Shareholders, beware!

SAFAKNA TURKEY – Shareholders, beware! Those who do not apply within 3 months will lose the right… The General Directorate of Land Cadastre and Cadastre is authorized to keep all records and make transactions related to title deeds in our country. While the rights and powers of persons to immovable property are registered in the title deed, the title deed may belong to one person or several persons.

In a notarial act, called a separate act and a general act, acts indicating that all the power to dispose of immovable property belongs to one person are called a separate act. Title deeds showing that more than one person has control over the title deed are called joint title deeds.

HOW IS A SALE DOCUMENTED?

The methods that must be processed to sell a case vary depending on the type of case. The methods to be followed in the sale of a share title deed also vary. The method to be followed when selling a share depends on the agreement of the shareholders. If the shareholders decide to sell jointly, the title deed is sold in its entirety.

WHAT IS A PROTECTIVE RIGHT IN A CASE WHEN DOES THE PERIOD BEGIN?

There is a pre-emptive right in the share ownership document, which gives the right of first refusal to the shareholders. Thanks to this right, if a shareholder wishes to sell this right, other shareholders have the right of first refusal to buy this share. However, there is a time limit applied for the purchase of title deeds.

A shareholder has the right to object to a sale made without notifying the other shareholders, and even the transfer of a title deed can be revoked. For this reason, a person who buys this share in the sale of fractional ownership must obtain a written waiver from other shareholders in order not to be a victim. If a share title deed is sold to a third party and the sale is notified to the shareholders through a notary public, an action seeking advance purchase must be filed within 3 months from the date the shareholders receive the notification. If the case is not filed within the prescribed period, the right of first refusal is lost. Again, in sales made without the knowledge of other shareholders, there is a limitation on filing a claim for a pre-purchase within 2 years, and if a claim is not filed, then the right of first refusal is lost.