REAL ESTATE LAW on PROCEDURE COLLECTING PUBLIC DISCUSSION of TENDER and AWARD PROCESS TERMINATION
Journal Title: Uludag Journal of Economy and Society - Year 2010, Vol 29, Issue 1
Abstract
Sales of the properties which are confiscated as a result of extent-in-chief for the purpose of collection of public claims are generally conducted in two stages. The second stage is only carried out in the event that less than 75% of the value of the real estate could be reached in the first stage auction. The real estate is sold to the highest bidder in the second auction. However, the bid price must exceed the total of sale costs and priority claims, if they exist, for the sale to be completed. Otherwise it is cancelled. The buyer will pay the stamp duty, the brokerage commission, title deed fees once the auction result is official. The tax collection office which carried out the sale pays the Value Added Tax of the sale itself. It also pays brokerage commission by collecting from the former owner of the real estate. Cancellation of an auction is defined in The Procedure Law on Collection of Public Claims as cancellation of the sale of confiscated immovable properties. Within 7 days of notification of sale, persons claiming to be damaged as a result of the sales may request cancellation of the auction. Real estate auctions are cancelled with the decision of the magistrate for summary court. If the reason for cancellation request is an administrative error made before the auction, this matter is brought the tax court.
Authors and Affiliations
Nilgün SERİM
Keywords
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