Transfer of a vessel – Greece
The contract for sale and purchase of a vessel is in written form. The same applies for a pre – contract, where the parties agree to enter into a contract for the s&p of a vessel.
Under a contract for the s&p of a vessel, the seller undertakes to transfer the title to the vessel against payment of the purchase price and the buyer undertakes to pay the purchase price.
The contract is fulfilled when the vessel is delivered to the buyer. This is achieved through the submission and recordation of the Bill of Sale (or other equivalent document of transfer) to the competent registry. Such a record is enough for the transfer of the title; physical delivery is not a condition precedent to that.
Piraeus Court of Appeal Judgment no 421/2013, President: P. Tsandekidou, Rapporteur Judge: G. Kokkoris, Attorneys at law: K. Koteas, Th. Sfyris, Maritime Law Review vol. 41, p.418. NOTE: Registration of the Bill of Sale transfers ownership and sellers are alienated from the vessel. For obvious reasons, despite the fact that physical delivery is not a legal requirement for the passing of title, the vessel is invariably physically delivered imultaneously with documentary transfer and recording of the Bill of Sale.
The legal column was written by Manolis Eglezos, Attorney at law, Manolis Eglezos & Associates Law Firm, Attorneys at Law and Consultants.