Thousands real estate owners which to this day could not sell their property because they had debts to the IRS or other tax outstandings now gain a way out. The new framework promoted by the government allows, under certain conditions, the sale of even confiscated properties, while changing overall the way in which the assets are carried out. transfers, with the aim of reducing bureaucracy and accelerating trade.
Interventions are not just for those who have expired. debts to the PublicThey influence the real estate market as a whole, as they simplify the procedures in sales, parental benefits and inheritances, reduce administrative costs and attempt to unblock thousands of cases that have been delayed for months or could not be completed.
In the following days the decision of its Commander is expected to be taken ADE which will in practice activate the new procedure for lifting seizures. As announced by the Deputy Prime Minister Kostis Hatzidakis, speaking at a conference of newmoney.gr on the subject «The State is changing – New Policies. Measured Results», the decision will specify the criteria for the tax consistency of the debtor and collectability of the residual debt, on the basis of which the percentage withheld from the sale price will be determined. This percentage will under no circumstances be less than 25% of the debt. As he noted, the aim is to facilitate citizens wishing to transfer their property without endangering the interests of the State.
The notary takes over almost the whole process
Central role in the new system is acquired notary, which is essentially converted into «one stop service» for each transfer of property. It will be able to electronically draw the necessary certificates from the public services, calculate and pay the taxes, retain debts to AADE from the transaction price, manage payments and complete the registration of the transaction in Real estate. In practice, much of the procedures are concentrated in a single office, significantly limiting the waiting time and travel of citizens between different services.
This change is expected to facilitate both owners and buyers, as the process will become more digital and less time consuming, while several stages that so far required separate actions will now be completed through the notary.
Sales even with seizures
The most important intervention concerns property confiscated for outstanding debts to the IRS. To this day, seizures often led to a complete impasse, as owners could not make use of or sell their property even when they sought to repay their debts.
The new system creates for the first time a mechanism allowing the sale to be completed under certain conditions. Part of the fee will be automatically withheld and attributed directly to AADE, allowing for the removal of the seizure and completion of the transaction. This facilitates both the exploitation of real estate and the collection of outstanding debts by the State.
Conditions for lifting the seizure
The possibility of selling a confiscated property will not be provided without conditions. It is a basic condition that the owner fulfils the conditions for the provision of evidence of up-to-date or debt attestation, while the price of the transfer cannot be lower than the commercial value of the property. If the objective value is higher, this will be taken into account, while in the case of seizures imposed more than five years ago a new certified valuer report will be required to determine the commercial value.
A determining element of the process is the withholding of part of the price of the sale, which will be attributed directly to AADE by the notary. The rate will be determined on the basis of the debtor's tax consistency and the ability to recover the remaining debt, but cannot be less than 25% of the current balance of debt. If the application of the criteria shows that a larger amount must be paid, this will be withheld, and when the debt exceeds the price of the transaction the entire amount of the sale will be paid to complete the transfer of the property.
At the same time, at the time of the transfer there should be no other liability for third party lenders, while in cases where outstanding debts are already covered by guarantees or collateral, specific rules are laid down for the implementation of the procedure. These provisions seek to ensure both the completion of transactions and the protection of public claims.
What changes into inheritances and parental benefits
Important facilities are also provided for transfers related to inheritances. By now, the inheritance tax will be payable from the price of the sale of the property, giving a solution in cases where the heirs were unable to pay the required amount before the transfer. At the same time, in the areas where the Land Register operates and there is a validated implementation act it will not be necessary to draw up a new survey diagram, significantly reducing the cost and time of completion of the process. These interventions are estimated to facilitate not only the sale but also the sale of products. parental benefits, as many of the procedures required will now be carried out faster and with less supporting documents.
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