10-03-2008, 06:41 | #1 |
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Buying a property in Turkey
We represent a European Private Equity fund which wished to purchase listed (ie protected) property in Istanbul. The property has only one deed but has multiple shareholders. The majority shareholder wishes to sell but the minority is hesitating. Assuming they cannot be convinced, what is the legal protection the minority has? Can we force a sale? How would we do this and how long would it take? Are there legal firms working to international standards in Istanbul who are experienced/expert in this area of law?
Finally, once our client does buy the property, can they vacate the premises of the tenants forcibly if necessary (ie eviction). What is the usual notice period/redemption charge (ie compensation) required in such cases? Sorry for the long question! We're having real difficulty getting a straight answer. |
10-03-2008, 17:17 | #2 |
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Greetings,
If the estate you plan to acquire is a joint property, i.e. the shareholders are parceners, then you should also attain their consent and participation in the title transfer procedure, without which the acquisition bu your side cannot be realized. On the other hand, if the estate is not joint but a common property ( each shareholder has a distinct part of the immovable and entitled to transfer his right) then you may acquire the majority's share.However, the other shareholders have the "right of pre-emption" on this occasion and may bring a case against you to purchase the share back. You may wait for your the partition of the estate the legal action that is to be initialised by the majority shareholder, yet the conclusive decision shall be the sale of the estate by an open tender. The purchaser of an estate can evacuate the tenant pursuant to provisions of Code of Obligations and Code On the Leasing of İmmovables. For further information, please contact with a Turkish Attorney. |
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