Sale - Flat 35 m² in Athens

SUMMARY OF THE PUBLIC TENDER PARTICIPATION PROCESS FOR THE PROPERTIES IN
THE POSESSION OF THE NATIONAL BANK OF GREECE

All the properties are owned by the National Bank of Greece (NBG) and its subsidiaries
All the properties have been legally checked and answer to all urban requirements
Each property can be visited on the spot.
The whole process can be completed using the Power of Attorney, without the presence of the
interested party.
Once the potential buyer expresses their interest, the tender is called, this tender will take place
either at the location of the property or in Athens/Thessaloniki.
The time frame between the expressed interest and the actual tender is about 45 days.
In the meantime, the lawyers and the mechanical engineers perform their checks of the property
and provide their conclusions and reports.
On the day of the tender, the interested party has to submit a deposit bank cheque for the amount
of 10% of the offer price.
The tenderers who didn’t bid the highest amount,receive the deposit amount back, on the same day,
at the end of the tender.
Once the tender is completed, the highest bidder is announced, and so is the decision of the Bank on
the awarded lot. Within two (2) months, the sale and purchase agreement is drawn up, with which,
the rights of the property ownership are transferred to the buyer. Once the purchase agreement is
signed, the buyer needs to settle the payment for the property, constituting 90% (ninety) of the
offer value.
Should the highest bidder change their mind, the amount of 10% that they deposited on the day of
the tender shall be kept as a penalty fee.
The process of signing the contract is similar to the process required when the vendor is either a
natural or a legal person, and it includes the step of submitting the transfer of property rights
declaration to the Tax Authority in the location of the property, signing of the deed at the notary
office and submitting the contract at the appropriate Land and Real Estate Registry. The early stages
of the legal and technical checks that are required for each sale and purchase process, in this
particular case have been performed prior to the lot being submitted for participation in the tender.