Waiver is the official transfer of real estate ownership from one person to another in the land registry. It is the step that completes the sales transaction and legally transfers ownership.
The concept of "waiving", which is frequently heard in title deed transactions, is an important part of real estate buying and selling processes. Relinquishment means the formal transfer of real estate ownership from one person to another. This process can lead to various legal problems if it is not understood correctly or the necessary steps are not taken. During real estate transfer processes, the waiver process carried out at the land registry offices, the required documents, the title deed fee and the steps to be followed are important issues that real estate owners should know.
What does the concept of waiver mean? What are the types?
In legal terms, relinquishment is the process of transferring the ownership of an immovable property from one person to another. With this official transaction carried out in the land registry, the ownership of the real estate changes hands. The waiver is completed with the registration in the land registry, and thus the ownership right over the real estate passes to the new owner.
Difference Between Waiver and Real Estate Sale
Although the concepts of waiver and sale are very close to each other, they have different meanings from a legal perspective. Real estate sale is an agreement between the parties that includes a commitment to transfer ownership. Renunciation is the official realization of this agreement in the land registry, that is, the actual change of hands of the property. Therefore, while the sale transaction creates the legal basis for the transfer, the waiver provides the official transfer of ownership. From a legal perspective, while the sales contract creates a debt, the transfer of ownership completes the transfer of ownership by fulfilling this debt.
Types of Waiver
Waiver process is divided into different types according to the way it is done and its purpose:
- Considerable waiver: It is a waiver process made in exchange for a fee. It is the most common type in real estate sales.
- Gratuitous waiver: It is carried out without any fee. It is seen in situations such as donation and inheritance.
How is the Waiver Process Done in the Land Registry?
The process in question is carried out in the land registry offices affiliated with the General Directorate of Land Registry and Cadastre. In order for real estate transfers to be legally recognized, certain stages of the transfer process must be completed in order and completely.
Required Documents and Preparation Stages
The documents required for the title deed waiver are as follows:
- Valid identity cards or passports of the parties are mandatory for identification.
- The original of the title deed of the existing real estate must be submitted to the title deed.
- The document showing the current property tax value received from the municipality is used in the fee calculation.
- The tax discharge certificate showing that the real estate has no tax debt must be submitted to the land registry office.
- There must be a valid Compulsory Earthquake Insurance (DASK) policy for the structure.
- Photographs of the parties taken within the last 6 months are required for the process.
- If the transaction will be carried out through a proxy, a notarized power of attorney containing the waiver authority must be submitted.
Waiver Process in Share Title Deeds
It can become more complicated when more than one person has an interest in a property. The points to be taken into consideration for granting waiver for shared title deeds are listed below:
- Approval of all shareholders is required, or only the person who wishes to transfer his own shares can act on his own shares.
- Shareholders have the right of pre-emption. When a shareholder wishes to sell to third parties, other shareholders must be given purchasing priority under the same conditions.
- If there is a disagreement between shareholders, a lawsuit can be filed to compel termination.
Share title deed situations are frequently encountered in real estate in rural areas, such as land for sale advertisements in Tekirdağ. In such real estate, Tekirdağ real estate consultants can facilitate the process by ensuring communication between shareholders.
Steps Followed in Title Deed by Buyer and Seller
The steps that the parties must follow during the waiver process are:
- An appointment must be made from the land registry office for a specific day and time for the transaction.
- All necessary documents must be submitted completely to the land registry office.
- Title deed fees and other fees determined by the buyer and seller must be paid through the bank.
- The parties come together in the presence of the land registry officer on the specified day and time, make a declaration of waiver and sign the necessary documents.
- After the transaction is completed, the new title deed is issued and delivered in the name of the buyer.
Legal Points to Be Considered in the Waiver Process
There are many points that need to be taken into consideration from a legal perspective in real estate transfer transactions. If these points are ignored, various legal problems may arise in the future.
Title Deed Fees and Tax Obligations
The fees and taxes that must be paid during the waiver are as follows:
- Title Deed Fee: A title deed fee of 2% (4% in total) is paid on the value of the real estate for both the buyer and the seller separately.
- Revolving Fund Fee: It is the fee collected as the service fee of the land registry office.
- Property Tax: As the new owner of the property, the buyer becomes responsible for property taxes.
- Capital Gain Tax: In some cases, it is a tax paid by the seller.
Correct valuation also directly affects the amount of duty to be paid. At this point, reliable real estate valuation tools such as Makro Life can help determine the real value of the property.
Real Estate Contracts Made Through Notary Public
Notarized real estate sales promise contracts are contracts made between the buyer and the seller, which promise that the transfer of title deed will be carried out in the future. These contracts:
- It provides assurance between the parties.
- It guarantees that the title deed will be transferred within a certain period of time.
- It can be annotated in the land registry.
- There is legal sanction in case of non-compliance with the contract.
How Does Determination of Real Estate Value Affect the Waiver Process?
Accurate determination of the value of the real estate is of great importance in calculating the taxes and fees to be paid during the waiver process. Additionally, knowing the true market value allows the seller to set a fair price and the buyer to make a sound investment.
Istanbul real estate consultants provide professional support, especially in the valuation of properties in high demand, such as Istanbul 1+1 flats for sale. Today, digital platforms that use automatic valuation models such as Makro Life can be used to determine the current value of real estate quickly and reliably. Such tools provide an objective value determination by making comparative analysis of real estate with similar characteristics.
Who is Advantageous for the Waiver Process?
A waiver may be particularly advantageous in the following situations:
- It ensures a fast and safe transfer of ownership for real estate investors.
- It provides an official status in intra-family real estate transfers (donation, inheritance sharing, etc.).
- In shared ownership, it provides convenience when sharing among shareholders.
- It provides security for creditors to take over the real estate of debtors.
Particularly in neighborhoods that are in the process of urban transformation, waiver transactions are frequently carried out for popular real estate in Istanbul, such as the house for sale in Kadıköy. In periods of high activity in the real estate market, it is of great importance for both the buyer and the seller to carry out the transaction quickly and accurately.
Waiver Procedures with Frequently Asked Questions
Is it possible to cancel the waiver?
Once the waiver process is completed, it is very difficult to cancel it. However, it can be canceled by court decision in cases of willpower impairment such as fraud, mistake, threat or when a violation of the law is detected. In this case, a title deed cancellation lawsuit must be filed.
Can a waiver be made outside of the land registry offices?
No, in Türkiye, waiver transactions can only be carried out at authorized land registry offices. Although contracts made at a notary or another institution constitute a commitment for the transfer of title deed, a waiver must be made in the title deed in order for the ownership to pass.
Can a waiver be made with a power of attorney?
Yes, the person appointed as a proxy with a power of attorney issued by a notary and clearly containing the authority to transfer can carry out the transfer of real estate. However, the power of attorney must be valid and up-to-date and must specifically include sales, transfer and waiver powers.
