WHAT IS CONSENSUAL SALE?
The debtor’s request to be authorised to sell the foreclosed property, regardless of movable or immovable property, without waiting for the tender to be held, within a period of seven days from the notification of the appraisal is called consensual sale.
WHY IS CONSENSUAL SALE NEEDED?
The seized property is sold by the execution directorate through auction.
In the foreclosure sale procedure, the foreclosed property is auctioned at 50% of the estimated price.
Due to the forced sale procedure, the conversion of the property into money takes a very long time in general terms.
The creditor’s receipt of the receivable is delayed and causes it to be sold at a price lower than its real value.
Namely; Even if the debtor’s property is valuable, it is not enough to pay the debt because it is sold for less than its value at the end of the sale, since the tender is made over 50% in the foreclosure sale.
The tender and sale procedures carried out by the enforcement directorate are very costly procedures. In addition, interest continues to accrue on the receivable during this process, thus increasing the costs.
The costs are covered primarily from the price obtained as a result of the sale. Due to these costs and interest, the income obtained from the property to be sold by foreclosure decreases.
WHY SHOULD RIZAEN SALE BE PREFERRED?
By shortening the sales period and preventing the loss of time, it enables the creditor to reach his/her receivables faster.
The debtor and the creditor do not need to wait for the tender for the sale of the foreclosed property.
By preventing the sale at a lower price than the market price, it results in the sale of the seized property at market value.
In the foreclosed sale procedure, the bidding is made over 50% of the determined value of the goods, but this rate is increased to 90% in the consensual sale. With this regulation, a more advantageous process has been created in terms of the rights of both the debtor and the creditor.
Due to the fact that the auction process is quite costly, interest is charged and this expense is covered from the income obtained from the sale of the property, this process can be terminated with the least expense with the consensual sale method.
HOW CAN THE DEBTOR REQUEST A CONSENSUAL SALE?
The debtor may apply to the enforcement directorate and request for the sale of the foreclosed property.
The debtor should firstly request an appraisal for the goods that have not been appraised.
In the case of appraised goods, the enforcement directorate is requested to authorise the debtor for the consensual sale of the goods within 7 days from the notification.
As of the finalisation of the appraisal of the goods that have been/will be appraised, the executive director stops the sales transactions.
The period given to the debtor for the consensual sale of the property is 15 days from the suspension.
HOW IS THE MINIMUM PRICE FOR CONSENSUAL SALE DETERMINED?
The execution manager obtains the encumbrance documents of the seized property and learns from the priority right creditor whether the receivable continues, and if so, the amount of the receivable.
It should be the amount corresponding to 90% of the estimated value of the seized property.
Whichever is more than the sum of the receivables secured by the property and the receivables of the person requesting the sale, in addition to this amount, it cannot be less than the sum of the follow-up expenses incurred for the seized property until this stage.
The minimum sale price is determined, but the creditor and the debtor may agree on a higher price.
WHAT SHOULD BE NOTIFIED TO THE ENFORCEMENT OFFICE?
Buyer’s information
The price agreed between the debtor and the buyer
Distinguishing features of the commodity
HOW SHOULD THE AGREED AMOUNT BE PAID?
Within 15 days, the enforcement office must be notified.
The payment must be deposited into the bank account determined by the enforcement office.
HOW TO SUBMIT THE FILE TO THE COURT?
Necessary information and documents are provided. To the executive director.
After they are provided. The enforcement manager sends the file to the enforcement court.
The court decides on acceptance or rejection. Depending on whether the conditions are met.
The court’s decision is final; legal remedies of appeal or appeal are closed.
If the court decides to accept. The ownership of the seized property passes to the buyer.
During the transfer and delivery procedures, all liens on the property are removed.
If the request is rejected. The price is returned to the buyer’s account.
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