Obligations After Selling The First Unit
In accordance with the Real Estate Sector Regulation Law No. 27 of 2017 Article 62, "An owners' Association shall be created by law upon the registration of the first unit in a joint property in the land register." Therefore, the developer must complete the procedures for activating the Association when registering the sale of the first real estate unit within 12 months. In order to complete the custody transfer of maintaining the common areas to the owners association in a way that ensures the good use of the owners from the joint property, and to approve the articles of association and bylaws according to the needs of the owners in each project separately.
To know more about owners association activation process visit our page regarding owners associations.