SALE AND PROCEDURE OF REAL ESTATE IN ENFORCEMENT LAW

26 Feb SALE AND PROCEDURE OF REAL ESTATE IN ENFORCEMENT LAW

CASHING IN (SALE)
The third stage of enforcement proceedings is the cashing of the confiscated goods. Movable and immovable properties foreclosed by the enforcement directorate are sold at the request of the creditor for foreclosure and converted into money.

As a rule, the right to request a sale belongs to the creditor who owns the final lien. 108 of the IIK of the creditor who is the owner of a temporary lien. according to the provision in the article, he has no right to make a request for sale. It is possible that the creditor or debtor will also ask for a sale. In addition, IIK’s 113. according to the second paragraph of its article, the executive director can also decide at any time on the sale of goods whose value is rapidly falling or the cost of its preservation is high. In such a case, it does not matter if the foreclosure is a temporary or precautionary foreclosure. (IIK m. 108, II).
The creditor’s right to request a sale has been limited to a certain period of time. The creditor must request a sale within 6 months of the lien for the movable property and within 1 year for the immovable property. The period for requesting a sale begins from the exact date of foreclosure. A sales request can be made in writing, as well as orally.(IIK. m. 106). If the sale of a property is not requested within the legal period or the necessary expenses are not stored within fifteen days in accordance with the decision to be made by the executive director, or if the request is not withdrawn and renewed within the legal period, the lien on that property is lifted. The request to sell the foreclosed property can be withdrawn once. If it is determined that the confiscated goods registered in the official register have been foreclosed as a result of correspondence with the enforcement agency, the lien comment is abandoned by the administration that maintains the register and the transaction is notified to the relevant enforcement agency. The creditor who caused the foreclosure to be lifted is responsible for all expenses related to that property, such as placing and maintaining the foreclosure. (IIK m.110).

As for the sale of movable property, within two months from the date of the request for sale, an auction or IIK 119. in the cases specified in the article, it is done through bargaining.

The executive director makes a sales decision upon a sales request. In this decision, the day, place and manner of the sale will be determined. There is no mandatory notification of the sale announcement to the debtor in the sale of movable property. Again, the executive directorate makes a decision by taking into account the interests of the parties on whether the sale will be announced by the newspaper or the announcement will be made in a national or local newspaper. If it is decided to advertise the sale in a national newspaper, the circulation of the advertised newspaper should be over 50,000 as of the date of the request for sale. (IIK. m. 114). The announcement of the sale will also be made electronically starting from January 6, 2013.
Along with the sales decision, the executive director also issues a specification for the sale.

The auction is started by bidding electronically. Bidding in electronic form begins ten days before the date of the first tender, ends at the end of the day before the tender is completed; in the second tender, bidding in electronic form begins on the fifth day after the first tender, ends at the end of the day before the second tender, which will be determined for at least ten days after. Bids to be submitted electronically cannot be less than fifty percent of the estimated value of the foreclosed property; before making an offer, it is mandatory to show a guarantee in relation to twenty percent of the estimated value of the foreclosed property. In the event that the creditor who has the right to the real estate put up for sale participates in the auction at the rate written in the above paragraph, there is also no pey akçe and no collateral is sought (IIK. m. 114).

The first and second tenders are initiated by the executive officer at the place, day and time specified in the advertisement on the basis of the highest bid issued electronically. After the goods put up for sale are shouted three times, the highest bid given in electronic form is also evaluated and tendered to the highest bidder. So far, fifty percent of the estimated cost of the auction price of the goods, find and want to buy other receivables is provided with gear that would get ruchan thus, if ruchan is more than the sum of the receivables, and other than that, redemption and must exceed the costs of allocating the money. In the first tender, if the buyer does not come out or the amount required for the tender is not reached, the sale is left back by the executive officer. In the second tender, if the buyer does not come out or the conditions written in this article are not met, the sales request will be dropped (IIK. m. 115).
In both tenders, sales and distribution expenses must be covered.