Title Examination: Why is it important?

One of the most important steps before purchasing property is title search and examination.
In Greece there are neither title companies nor title insurance policies.
Your only protection against possible defects in the title is a careful examination of the public records by your lawyer. You are strongly adviced not to pay a deposit or sign a Contract to Purchase before an examination of the title has been completed.

This examination involves the consideration of a variety of legal problems and situations such as the provisions of wills, the validity of divorces, the effectiveness of foreclosure, the proper registration of mortgages, liens, etc. This examination requires a thorough knowledge of the law, and it cannot be done by anyone except a lawyer. This is why, in Greece, only lawyers have access to public records for the examination of titles.

Indeed, a careful title examination is necessary to find out:
Who really owns the property you want to buy?
You may believe that the owner is a Mr. Papadopoulos for example, but the search may show that he inherited only three-quarters share of the property; perhaps his sister owns one-quarter share of the property. If so, you must get Mr. Papadopoulos and his sister to sign all the agreements, receipts and other documents related to the transfer of the title.

What, if any, encumbrances or liens exist against the property? These are obligations or debts which may remain charged against the property even if the title of ownership is transferred by the original debtor to a new owner. No one wants to buy a house and later discover that he owes money to the bank for a loan that he never received, or find out too late that his neighbour has the right to walk and drive through the property in order to get to his house!