Arrangement Regarding The Termination Of The Mortgages With Real Estate By The Request Of The Immovable Property Owner
Arrangement regarding the termination of the mortgages with real estate by the request of the immovable property is made. With the Land Registry Law No. 7181 published in the Official Gazette dated 10 July 2019 and numbered 30827 and the Law on Amendments to Some Laws, it has been made possible to leave the mortgages established for a period of time as of 1 January 2020 upon the request of the property owner.
As it is known, in accordance with Article 883 of the Turkish Civil Code, when the receivable expired, the owner of the mortgaged real estate could ask the creditor to leave the mortgage. Herein, the freedom of control and movement regarding the abandonment of the mortgage on the real estate was completely at the initiative. However, the Land Registry Law No. 7181 and the Law on the Amendment of Certain Laws provided convenience for the periodic mortgages on the immovable property and because of this, with the request of the mortgaged real estate owner within thirty days from the expiration of the expired mortgages, an arrangement was made to leave the mortgage by the land registry office.
The Land Registry Law and the Amendment to Some Laws stated the issue to be considered in the 19th article of the Law By saying “… if the annotation stated in Article 150 / c of the Execution and Bankruptcy Law No. 2004 dated 9/6/1932 is not put on the mortgaged real estate”, the debtor seeks that the execution proceedings have not been begun by converting the mortgage into money about real estate owners.
Lawyer Mikail Yeşil
Yeşil Law Office