An exclusive brokerage agreement is more than an instruction to market property. While it remains in force, it restricts the principal from appointing another broker with the same mandate or independently seeking a counterparty, except in relation to persons expressly named in the agreement. Its terms, duration and fee therefore require review before signature.

Legal framework for real estate brokerage

Brokerage is governed by Articles 703 et seq. of the Greek Civil Code and, specifically for real estate brokers, by Articles 197 et seq. of Law 4072/2012. Article 200 requires a real estate brokerage agreement to be in writing. The form requirement may also be satisfied by an exchange of signed letters or faxes and by email messages.

The agreement must state the parties’ particulars and tax numbers, the broker’s General Commercial Registry number, the subject of the mediation or opportunity, the type of principal contract sought, and the amount or percentage of the brokerage fee. The fee is freely negotiable and is not subject to statutory minimum rates.

Non-exclusive and exclusive brokerage

Duration and extension

For non-exclusive brokerage, twelve months is the statutory default where the parties have not agreed otherwise; it is not an absolute maximum. If a longer term is agreed, either party may terminate without damages after twelve months, with termination taking effect three months later.

For exclusive brokerage, the initial term may not exceed eight months. The principal may extend it by four months through a unilateral written declaration. A new agreement may be concluded after expiry, but it should not be structured to circumvent the statutory time limits.

When the brokerage fee becomes payable

Under the general rule in Article 200, the broker may claim the agreed fee when the principal contract is concluded, provided that the broker mediated or introduced the opportunity. Exclusivity creates additional presumptions and consequences.

May the broker also act for the other party?

The agreement must expressly state whether the broker may also act for the principal’s counterparty. If there is no such agreement and the broker contracts with the other party as well, the principal may refuse the agreed fee or seek repayment of a fee already paid.

Early termination and unfair terms

There is no universal right to exit every exclusive agreement without consequences. The term, termination provisions, any material breach by the broker, the general Civil Code rules and—where the principal is a consumer—the rules on standard terms in Article 2 of Law 2251/1994 must be examined. The validity of a clause depends on its precise wording and the circumstances.

What to check before signing

• An exact description of the property and the principal contract sought.
• Commencement date, term, extension method and termination procedure.
• Fee amount or percentage, when it becomes payable, and any VAT or marketing expenses.
• The names of all persons excluded from the exclusivity obligation.
• Specific marketing actions and the broker’s reporting obligations.
• An express term stating whether the broker may also act for the counterparty.
• Compensation provisions, penalty clauses and consequences of a transaction after expiry.

Frequently asked questions

May I sell the property myself during the exclusive term?

As a rule, no. An exception is available only for natural or legal persons expressly named in the agreement, subject to the specific financial consequences provided by law.

What is the maximum duration of exclusive brokerage?

The initial term may not exceed eight months. The principal may extend it for four additional months by unilateral written declaration.

Is there a statutory minimum brokerage fee or compulsory percentage?

No. The amount or percentage is freely negotiated and must be stated in the agreement.

May I terminate at any time without cost?

Not as a general rule. The type and duration of the agreement, termination terms, conduct of the parties and mandatory rules must be reviewed.

Can a fee be due if I sell after expiry?

Potentially. In particular, where the sale occurs within three months, another broker has been instructed and the first broker proves that the transaction resulted from the first broker’s actions, a claim may arise.

Can an exchange of emails satisfy the written-form requirement?

The statute recognises email messages as a means of satisfying written form. Their content must nevertheless record the required particulars and the parties’ agreement clearly.

Conclusion

Exclusive brokerage creates a substantive restriction and specific financial consequences. Duration, exceptions, fees, dual agency and termination clauses should be reviewed together before the principal becomes bound.

Have you been asked to sign an exclusive brokerage agreement in Greece? Our law firm can review its terms, identify legal and financial risks and propose the necessary amendments before you become bound.

This article is intended solely for informational purposes and does not constitute legal advice. Each case requires an individual assessment based on its specific facts and the applicable legal framework. For specialised legal advice, please contact our law firm.