Common Mistakes Made in Land Registry Transactions: Signatures Made Without Paying Attention Can Lead to Big Problems Although the real estate purchase and sale process is an exciting period for many people, some simple mistakes made during land registry transactions can lead to serious grievances. As CEESS Global, we have compiled for you the most common land registry errors encountered during the trading process and how these errors can be avoided. Not Examining the Land Registry in Detail The first and most important step is to carefully examine the land registry of the immovable property. Failure to check whether there are restrictions such as annotation, mortgage, foreclosure, etc., may cause major legal problems in the future. Before the purchase, this information must be checked by the Land Registry Directorate or an expert consultant in the field. Not Real, Selling at the Declared Value In some transactions, the sale is made on the declared value of the real estate instead of the actual value of the real estate. Although this situation may seem to provide a tax advantage in the first place, it brings with it the risk of high tax penalties and legal problems regarding the validity of the sale afterwards. Going to a Land Registry Appointment with Missing Documents The fact that the land registry appointment has been made does not mean that the transaction will be completed. If there is a deficiency in the documents, the transactions will be canceled and there will be a loss of time. Preparing all the necessary documents for the land registry day in advance is of great importance in order to avoid problems on the appointment day. Uncertainty in the Power of Attorney If the sales transactions are to be made by proxy, the power of attorney must be a clear, detailed text containing special authorization for the sale of real estate. Otherwise, the land registry directorate may reject the transaction. Powers of attorney must be notarized and their scope must be clearly stated. Approval of Shareholders in Real Estate with Shares When selling a real estate with shares, transactions made without the approval of other shareholders may be deemed invalid. For this reason, an agreement must be reached with all shareholders before the sale and notarized approvals must be obtained.