Selling Co-Owned Property Shares and Pre-Emption Rights
This article provides general information. Legislation, time limits and amounts may change over time; obtain an up-to-date assessment of your specific situation.
WHAT SHOULD BE CONSIDERED TO AVOID LOSS OF RIGHTS IN A SHARED TITLE DEED?
Attorney Gizem Gonce explained: How do sales and the right of pre-emption work in co-ownership?
Shared title deeds are one of the forms of ownership frequently encountered, particularly in immovables acquired through inheritance. The rights of co-owners over the immovable are important during sales transactions and partition processes.
Can other co-owners sell your share without your permission?
Attorney Gizem Gonce:
A co-owner, as a rule, can dispose of their own share. However, it is not possible for a co-owner to sell another co-owner's share against that person's will.
The transfer of the entirety of an immovable and the transfer of merely one share are distinct from each other. In co-ownership, the rights of each co-owner are determined according to the land registry records and the relevant legislation.
If a co-owner sells their share to a third party, does a right of pre-emption arise for the other co-owners?
In the Turkish Civil Code, a statutory right of pre-emption is regulated in terms of co-ownership. However, for this right to arise and be exercisable, the statutory conditions must be met and the relevant time limits must be observed.
The nature of the sale transaction, the legal status of the co-owners, and the exceptions set forth in the law must also be examined separately.
In shared title deeds, the transfer of a share produces legal consequences that differ from the transfer of the entire immovable.