It is a kind of check used for purchasing a real property in general, where the drawer stops it from being cashed until a specific transaction (i.e. the sale of a real property) is completed.
A mortgagee must state the mortgaged loan, interest rate and mortgage term in a mortgage agreement. Mortgages required and created by banks are not subject to a specific term, so that a mortgage will not be released until the lender-bank-mortgagee approves it to be released. Therefore, the term “FBK” (short for “valid until released”) is written on the term line of a mortgage agreement.
The right to rise to the upper available rank refers to the right that if an upper rank of a mortgage becomes vacant, the rank right below it will automatically rise to that upper rank. This right will be valid only if it has been described on the mortgage agreement, otherwise no lower rank of a mortgage will automatically rise to an upper rank becoming vacant.
This term refers to increase of a mortgage loan created in the past on one or more real properties.
Condominium is a form of real property ownership in which the purchaser of a unit of an apartment building acquires full title to that unit and proportional title to its land.
Easement refers to the right owned by the owner or joint owners of a plot of land on independent units of an apartment building or another type of building under construction or to be built in the future, so that the condominium to be created after the building is completed will be based on that easement.
If a formality like sales transaction of a real property will be completed at a land registration office other than the local land registration office which that real property was originally registered with, the external land registration office uses the TAKBIS system to ask the local land registration officefor authorization for the transaction. In asking for such authorization, the external office sends details of the real property, identities of the seller and buyer, soft copies of relevant documents, and an application letter to the local office. The local office checks the above mentioned details sent to its Document Management System against the corresponding details and documents stored in its own archive. The external office can check the approval status of its application online on a real time basis. If the local office approves the transaction, the external office will start to process it. If the external office concludes that the transaction is not subject to any legal problem, it will issue, sign and deliver the relevant title deed, mortgage certificate or succession certificate to the applicant parties.
Applications for transactions on real properties must be presented to land registration offices from 08:30 a.m. to 12:00* noon in winter time and from 09:00 a.m. to 12:30 p.m. in daylight-saving time.
*These hours might vary depending on geographical region of land registration offices.
Original and photocopy of the identity card of the real property’s owner (mortgagor); one passport-size color photograph of the owner, taken within the last six months; if the owner is represented by an attorney, the original of the power of attorney issued by the owner to that attorney, original of the identity card of the attorney, and one passport-size color photograph of the attorney, taken within the last six months; if the transaction is for condominium or easement, earthquake insurance policy (DASK) for the real property; mortgage documents issued by the relevant bank (i.e. mortgage agreement in duplicate, one copy of the mortgage clauses, one copy of the wet signed mortgage application, one copy of the letter of authorization issued to the bank and to UZ; one copy of the power of attorneyto the bank and to UZ; one copy of the identity card of the lawyer (if any).
Section 88 of the Land Registration Regulation orders that the mortgagor is not entitled to present by hand the documents required to release the mortgage, therefore the mortgagor must ask the mortgagee-lender-bank to send the said documents to the relevant land registration office, so that the office will release the mortgage after receiving the documents. Furthermore, the protocol we signed with Ziraat Bank allows us to ensure mortgages to be released online.
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