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Tuesday, February 15, 2011





Article 1
Real Estate Agent


Real Estate Agent is a person who may indicate opportunities or arranges a civil law of building contracts, notably contracts to buy, sell, exchange, lease, concession or lease real estate in exchange for construction.


Article 2

Assistant Broker


Assistant Broker is the natural person who is responsible to support and assist the agent in the execution by him of the real estate business.



Article 3



The brokerage company acts legally permitted persons under the following cumulative conditions shared:


a) the acts referred to in the brokerage's scope of legal persons


b) the conditions for the exercise of the profession of broker, as defined in Article 4 of this law, there must be natural persons who legally represent the legal person. The above conditions must be met and each branch responsible entity.


c) a staff of legal entity directly involved in brokering transactions must meet at least the requirements of assistant broker, as defined in Article 5 of this Law. Persons in the preceding paragraph is not part of the secretarial staff of the legal entity if not exercised brokerage operations.


Article 4

Conditions profession broker


1. To practice as a Real Estate Agent must register the person concerned in GEMI.


2. To enroll in GEMI be the natural person or a legal person to the persons designated in case b of Article 3 of this law, satisfies the following conditions:


a) is a Greek citizen or a citizen of the state - State of the European Union or a Member of the European Free Trade Association (EFTA), namely Norway, Iceland and Liechtenstein. An alien from a country outside the European Union must be provided with the required residence permit and work in Greece or residence permit for independent economic activity, according to the current applicable law.


b) Have not been convicted of a felony or misdemeanor for theft, embezzlement, fraud, fraud on court, embezzlement in office, forgery or misuse of stamps, infidelity, perjury, fraudulent bankruptcy, fraudulent lenders, usury, or any of the offenses in the currency.


c) Do not subjected to guardianship (AK1666-1688).


d) Have one of the following: i] degree from university or higher education institution of Greece or equivalent institutions abroad, ii] training certificate from a public or private IEK, iii] high school diploma or equivalent foreign school, a certificate of public training TBI or private property issues and has worked as an assistant broker for six (6) months in Greece or abroad, iv) high school diploma or equivalent foreign school and has worked as an assistant broker for one (1) year in Greece or abroad, v] certificate exam pass by a body appointed by the Ministry of Economy, Competitiveness and Shipping. A Ministerial Decision will define the conditions for participation and details of the above organization and conduct of examinations.


3. For broker recognized by a Member State of the EU or Member State E.Z.E.S and established there who wants to settle in Greece, through branches, a registration certificate in relevant professional organization. The broker has headed the country's main establishment,


4. You may not register to GEMI those brokers tenancy imposed the penalty of permanent disqualification from exercising the profession or temporary for as true a sentence.


For the fulfillment of the conditions of subsections b, c and d of paragraph 1 of this Article is sufficient to supply the competent authority GEMI affirmation of the person concerned in accordance with Article 8 of Law 1599/86.


5. From registration GEMI in accordance with paragraph 1 of this Article shall exempt broker recognized by a Member State of the EU or State E.Z.E.S and settled in it, who performs under the cross-border provision of services, occasionally real estate transactions in Greece, as defined in Article 1 of this law if it meets the requirements of the State in which they are established for the exercise brokerage operations. In case of establishment of this broker, office or branch or other establishment in Greece, a registration certificate in relevant professional organization. The broker has headed the country's main establishment.



Article 5
Conditions of practice of assistant broker


Introduced assistants brokers to register in place which Professional Associations are required to register as broker assistants practicing as an employee.


To practice as assistant broker as a freelancer requires subscription GEMI.


To register as a broker assistant at GEMI or the Professional Association of the applicant must submit the following documents to the competent department GEMI or department of the Association:


a) High school diploma or foreign equivalent.


b) Sworn Statement that has been convicted of a felony or misdemeanor for theft, embezzlement, fraud, fraud on court, embezzlement in service, the counterfeit stamps abuse, infidelity, perjury, fraudulent bankruptcy, fraudulent lenders, usury, or any of the crimes on the currency.


c) Sworn Statement that is not under guardianship.


d) A statutory declaration under Article 8 of Law 1599/1986 (Government Gazette A 75) which relate to the information broker with which it cooperates, and a corresponding affirmation of Article 8 of Law 1599/1986 (Government Gazette A '75 ) the broker with which to satisfy the partnership.


Article 6
Brokerage contract


1. The agency contract is in writing. The contract shall a) include at least the elements of the contracting parties, their tax identification number, and the number of broker GEMI, b) to determine the exact identity of the subject of mediation or recommending opportunity, rights and obligations of the parties and the amount or percentage of the brokerage fee. In case of cross-border provision of brokerage services should be included in the body which is registered broker. For filling the required document type sufficient to exchange signed letters, signed faxes and e-mails, if they prove the contents of the contract in accordance with the above. The use of general business conditions in the brokerage contract is governed by the provisions of Law 2251/1994 as amended. If not otherwise stated the agency contract is valid for six (6) months. The contract broker can not be defined more than eight (8) months, with an option to extend for four (4) additional months, following the unilateral written statement of the principal. After the end of may to conclude a new contract even between the same parties.


2. Allowed an exclusive brokerage, in which the principal has the right to assign command with the same content in another broker for a time period of the contract. The exclusive brokerage, can not in any case be durable over four (4) months, with an option to extend for two (2) more months after unilateral written statement of the principal. After the end of may to conclude a new contract even between the same parties. If within the period of validity of the exclusive brokerage fulfill the mandate given, the exclusive broker tenancy entitled to pay, regardless of any other relevant agreements or obligations of the trustee in relation to the same subject of the order.


3. The Estate Agent shall be entitled to salary during the preparation of the final contract if he has proven himself to mediate conclusion, or has indicated an opportunity conclusion. If more brokers indicated successively the same opportunity to the client, payment shall be entitled to only one who actually brokered the formation of the contract. If more intervening and can not prove the percentage contribution of each of the training contract, then payment is due only once and shared between brokers intervening in equal parts. In a concession to rebuild property in exchange broker is entitled to claim compensation for the training of contractor's preliminary.


4. If signed for the same property from different contract of contract brokerage, the contract finally concluded, it is assumed as a result of mediation of the broker.


5. In agency contract must state explicitly whether the broker can accept payment promise and the contractor's principal. If, despite the lack of the above agreement, the broker accept payment or promise of remuneration received by the other party, the principal is entitled to refuse payment of the agreed fee or demanding the return of the already paid.


6. In any bilateral agreements on property drawn up by notarial deed, notaries are obliged to mention explicit affirmation of the parties on mediation or not Estate Agent in its preparation and in case of proxy state the particulars of the broker, the number that GEMI and tax identification number.


7. The parties in a residential real estate contract is not required to pay a fee to persons offering brokerage services without meeting the requirements of Articles 4 and 5 of this Act and paragraphs 1 and 2 of this Article.


8. The Client is obliged to inform the broker training the main contract within thirty (30) days.


9. Otherwise the relationship of the parties to broker regulated by the provisions of the Civil Code.



Article 7
Obligations of brokers and broker assistants


Real Estate Agents and Realtors assistants must:


1. a) To be informed, prior to the conclusion of the contract, their principals about the qualities of the property of the order, and any factual or legal defects such that they are aware or have been brought to their attention in any way.


b) To inform in advance their clients in every case of a transaction involving a personal or financial interest of its own, other than the agreed fee.


c) To protect the professional secrecy to not reveal any personal and financial information of their clients beyond what is necessary for the formation of the contract.


2. a) To provide the GEMI department or department of the Society's headquarters, three years from the registration, declaration under Article 8 of Law 1599/1986 (Government Gazette A 75) that remains subject to the conditions laid down of items (a), (b) and (c) of paragraph 2 of Article 4, subparagraphs (b), (c) and (d) of Article 5 hereof.


b) One (1) month after the cessation assistance one of the conditions required to register in accordance with Articles 4 and 5, must inform the department GEMI or part of the Association's headquarters, which then shall delete them.



Article 8


1. Whoever acts brokerage transactions for the purposes of this Act or shows himself as a broker tenancy without fulfilling the conditions for entry on GEMI as defined in Article 4 hereof or breach of its obligations under Article 7 ยง 2 case (b) Currently, automatically punished with imprisonment of at least six (6) months to (two) 2 years and a fine of five (5,000) up to thirty thousand (30,000) euros.


2. The above penalties shall be adjusted by a joint decision of the Ministers of Economy and Finance and Justice and Human Rights.


Article 9

Disciplinary Board - Disciplinary sanctions


1. By decision of the Regional Director for the Professional Chambers of Athens, Piraeus, Thessaloniki and Rhodope and his Prefect for the other chambers of the country, constituted Disciplinary Board, which shall exercise disciplinary authority over the Realtors and broker assistants. The Disciplinary Board participate:


a) A Magistrate as Chairman to be appointed along with the Deputy Chairman of the Misdemeanors familiar.


b) The Head of Department or Department of Commerce Region headquarters each Chamber.


c) A member of the Board of Directors of each Chamber, derived from the branch of Realtors with at least 5 years experience, failing this, by a broker with at least 5 years experience, who has business and the same laws and proposed by the Member or Primary , failing instance by the Appellate trade unions in the same industry, as a member.


d) perform the duties of reporter Chief Registry Officer of each Chamber.


e) An employee shall act as Secretary of the Chamber designated by the Board that the same decision.


All these are defined by their deputies.


2. The Disciplinary Board shall meet in quorum and time specified in the decision of paragraph 1, except the months of July and August each year.


3. The expenses of the Disciplinary Board and the remuneration of members included in the budget of the Chamber and are determined by the Administrative Committee.


4. The decisions referred to in paragraphs 1 and 3 of this Article, the first application of the provisions of this law will be issued within three (3) months from the date of publication in the Government Gazette.


5. Disciplinary offenses are:


a) Any breach of this.


b) Any act of negligence that harms the reputation of professional Realtors.


c) Any violation of the terms of reference received from the broker originator, illegal collecting advance money and the inability refund in cases not fulfilling its obligations under the contract.


6. Disciplinary proceedings before the Disciplinary Board shall be a President of the Chamber, following a complaint from anyone who has an interest or the President of the professional association or party. The President of the Chamber shall exercise the above disciplinary action for evidence of committing a disciplinary offense.


7. Disciplinary penalties are:


a) a written reprimand.


b) a fine of two thousand (2,000) million to ten thousand (10,000) euros levied under the law on public revenue for the local Chamber.


c) Temporary deprivation of the right to practice until (1) a year.


d) Imposing fines and temporary deprivation of the right to practice,


e) denial of the right to practice in case commits the criminal offense of case b of paragraph 2 hereof.


8. The Disciplinary Board shall sit in substance and may decide to examine witnesses, the production of documentary evidence, to order an expert or autopsy and to request the assistance of any public authority. The charged has the right be represented by a lawyer.


9. Decisions of the Disciplinary Board shall be forwarded to the Chamber and notified both the impugned through the local Chamber and other chambers in the country.


If the charged has residence is unknown, the Disciplinary Board suspends the call to apologize communications at the Chamber for one (1) month and then this default rule.


At the same place and the same time display the decision or any other relevant document.


10. Decisions of the Disciplinary Councils challenged before the administrative court.


Article 10

Final and transitional provisions


1. Serving brokers who are enrolled in their chambers until the publication of this law, shall retain their status as Real Estate Agents and are required to comply with Article 6 of this Law coming.


2.Since the publication of this law repealed: a) PD 248/1993 (Government Gazette 108 A '), with the exception of paragraph 1 of Article 2 thereof, which remains in effect until the start of GEMI, b) any other provisions contrary to this law. Otherwise, the provisions of the Civil Code on brokerage.

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