Execution Proceedings With Or Without Execution By Way Of Foreclosure Of Mortgage
The pledged creditor may request the sale of the immovable pledge within two years from the date of notification of the payment order, when he/she is authorized to request the sale. In addition to the creditor, the debtor or the third party who is the owner of the pledge may also request the foreclosure of the pledged property. If the payment order has been objected to and subsequently applied to the court for the decision to lift the objection or to file a lawsuit for the annulment of the objection, the period until the finalization of the annulment decision is not taken into account in determining the above-mentioned sale request period. If the pledge is given by a third party, the commencement of the period for requesting a sale shall be the date on which the payment order is served to the debtor or the third party, whichever is later. The foreseen period of 2 years is the forfeiture period. If the sale is not requested within this period, the proceedings will be dismissed. However, since nothing has happened to the right of pledge, that is, this right remains, it can be followed up again with the foreclosure of the pledge.
The execution office realizes the operation of the pledged immovable. The crops of the immovable that occur after the sale is requested are considered to be included in the scope of the pledge. If a mortgage is established on more than one immovable for the same receivable, the creditor must request the sale of all of them. If the creditor does not make such a request, the proceeding may be canceled through a complaint. Upon the sale request, the enforcement office makes preparations. The third parties participating in the auction learn the real estate information in this preparation. The procedures we refer to as this preparation; -announcement of the auction, -preparation of the specifications, -preparation of the list of liabilities, etc.
In order for the mortgaged immovable to be auctioned to the buyer on the auction day, the price offered must reach 60% of the estimated price of the immovable. And if there are priority rights secured by that immovable, the bid must exceed the sum of the claims of these creditors and must also cover the costs of sale and distribution. If these conditions are not met, the first auction is inconclusive and a second auction is held. In the second auction, the price offered must reach 40% of the estimated value, if there are priority rights secured by that immovable, the offer made must be more than the sum of the receivables of these creditors and must also cover the sale and allocation expenses. If the tender has been made in violation of the conditions of the first and second auction, the tender may be canceled through a complaint without being bound by any period of time.
Allocation of the money after the sale; The sale amount of the pledge is divided among the creditors after subtracting the follow-up costs. If the sale amount does not cover the receivables of all mortgaged creditors, the bailiff shall prepare a ranking and share table.
In the principal mortgage; while the principal receivable includes expenses and due interest; in the upper limit mortgage, both the principal receivable and the contractual and default interests, court and execution expenses are included in the scope of the mortgage, provided that they do not exceed the amount of the receivable registered in the land registry. The receivables that are not covered are listed as ordinary receivables.
If the debtor of a receivable secured by a mortgage and due, applies to the enforcement office and declares that the creditor is absent and his/her place of residence is unknown or that he/she refrains from taking the debt and resolving the mortgage, the enforcement office notifies the creditor to come to the office within fifteen days to take the money and resolve the mortgage. If the creditor fails to appear within this period, or if the creditor appears and refrains from taking the money and releasing the mortgage without declaring a legally acceptable reason, if the debtor pays the debt to the enforcement office in full, the enforcement court decides to keep the money in the name of the creditor and to cancel the mortgage record. This decision shall be notified to the land registry office and recorded in the register of the mortgaged immovable.