A large number of people wishing to invest in the real estate sector suffer from a lack of knowledge of the laws relating to the floor ownership, and it is necessary to obtain a title record of the floor ownership to protect the rights of the property owner.
The title record of the floor ownership is the document obtained, which will indicate that the owner has the ownership right of the floor in the building. The record of the floor ownership is briefly documented that the building has been fully constructed in accordance with the Building law.
There is another record, called "The Floor Easement " which is usually undertaken by the construction contractor to obtain the necessary financing for the project. This record identifies the real estate shares and the share of each owner.
Building contractors usually present the characteristics of the building to be sold to the buyer by this record, in the form in which the features are accurately shown with the details, but the third party must obtain the title record of the floor ownership document because this document enables the landlord to obtain Housing License.
Law No. 5711 of 2007, published in the Official Gazette of 27 November 2007 on floor ownership, indicates the need to obtain a record of floor ownership. The law provides that fines will be imposed on realtors who do not register the property and obtain the title document floor.