Some say 2008 just passed at light speed, in the blink of an eye. To me this is not the case; I remember every day of it and I feel like a decade has passed. Now it is time to complete this three-article series about failure to deliver title deeds. In part two I wrote about the promise-to-sell agreement and mentioned that you should understand the mechanism of such an agreement to use it efficiently. I also mentioned that promise-to-sell agreements are commonly used amongst local people for two main reasons -- securing the transfer of the title of a property that does not exist at the time the agreement is concluded (such as an off-plan development) or for an existing property for which the title is not suitable for transfer for some reason.
In both cases the difference between a local person and a foreign person is the process of registering the promise-to-sell agreement, and this determines the efficiency of using such an agreement.
How long does it take to make a promise-to-sell agreement and register it?
In the case of a foreign buyer, this is a very important question. Because a promise-to-sell agreement provides a right to acquire the ownership, the land registry will ask for almost all the same documentation that would be requested for the lawful registration of the ultimate title of the property. This means that you will need to obtain a permit from the army headquarters and carry out some necessary procedures. If you are already able to complete this process, then you can directly buy the property, rather than using a promise-to-sell agreement. In some cases it is possible to use a promise-to-sell agreement in a more efficient way. I will write about this in my next article.
What happens if the seller breaks his promise to sell the property?
What would happen if the seller failed to fulfill his promise to sell the property even though there is a valid and binding agreement? Then the buyer -- the beneficiary of the agreement -- should file a court case for registration of the property in his name. The relevant court will be the courthouse where the property is located. The court will make a quick decision and the beneficiary will be able to register the property without the presence of the seller.
Next week I will write a mock case study in which you can see why a tapu (title deed) may not be delivered and how to avoid such a situation. The table of contents for this mock case study will be as follows: What should an overseas property investor do when buying property in Turkey? How should immovable property be registered? Why do real estate professionals push overseas buyers to sign plain sales agreements rather than doing the transaction properly? How does one avoid signing a plain sales agreement and secure the transfer of the title? What is the best way to secure the rights of an overseas property investor in Turkey? Is registering a pledge a good way to secure rights? What should be the timing of the promise-to-sell agreement? Would it be a good idea to make a promise-to-sell agreement that would cover a part of the land on which the building will be constructed? Please do not hesitate to ask if you have any questions regarding this matter.
NOTE: Berk Çektir is a licensed attorney at law and available to answer questions on the legal aspects of living in Turkey. Send enquiries to b.cektir@todayszaman.com. The names of the readers are disclosed only upon written approval of the sender.DISCLAIMER: The information provided here is intended to give basic legal information. You should get legal assistance from a licensed attorney at law while conducting legal transactions and not just rely on the information in this corner.
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