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COMMERC I AL LAW
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The Circular Numbered 2010/24 of the General Directorate of
Land Registry and Cadastre, General Directorate of Foreign
Affairs Regarding Companies with Foreign Capital Purchases
of Immovable and Limited Real Rights in Turkey
*
Purchases of immovable and limited real rights in Turkey by
companies with foreign capital are evaluated based on the circulars dated
20.11.2008, numbered 2008/18 and dated 02.12.2008, numbered 2008/21
within the frame of “Regulation on Purchase of Immovable and Limited
Real Rights in Turkey by the Companies with Foreign Capitals” published
in the official gazette dated 12.11.2008 and numbered 27052, and the
transactions are concluded accordingly.
However, the Regulation on Purchase of Immovable and Limited Real
Rights in Turkey by Companies with Foreign Capital has been newly
regulated by being published in the official gazette dated 06.10.2010 and
numbered 27721 and has entered into force.
In the Circular of the General Directorate of Land Registry and
Cadastre, General Directorate of Foreign Affairs numbered 2010/24
(hereinafter referred to as the “Circular”), it is stated that the practice of
forwarding the requests for purchase of immovable and limited real rights
(except for mortgages) in Turkey by companies with foreign capital to the
office of the governor by the Land Registry and directing the transaction
pursuant to the result of the investigation held by the office of the
governor will be continued. On the other hand, in mortgage transactions,
as the mortgagee does not have the right of usufruct and usage on the
mortgaged immovable for his credit, it will be sufficient to attach the
specimen signature and directly apply to the Land Registry provided that
the authorization document to be submitted by the company pursuant to
article 2 of the Land Law numbered 2644 grants authorization to make
mortgage transactions or give credit. The request for registration must be
made within three months following delivery of the written information
to the company. If the mentioned time is exceeded during the application,
the application for purchase of immovable and limited real right will be
renewed, and the company will be referred to the office of the governor.
*
Article of December 2010