A real estate sales agreement is an agreement that is executed by and between the buyer and seller for the acquisition of real estate and is regulated under the Turkish Code of Obligations No. 6098 (“Law No. 6098”). By executing the real estate sales agreement, the seller promises to transfer the real estate and the buyer promises to pay the sale price of the real estate. Pursuant to the Article 237 of Law No. 6098, real estate sales agreements are subject to the official form requirement. In order to fulfill this requirement, the real estate sales agreements used to be only executed before the land registrars since Article 26 of Land Registry Law No. 2644 (“Law No. 2644”) specifically authorizes land registrars to execute the real estate sales agreements.
Bernitsas Law Advises on GIC and Sani/Ikos Group Strategic Partnership
Bernitsas Law, working with Linklaters, has advised GIC on a strategic partnership with the Sani/Ikos Group. Kirkland & Ellis reportedly advised the Sani/Ikos Group.
Construction Zoning
In April 2022 deputies of the Slovak parliament, approved two long-awaited laws: Act No 200/2022 on zoning (‘the Zoning Act’); and Act No 201/2022 on construction (‘the Construction Act’). These two laws are about to replace the 1976 Building Act. Although they do not take effect until 1 April 2024, they bring such fundamental changes that need to be considered right away, in particular by the developers and real estate investment funds. The most significant of these changes are summarised below.
Nikiel Wojcik Noworyta Advises SaarGummi on New Polish Factory
Nikiel Wojcik Noworyta has advised the SaarGummi Group on the development of its first factory in Poland.
Ana-Maria Filip and Bogdan Toma Make Partner at Dragne & Asociatii
Former Managing Associates Ana-Maria Filip and Bogdan Toma have been appointed as Partners with Dragne & Asociatii as of September 1, 2022.
Norton Rose Fulbright Advises Panattoni Europe on Construction of Production Facility for Hager
Norton Rose Fulbright has advised Panattoni Europe on the construction of a Tychy production facility for Hager.
KSB and Wilsons Advise on Passerinvest Group’s Acquisition of Gamma Office Project from Immofinanz
Kocian Solc Balastik has advised the Passerinvest Group on its acquisition of Prague’s Gamma office project from Immofinanz. Wilsons advised the seller.