19.04.2025 15:00
The General Directorate of Land Registry and Cadastre has issued a reminder regarding the pre-emption right that comes into play in real estate sales. In cases of sale, shareholders need to take action within 90 days to avoid losing their rights.
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Shareholders who are heirs or have acquired shares through purchase have the right of first refusal in case other shareholders sell their shares in the property. This right is defined under the Turkish Civil Code as "right of pre-emption" or, in other words, "shufa right." However, there are specific time limits for the exercise of this right.
If a sale transaction has occurred among the shareholders and this situation has been notified to the other stakeholders via notary, the period granted for filing a pre-emption lawsuit against the buyer is only 90 days. If legal action is not initiated within this period, the aforementioned right of first refusal completely disappears.
SALES WITHOUT A WAIVER CAN BE CANCELLED
A waiver of the right of pre-emption obtained from other shareholders during the sale prevents potential legal disputes. In cases where a waiver is not obtained, other shareholders can apply to the court after the sale to file a lawsuit for the cancellation of the transaction. These lawsuits must be filed within a maximum of two years from the date of sale.
The General Directorate of Land Registry and Cadastre recommends careful monitoring of the process in sales transactions. In a warning to citizens, it is emphasized that if no lawsuit is filed within 90 days from the moment the sale is notified through a notary, the right of pre-emption will expire. Therefore, it is crucial for co-owners of the property to closely follow developments.
To avoid suffering from sales transactions in shared titles, it should first be checked whether the sale has been reported. If the sale has been reported, legal action should be taken within 90 days, or it should be documented that rights have been waived in advance with a waiver. Otherwise, shareholders may face the risk of permanently losing their right of first refusal on the property.
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