Land share (Arsa payı)
Also known as: land share ratio, undivided share, arsa hissesi
Definition
Under Turkish condominium law, the share of joint ownership allocated to each independent unit in proportion to its value when condominium ownership or floor easement is set up.
Land share is written on the title deed as a fraction (e.g. 24/1440). It is set in proportion to the value of the independent unit; so a large unit, one with a view or one on an upper floor may have a higher land share.
Land share is a measure not only of ownership but also of management: a significant part of common expenses is shared in proportion to land share, and quorums at the owners' assembly are calculated both by the number of owners and by land share. Urban transformation decisions are also taken in proportion to shares.
If land shares are thought not to be distributed in line with the value of the independent units, their correction can be requested from the court under the conditions set out in the law.
In CasaX
In CasaX you can distribute charges by land share and weight survey votes by land share.
This content is for general information only and is not legal or financial advice. Legislation may change; consult a professional about your specific situation.