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Regulation on the Immovable Sales Agreements to Be Issued by the Notaries Was Published

Regulation on the Immovable Sales Agreements to Be Issued by the Notaries Was Published

Turkiye
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With the recent amendments to the Notary Public Law No. 1512 ("Law"), the immovable property sales agreements, which could only be executed before the land registries previously, can now be executed before the Turkish notaries as of January 1, 2023. In other words, immovable property sales agreements can now be concluded both before the land registries and the notaries as of such date.

The procedures and principles applicable to the immovable property sales agreements to be executed before the notaries are set forth in the Regulation on the Procedures and Principles to be Applied to Immovable Property Sales Agreements to Be Executed Before the Notaries ("Regulation"), published in the Official Gazette dated January 11, 2023 and numbered 32070.

A. Electronic Application Process
In order for immovable property sales agreements to be executed before a notary, an electronic application must first be submitted through the e-appointment application of the Turkish Notaries Association using the e-Government portal. During this application, information and documents regarding (i) the parties of the sales agreement, (ii) the immovable property to be sold and (iii) the value of the agreement must be uploaded to the Turkish Notaries Association Information System ("TNBBS"). The information and documents regarding the application are transmitted to the selected notary public via TNBBS. The originals of the documents uploaded to the TNBBS must be submitted to the notary on the appointment date.

B. Drafting and Registration of the Agreements
Notaries are obliged to inquire the land registry records and other related details of the immovable property to be sold through the Land Registry and Cadastre Sharing System ("TAKPAS") and to determine whether there are any legal obstacles regarding the sale of such immovable property. If there are any rights and obligations on the immovable property (such as; mortgages in favour of third parties or whether the property has been leased etc.), the notary must inform the parties accordingly. If the parties prefer to proceed with the transaction in the existence of such rights and obligations, these rights and obligations musty fully and accurately be included in the agreement as well as the declaration of the parties regarding their acceptance.
If it is identified that there are no legal obstacles for the sale of the immovable property, the notaries prepare the sales agreement by using the agreement template available on the Land Registry and Cadastre Information System ("TAKBIS"). Following signing of the agreement by the parties and completion of the registration procedures electronically through TAKBIS, the title deed of the property is delivered to the new owner by the notary.

C. Fees and Taxes
The immovable property sales agreements to be executed before the notaries are subject to a notary fee, a title deed fee and a revolving funds service fee. However, the immovable property sale agreements executed before the notaries are exempted from the stamp duty.

D. Enforcement
The Regulation will not be implemented until the date of the announcement of the Ministry of Justice regarding the establishment of the title deed information system stipulated by the Law, on the official website of the ministry.

By Cerensu Cetin Yenigun, Senior Associate, and Selin Ivit, Associate, Moral, Kinikoglu, Pamukkale, Kokenek