The establishment of horizontal or vertical property units constitutes a notarial act through which the owners of a plot of land legally organize the division of a building into independent and self-contained units.
Under this process, the owners of the plot, on which the completed or future building is situated,:
- Describe the sections of the land and the vertical units to be divided,
- Specify the building that has been or is to be constructed on the plot,
- Define the floors of the building,
- Determine the independent horizontal or vertical units,
- Delineate private-use, common-use, and jointly-owned areas, as well as the fixtures and installations included in the building.
This act is executed before a notary and serves as the primary legal foundation (“backbone”) for all subsequent notarial property transfers.
Legal Framework in Greece:
- Law 3741/1929
- Articles 1002 and 1117 of the Greek Civil Code
- Legislative Decree 1024/1971
This legal framework governs horizontal property in Greece. Through the establishment of these units, independent properties are created, and the private-use, common-use, and jointly-owned areas of the building are legally defined. Upon registration of the act with the Land Registry or Mortgage Office, the horizontal or vertical units acquire independent legal status and may serve as objects of transfer, mortgage, or other legal transactions.