Turkey has revised rules for executing mortgage deeds, meaning that credit institutions and agricultural credit cooperatives can now conclude mortgage contracts without being required to execute the mortgage deed in person before the title deed registry. Furthermore, parties are no longer required to apply in person to register debt or credit contracts at the Land Registry.
The Law Amending Certain Laws for Enhancing the Investment Environment number 7099 (“Omnibus Law”) was published in Official Gazette number 30356 on 10 March 2018. The Omnibus Law makes changes to the:
- Article 26 of the Land Registry Law number 2644
- Article 9 of the Law on Organization and Duties of the General Directorate of Land Registry and Cadastre numbered 6083.
The scope of people who are not required to execute mortgage deeds in person before the title deed registry has been extended. Credit institutions and agricultural credit cooperatives can now conclude mortgage contracts via a written agreement, with the parties no longer being required to execute the mortgage deed before the title deed registry.
Therefore, mortgages provided as collateral for debts and loans established (or to be established) by the following entities can now be registered with the title deed, including reference to the loan or debt contracts:
- Credit institutions (new).
- Agricultural credit cooperatives (new).
- State institutions and organizations.
- Credit and surety cooperatives for tradesmen and craftsmen.
To accelerate registration of title deed transactions, transactions conducted at land registry offices will be electronically shared directly with judicial authorities, authorized institutions and organizations. Accordingly, the following transactions related to annotation and declaration (such as attachments and sales annotations) will now be done electronically:
- Amendments of transactions.
Please see this link for the full text of the Omnibus Law (only available in Turkish).