Is Permission Required to Sell Real Estate Belonging to a New Foundation?

Real Estate and Assets

Prepared by: Constantinople

There is no single sale or permission rule for all real estate owned by a new foundation. First identify whether the property was allocated at formation or acquired later and the foundation category. Exchanging originally allocated property and rights for more beneficial ones or converting them into cash may require justified grounds, the supervisory authority's opinion and a court order. For assets acquired later, a competent-body resolution based on an independent valuation report is important.

Current title and encumbrance records, acquisition documents, foundation deed, current use, valuation and sale draft should be reviewed together. Clarify who can sign the transfer, which body must decide and the relationship between price and foundation purpose. Donation conditions, cultural-heritage status or special entries may create additional restrictions. A procedure heard of for mazbut foundation property should not be assumed to apply unchanged to a new foundation.

These distinctions should be made before a promise of sale or deposit arrangement is signed. An administrative resolution does not establish that every legal obstacle has been removed; where a court order is needed, timing is planned accordingly. Any notification obligations arising after acquisition or exchange are also monitored.