Due diligence processes are extremely important in all types of
acquisitions, real estate properties included. During the due
diligence process, the buyer decides whether to proceed to the
acquisition or not, whilst due diligence findings formulate to a
large extent the terms and conditions of the sale agreement. The
most common scope for lawyers when drafting and negotiating real
estate sale agreements is the liability of the seller towards the
buyer for defects or lack of specifications of the sold property.
Such liability is regulated by the general law of sale;
nevertheless, it can be extended or restricted by way of agreement.
According to Greek law, the seller is obliged to deliver the
sold property free from defects and with the agreed specifications.
Failure of the seller to perform such obligation can lead to a
reduction of the purchase price, compensation by the seller,
revocation of the sale contract, or even annulment thereof. The
seller is exonerated
