Solonos 40, Athens
Solonos 40, Athens
REAL ESTATE
DUE DILIGENCE
IN GREECE
Real estate due diligence in Greece involves a comprehensive evaluation of various aspects of a property to ensure that there are no legal, financial, or physical issues that could affect its value or the buyer's ability to use the property as intended. Key elements typically included in the due diligence process are:
Legal Due Diligence:
Title Search: Verify ownership and ensure that the seller has a clear and undisputed title to the property.
Encumbrances and Liens: Check for any mortgages, liens, easements, or other encumbrances that could affect the property's value or transferability.
Zoning and Land Use Regulations: Confirm that the property complies with local zoning laws and land use regulations.
Building Permits and Licenses: Ensure all necessary permits and licenses for construction, renovation, or current use are in place and valid.
Legal Disputes: Identify any ongoing or potential legal disputes involving the property.
Financial Due Diligence:
Taxes and Utilities: Verify that all property taxes and utility bills are up to date and check for any outstanding debts.
Financial Performance (if applicable): Review income and expense statements, rent rolls, and lease agreements to assess the financial viability of the property.
Technical Due Diligence:
Physical Inspection: Conduct a thorough inspection of the property's physical condition, including the structure, roof, plumbing, electrical systems, and any other critical components.
Environmental Assessment: Check for potential environmental issues, such as soil contamination or hazardous materials.
Property Boundaries and Survey: Verify the property's boundaries with a professional survey to ensure there are no discrepancies.
Regulatory Compliance:
Compliance with Local Laws: Ensure the property complies with all relevant local laws, regulations, and codes, including building codes and health and safety standards.
Market Analysis:
Location and Neighborhood Analysis: Evaluate the property's location, accessibility, and surrounding neighborhood to determine potential future value and suitability for the intended use.
Market Trends: Analyze current market trends and future projections for the local real estate market.
Title Search: Verify ownership and ensure that the seller has a clear and undisputed title to the property.
Encumbrances and Liens: Check for any mortgages, liens, easements, or other encumbrances that could affect the property's value or transferability.
Zoning and Land Use Regulations: Confirm that the property complies with local zoning laws and land use regulations.
Building Permits and Licenses: Ensure all necessary permits and licenses for construction, renovation, or current use are in place and valid.
Legal Disputes: Identify any ongoing or potential legal disputes involving the property.
Financial Due Diligence:
Taxes and Utilities: Verify that all property taxes and utility bills are up to date and check for any outstanding debts.
Financial Performance (if applicable): Review income and expense statements, rent rolls, and lease agreements to assess the financial viability of the property.
Technical Due Diligence:
Physical Inspection: Conduct a thorough inspection of the property's physical condition, including the structure, roof, plumbing, electrical systems, and any other critical components.
Environmental Assessment: Check for potential environmental issues, such as soil contamination or hazardous materials.
Property Boundaries and Survey: Verify the property's boundaries with a professional survey to ensure there are no discrepancies.
Regulatory Compliance:
Compliance with Local Laws: Ensure the property complies with all relevant local laws, regulations, and codes, including building codes and health and safety standards.
Market Analysis:
Location and Neighborhood Analysis: Evaluate the property's location, accessibility, and surrounding neighborhood to determine potential future value and suitability for the intended use.
Market Trends: Analyze current market trends and future projections for the local real estate market.