Statutory mortgage (Kanuni ipotek)
Definition
Under Turkish condominium law, a mortgage right arising from the law, in favor of the other unit owners, over the unit of an owner who does not pay expense and advance shares.
The Condominium Ownership Law grants the other unit owners a statutory mortgage right over the independent unit of a unit owner who does not pay the expense and advance share. This right ties the receivable to the property itself, so the debt is secured.
For the statutory mortgage to take effect, it must be registered in the land registry. How and within what period registration must be requested is a technical matter and should be assessed together with a lawyer.
This content is for general information only and is not legal or financial advice. Legislation may change; consult a professional about your specific situation.