Now when selling property in Turkey will need to obtain the consent of other owners

The General Office of Land Registration and Cadastre issued a statement regarding the owners of shared property in Turkey. Owners who do not apply for a preferential redemption of other shares within 90 days risk losing the right to purchase the preferential share.

What is the right of first refusal?

The right of pre-emption is the right of other shareholders to first purchase a share when the owners decide to sell their property. However, in order to exercise this right, it is necessary to submit an application within a certain period of time, namely 90 days.

Shareholders have the right to object to a sale by certain shareholders without notice to other shareholders, and the sale may be cancelled. 

For this reason, when selling shares, it is now necessary to obtain a written waiver of their shares from other owners. If the refusal is not received, the owners of the shares can be sued within 2 years from the sale.

Thus, if the shareholders plan to buy other shares, they must submit an application within 90 days to retain the right of pre-emption.

If a property is sold to several owners, the seller will have to notify other shareholders of the sale, so that they can take advantage of the pre-emptive right to buy.

If all owners have agreed to sell the property, it is necessary to formalize a notarial waiver of their shares before the transaction is completedSales to avoid future litigation.