Shared kocan in owners name

[13roman58]

Can anyone explain the legal ramifications if you purchase a property with this in place?
Thanks

[ozankoys]

Hello this is likely to be for the land only i.e. the plot has not been split into the appropriate parcels, the properties have not received final approval and been written onto the Kocan.
The banks will not lend on this type of deed so you have a limited market when selling.
You could enquire as to whether these procedures are being actively pursued as to achieve what is sometimes called a 'Full Kocan' requires the cooperation of all owners, money, patience & stamina as it can take several years.
Apartments often have shared Kocan which still seems to be acceptable.

[kerry 6138]

There are shared kocans with the properties listed if they've had approval but not yet parcelised the land

[13roman58]

so buying into a potential mine field

[ozankoys]

It depends on the circumstances some friends of ours sold their big villa here & bought a small bungalow which was so cheap they will always get their money back on it with or without paperwork.
You can transfer it into your name so you will obtain a secure title.

[kerry 6138]

so buying into a potential mine field

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if the kocan is transfered into your name you are the legal owner of a share of the plot, they are cheaper because there is added costs getting plot parcelised into individual plots
It depends how much of this process has been done, how many properties involved and the willingness of the other owners to contribute.

[wanderer]

Flats are usually shared

[Keithcaley]

There are various technical reasons why an individual parcelised Koçan is not possible, and the property can be shown in detail on the plan, and still have a shared Koçan.

You should always get a professional to check over any paperwork to ensure that all permissions are in place, and that the property has actually been built 'to spec' and in the right place!

A shared Koçan is not, of itself a concern, and as has been mentioned, apartments normally have shared Koçans anyway.

[13roman58]

Thanks to one and all for the information