What is Forced Sale, What are its Conditions?
The process of confiscating the real estate registered on the persons who do not pay their debts through enforcement and the sale of these real estates by the state is called forced sale.
What are the Conditions of Forced Sale?
People who are in a creditor position can apply to the court in case their debts are not paid. According to Article 32 of the Execution and Bankruptcy Law No. 2004, it is stated that the debt must be paid within 7 days, otherwise a forced execution will be carried out. The debtor has the right to object within 10 days of the enforcement decision.
Persons who do not object or do not pay their debts within the specified period after the enforcement notice, that is, the court notification, are requested to declare their assets. In the relevant article of the law, it is stated that persons who do not declare their property or make false declarations will be punished with imprisonment. As a result of this forced execution decision, the real estate of the debtor is confiscated and a forced sale is carried out. A forced sale is made by the enforcement offices at a determined place and time without seeking the permission of the debtor. Tender is opened for forced sale and the said real estates are sold to the person who pays the highest price. The amount obtained from the sale through forced execution is given to the creditor.
What are the Documents Required for Deed Transfer?
Persons who purchase real estate through forced sale are registered in the title deed by the enforcement offices. The documents required for the registration of the new owner of the real estate to the title deed are as follows:
- Identity card of the bidder or his official representative
- If the winner of the tender is represented by someone else, a power of attorney or authorization document
- 1 passport size photo in 6×4 size
- A sales letter issued by the relevant executive directorate, showing that the tender has been finalized and the new owner of the real estate
In addition, the title deed fee is paid at the rate of 20 per thousand of the sales price for the title deed registration.
