards turned into proper house rooms.
Semi Open Area
This is the covered area of the building, having at least one side open to the public area or to the open spaces of the property and having the rest of the sides covered by walls and they are often used as a temporary accommodation of people.
The value set by the tax office under the state data calculated per sq.m., for a property for a specific time, depending on the location and the characteristics of the property. The objective values for each property are catalogued at the tax office. This value is almost always lower than the commercial value of the property - market value of the property.
The owner of full ownership of a property has the right to use and manage this property in whichever way he desire, as long as it does not contradict the law of the state.
This is a lien consisting of full use and enjoyment of the property, as long as that does not impair the substance of the property. In cases of donations and parental donation, the usufruct of the property can be withheld by the donor and be transferred to the other party automatically upon the death of the donor, or previously if stated so by a notarial act.
Frequent Asked Questions
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