My dear readers, in this week's topic, I will talk about the mortgage (Pledge) process that we often encounter in the Land Registry directorates.
Mortgage It is the securing of an immovable property without losing its owner's responsibility, in order to ensure the supply of a current or future receivable. Registration to the land registry is a must for a mortgage. As a rule, it is obligatory to issue an official deed at the Land Registry Directorate for registration. According to the clause added to the Land Registry Law No. 2644, housing, export, tourism, industry, tradesmenand artisans, banks and public institutions and organizations can also make mortgages without issuing an official deed. An immovable liable for mortgage can be sold provided that the buyer accepts the mortgage debt. The mortgage can be transferred and assigned to a third party. More than one mortgage can be established on the immovable. In this case, mortgages are listed according to their degree and order. The mortgage may have been established within the security of someone else's debt. More than one immovable mortgage can be established for a credit. It is essential that the mortgage is made in Turkish currency. However, for foreign originated loans with a maturity of 5 years or more, a mortgage can be established in foreign currency.
In addition, a legal mortgage is established within the amount remaining in the sale of the real estate. Legal mortgage; in some cases it is a form of mortgage available to creditors. Legal mortgages may be established for the amount not paid from the sales price.
Requested Document and Information:
The title deed of the immovable property to be mortgaged, if any, the document stating the name and parcel number of the immovable property or the statement of the owner
Photo ID cards or passports of the creditor and the debtor or authorized representatives.
If one or both of the parties is represented by a proxy in the contract, also a document regarding the representation. See you next week on another topic.
Cemile CABADAĞ
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