Anticipated regulations regarding title deed transactions and inheritance sharing have come into force with the aim to make transactions more flexible.

An important change in the inheritance law will aim to prevent family disputes and provide more flexibility to heirs.

Equal shares abolished

While it was previously mandatory to share the inheritance equally with family, this rule has now been eliminated.

Instead, family members can now determine their inheritance shares more flexibly by making written agreements among themselves.

It means that real estate transfer transactions between siblings have been greatly simplified. Siblings will now be able to transfer real estate to each other with written agreements without the need for notary approval. In this way, heirs will be able to share property among themselves quickly and practically.

Another regulation change for shared title deeds

Another important change has been made to the shared title deeds.

According to the new regulation, the joint decision of all shareholders and their direct participation in the transactions have become mandatory for the sale of a shared real estate.

However, shareholders can be relieved of the obligation to participate in the transactions by authorizing a lawyer.

Didim Real Estate Agents Association President Umut Öz said: ‘With this law, for the sale of a shared real estate, other shareholders must also come to the land registry office and approve the sale of this share.

“To give an example: Let’s say one half of a house is registered to the wife and the other half to the husband. If the husband wants to sell his share, his wife must also come to the land registry office and approve this sale.

“Or a land belongs to 10 shareholders. If one of them wants to sell his share, the other 9 people must also come to the land registry office and authorise that sale. Of course, these transactions can also be done with a power of attorney. I think this is a positive regulation.”

New penalty comes into force

A new regulation that closely concerns title deed owners came into force upon publication in the Official Gazette.

The penalty rates will be applied to citizens who do not make real estate declarations on time and fail re to notify the municipalities about title deed purchase and sale transactions, real estates and properties acquired through inheritance.

Within the scope of the law, the penalties have risen from 95 TL to 3,500 TL.