A new system has emerged for share distribution in title deeds and inheritance division. With the new system, the requirement for everyone who is a partner in a title deed to act together has been removed.
With the new regulation, inheritance division will be possible solely through a written agreement. It has been reported that the fact that contracts do not require notary approval will allow the process to be completed more quickly and easily.
On the other hand, notary approval is not required for the division of inheritance among siblings. Shareholders can transfer ownership with only a written declaration.
The new rules introduced for joint title deed holders will invalidate the old conditions for the division of inheritance among siblings. As an important development for citizens who have inherited property from their fathers or family elders, a significant obstacle in the transfer of inheritance among siblings has been removed.
MUST BE APPROVED AT THE LAND REGISTRY BY ALL PARTNERS
In joint title deed transfer transactions, it is necessary to complete land registry and notary procedures, determine boundaries, and identify the parcel. For the transfer of a house acquired through inheritance among siblings, a written agreement is sufficient. In the event that partners wish to sell their shares, they must reach a joint decision, and this decision must be approved by all partners at the Land Registry.
During the transfer of a joint title deed, all shareholders can be present at the Land Registry or be represented by a lawyer. After the sale process is completed, each shareholder receives their respective share.
If all partners cannot be present when the real estate deed is signed, another option is for a lawyer to provide a power of attorney. The division process is carried out at the Land Registry, so shares are distributed and transferred according to the information recorded in the Land Registry.
News Source: 12punto
