Establishment of Vertical Ownership

Συμβολαιογραφικές & Νομικές Υπηρεσίες

 

Establishment of Vertical Ownership is the act by which, in a plot that belongs to more co-owners and on which have been erected or are going to be erected more than one buildings that belong to different owners, it is set forth that each building shall constitute a self-existent property to which shall correspond a specific percentage indivisibly over the plot and it shall have right of use on defined separate part of the entire plot.

The establishment of vertical ownership may be achieved by a deed in life or by provision of last will and testament (will).

The establishment of vertical ownership by deed in life must definitely be filed with the notary format, signed by all of the co-owners of the plot and then it is transcribed in the competent Land Registry or entered in the competent Cadastral Office.

It is possible to establish horizontal ownership over a vertical ownership.

Also, it is possible to achieve establishment of vertical ownership by court decision under specific conditions.

Usual documents required:

• Tax clearance of the property owners, in case they are more than single one.
• Diagrams of floor levels.
• Τopographical diagram dependent on

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