This note is intended to give some brief information about the potential encumbrances you may come across.
WHAT IS THE RIGHT OF PRE-EMPTION?
The right of pre-emption is a contractual right to acquire certain property newly coming into existence before it can be offered to any other person or entity. The right of pre-emption should be exercised within three months from the date on which one becomes aware of the sale, and before the expiry date of two years passes. A right of pre-emption registered with the land registry office may not preclude the transfer or assignment of the property nor may it stop the creation of a mortgage over it.
WHAT IS THE RIGHT OF REDEMPTION/ REPURCHASE?
The right of redemption is a right that allows a person who assigns his property to a third party to recover back that property by means of a unilateral statement of request.
WHAT IS RIGHT OF HABITATION/ RESIDENCE?
This is a right that allows the holder to reside or live in a building or any part of it.
WHAT IS THE OPTION TO PURCHASE?
This right entitles the holder to purchase a property upon a unilateral statement.
WHAT IS THE RIGHT OF CONSTRUCTION?
This is a right that entitles its holder to construct a building on someone else’s land and to own it for a specific period of time. This right ensures the individual has a permanent right which shall be treated as real estate whether the construction covered by the right actually exists or not.
WHAT IS THE ANNOTATION FOR ARTICLE 150/C OF THE EXECUTION AND BANKRUPTCY LAW (EBL)?
In the event that mortgaged debt is not settled when due, this will necessitate the sale of the property, which means the foreclosure of the mortgage. When the execution office starts the foreclosure procedures, it shall give notice to the land registry office. Article 150/C shall be registered on the annotations of the immovable property column on such a letter received from the execution directorate.
WHAT IS THE ANNOTATION FOR THE CONTRACT TO LOOK AFTER UNTIL DEATH?
This is a contract whereby a party agrees to sign over certain assets to another party, on condition that the one receiving the assets will look after the one releasing the assets for life. The contract is considered support for life and if these terms are broken the legality of the transferred assets is null and void.
WHAT IS THE ANNOTATION FOR ARTICLE 7 OF THE EXPROPRIATION LAW?
After the decision of expropriation is made the expropriating administration informs the title deed registry office that this expropriation has been annotated to the title deed registry. Unless the document to be obtained from the court indicating that the expropriation fee has been determined according to Article 10 within 6 months, and then submitted to the title deed registry office, this annotation will be cancelled by the title deed registry office.
WHAT IS AN ATTACHMENT?
Except for attachments that fall within the scope of Law no 6183 (for the collection of public debts), other attachments and cautionary attachments do not pose a barrier against actions to be taken on the real estate. However, the pecuniary mortgage on which the foreclosed immovable property is located will come after the receipt of the pecuniary property during the conversion of the immovable property to money.
WHAT IS A CAUTIONARY ATTACHMENT?
This is the temporary seizure of the debtor’s property in order to secure the payment of the creditor during the pursuance of a judicial procedure. The cautionary attachment does not prevent or block the owner to act on the property.
Av. Hatice AKAY