New model for the sale of inherited real estate: First auction to be held among heirs

A new practice is planned for the sale of houses, land, and other real estate passed down to multiple people through inheritance. Within the scope of the regulation aimed at making the judicial system operate more efficiently, the sales method applied in cases of dissolution of partnership will be reconsidered.

According to the proposed model, the first auction for the sale of inherited real estate will be closed to general participation. At this stage, only heirs who hold a share in the property will be able to submit bids. Thus, priority in the sales process will be granted to the heirs who are current owners.

HOW WILL THE SALES PROCESS WORK?

In the new system, if no bids are received from the heirs in the first auction, the process will move to the second stage. At this stage, the sale will be opened to general participation, and buyers who are not heirs will also be able to participate in the auction.

The regulation aims to allow the property to change hands among shareholders first; if no result is achieved, it aims to reach a wider audience of buyers. It is considered that this method could reduce some of the disputes and delays experienced in the processes of dissolution of partnership.

One of the notable points in the draft is the security deposit requirement for participation in the auction. Accordingly, those who wish to participate in the sale are expected to deposit a cash security equal to 10 percent of the value determined for the real estate.

With the security deposit application, it is aimed to prevent malicious attempts and abuses in sales processes. If the regulation is implemented, a more controlled process will be operated from the first stage in the sale of inherited real estate.

News Source: 12punto