Recent Development
The Law on Amendments to Certain Laws for the Improvement of the Investment Environment (“Law“) was published in the Official Gazette No. 30356 dated March 10, 2018.
What’s New?
The Law includes several changes allowing real estate investors to ease and speed up their activities:
• At the contractor’s request, the relevant authorities will conduct: land use conversion; the establishment of a preliminary independent section and condominium for a building constructed in accordance with a construction agreement in return for land share; transfer agreement in return for land share; and agreements regarding the division of
independent sections concluded before the public notary. The architectural project, drafted in the electronic system and approved by the relevant authority and, the management plan are the basis for the registration to the title deed.
• A registration notice will be issued by the licensed map cadastre engineering offices or by the Directorate of Cadastre for regions without licensed map cadastre engineering offices. The registration notices are sent to the institutions and organizations that issue occupancy permits for the land use conversion transactions of buildings with an occupancy permit. The relevant institutions and organizations send the registration notice, the attached documents, and the occupancy permit to the relevant land registry through the electronic system. The land registry will register the land use conversion to the title deed.
• The architectural project is one of the documents necessary to establish a condominium and requires the approval of the authorized institutions and organizations. The architectural project must contain the signatures of the owner of the main real property or all the joint owners. The architectural project can be submitted to the land registry through the electronic system.
• Transactions requiring registry upon the requests of judicial authorities and authorized institutions and organizations by the land registry can directly be registered, cancelled or amended by the relevant authorities through the electronic system.
Conclusion
The Law allows documents for transactions conducted with the land registry to be submitted through the electronic system. Electronic submissions allow investors to complete their transactions in a faster and more convenient manner.
