The joint Land Registry is a modern procedure in which the property is registered in the name of more than one person at the same time, and there may be some differences depending on the type of sale, whether by loan or without a loan.
This application is one of the new investment avenues in the Turkish property market, where middle-income people can get into a property jointly with other people.
In this type of registration of real estate records, the property shall be registered in the name of more than one person by equal or different proportions as desired. There may be some differences depending on the type of sale.
A real estate registry may be organized by more than one person at the same time by buying the property in cash without using a mortgage loan. In this case, the owners will be able to own the property by the amount they paid.
The property percentage is predetermined for the partners. For purchases using mortgages loans, the situation is somewhat more complicated if two or more people buy a property jointly by using mortgage loans for that. In this case, the concerned bank will inquire about the loans belonging to the parties prior to the regulation of the land register, enabling it to purchase the relevant section of the property after obtaining the approval of the concerned bank.
Then he will be able to buy the property through using the loan whether the proportions agreed by the parties equal or different, In this case, the data submitted by the Bank will be taken into account only to complete the transfer procedures related to the real estate register at the Directorate of Real Estate Records. Accordingly, the necessary allocations for the property will be made by the Directorate.
Attention should be paid to cases in which the property is purchased in cash or through the use of a real estate mortgage loan if one of the parties uses a bank loan to purchase its share and other parties purchase by cash, In this case, the context of the joint real estate register will be removed, since the Directorate of Real Estate Registries takes into consideration the percentage of the party using the mortgage during the purchase.
The ratios for the other parties will be calculated by determining the percentage based on the amount to be paid. In the case of other conditions and in the event that the amounts paid are equal by the parties whether they are paying in cash or through a loan, the shares will be distributed equally.
The shareholder in this type of joint property registry cannot sell the share without obtaining the consent of the other partners, In addition to the need to obtain the consent of the partners during the transfer of ownership share in the Directorate of Real Estate Records.
Edited by: Imtilak Real Estate
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