Title deed is an official document stating in whose name a property or land is registered. This document shows the legal rights of a person or organization over that property or land. Title deed plays an important role in the buying and selling of real estate, creating mortgages or similar transactions.
What is Title Deed?
A deed is a signed legal document that transfers ownership of something to its new owner. Title deed transactions are generally used to transfer ownership of real estate or properties between two parties.
The purpose of a title document is to transfer legal ownership of a property or asset from one person or company to another.
A proper title deed must be presented to local authorities before the owner can sell the property, refinance or obtain a line of credit. This task is usually carried out by the property buyer's solicitor or legal costs insurer.
Now let's look at the types of deeds and their contents:
Condominium Deed
The condominium title deed is the most reliable and definitive title deed. In the condominium certificate, all flats in your building, the area of the building on the land, the square meters of each flat, the floor where your flat is located and your flat number are listed with all details. This information will also be certified by the Land Registry. If you have this title deed, you do not need to worry. There is no problem in getting a bank loan for apartments.
Floor Easement Deed
These deeds are an intermediate form between undeveloped land and land transfer. In easement deeds, your house appears as land in the land registry. However, it is also stated that there is a building on that land. The scope of the building right you have on the land is given in m2 according to the land share. The disadvantage of easement deeds compared to condominium deeds is;
- It is not clear whether the building was built according to the plan.
- The m2 size of your flat is not specified.
- The floor where your flat is located and your flat number are not specified. However, it is obvious that you own property in the building you live in. More precise information is not given. If you have this type of title deed, you don't need to worry. You can easily buy a flat with such a title deed. You have the option of converting your title deed into a condominium by talking to other neighbors in your building and paying a certain fee.
Land Title Registered Real Estate
Title deed buildings do not appear in the land registry records. So, if you buy a house with this type of title deed, you are buying a share of the land, not an apartment. These title deeds show how much of the property belongs to you. Your chances of getting a bank loan for this type of title deed transactions are quite low. It is also possible for the title deed to be confiscated in the future.
Cooperative Deed
It shows your cooperative share in the process from the construction of the building to obtaining the right to use it and obtaining the title deed through some notarized contracts.
Shared title deed is a type of title deed where a property has more than one partner. In the shared title deed, it is clearly stated who owns the property, how many partners there are, and the names of the partners. However, it is not clear which part of the property belongs to the partners.
In joint title deeds, there may also be joint ownership or common ownership. Joint ownership means that the partners' shares in the property are not clear. In shared ownership, it is clear which shares the partners have in the property.
How to Sell Title Deed?
Those who have joint title deeds can sign a contract stating which shares they own. This agreement is legally called a consensual partition agreement. However, a consensual partition deed does not have an official nature like a title deed.
The partner who wants to sell the real estate also has the right to file an eviction lawsuit. The eviction case is notified to all partners by the court. This means that the sale price of the property is fixed and this money is divided between the partners.
It is not mandatory to obtain the consent of each partner in order to file an eviction lawsuit. One of the parties can also file this lawsuit if they wish.
The most common problem in joint deeds is which party owns the share. Therefore, if you want to buy a flat with a joint title deed, you should meet with the other residents of the flat before purchasing and make sure about the flat you will buy.
Shared property is more difficult to sell than individual property. Partners must agree before the sale. Partners of the real estate can sell their own shares, but other partners must also be informed about the sale. If the sale takes place without prior notice, the right to file a pre-emption lawsuit arises. Therefore, keep a notary record stating that the partners are aware of the situation.
What is a Construction Permit?
According to our laws, permits are given for the construction and construction of buildings. Thanks to these approved documents, construction can continue. The first of these documents that must be obtained is the construction permit.
A building permit is simply a document that allows the construction of a building. It is the approval document that allows the project to be organized and construction started.
What is Required to Obtain a Construction Permit?
We have previously stated that the construction of a building is allowed only after certain procedures are completed according to the Zoning Law. You can apply for a construction permit by obtaining a document. You can get permission after completing the necessary procedures and documents. All construction without permission is considered illegal. The obligation to obtain a construction permit is regulated in Law No. 3194.
If an unlicensed construction is detected, the construction will be stopped and sealed. However, after the license is obtained, the seal is removed and construction is allowed to continue. In order to obtain a license, the building must first have a project. The owner of the building and building information should also be included in the project. If the location of the building belongs to the municipality, permission will also be obtained from the municipality. If the building is outside the municipal boundaries, you will receive a license from the governor's office.
The validity period of the licenses obtained at the beginning of construction is 5 years. Construction must start within 2 years from receiving the license.
Since unauthorized structures are considered illegal, municipalities have the right to stop construction, demolish and fine the owner and builder.