Law Amending the Land Registry Law and Certain Other Laws
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The law changes several rules affecting property records, housing tenders, and condominium management. Valuation companies authorized by the Capital Markets Board or the banking regulator must send certain real estate valuation reports electronically and free of charge to the Land Registry and Cadastre Directorate on the day the report is issued. It also gives a temporary stamp tax exemption for TOKİ social housing and related construction tenders until the end of 2027, with possible extension by the President. For apartment and condominium buildings, it updates how managers prepare and collect advances under operating budgets, including a temporary operating project until owners approve one.
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Key Changes
- Authorized real estate valuation firms must send certain valuation reports electronically to the Land Registry and Cadastre Directorate at no cost.
- TOKİ social housing and related construction tender decisions and contracts are exempt from stamp tax until 31 December 2027, with possible extension.
- Condominium managers must use an approved operating project, or prepare a temporary one until the owners approve it within the required period.
Obligations
What this law requires
Public institutions and organizations, banks, and other financial institutions that commission real estate valuation reports prepared under housing finance or capital markets legislation by valuation companies authorized by the Capital Markets Board or the Banking Regulation and Supervision Agency must send each report to the General Directorate of Land Registry and Cadastre electronically and free of charge on the date the report is issued.
Condominium managers must prepare a temporary operating project without delay when no operating project has been approved by the condominium owners’ board, and must use it until the owners’ board approves an operating project within three months.
The condominium owners’ general assembly must decide within three months whether to approve the operating project as submitted or approve it with amendments.
Where an existing operating project is in force, any amount set for a temporary operating project must not exceed the current operating project amount increased from the start of the calendar year by the official revaluation rate for the previous year.
Construction cooperatives that have completed construction and started new construction in phases must not transfer title deeds for allocated workplaces or residences to members before all completed and planned constructions are finished.