|Thursday, January 12, 2023
There are criteria that are taken into consideration when buying a property in Turkey, for example if you want to buy an apartment
How to cancel the property ownership contract for foreigners in Turkey?
There are criteria that are taken into account when buying a property in Turkey. For example, if you want to buy an apartment in Istanbul within a new project, the price will be determined by the real estate developer, but for the price of the property when buying a property in Istanbul, is it suitable for you or not, there are approved real estate evaluation companies By the Turkish government and its mission is to determine the appropriate price for the property. If you are buying this property by a real estate agent or without his presence, the real estate appraisal companies determine if the price is high, low or appropriate by comparing the property with similar properties in the same area.
Under what circumstances can a foreigner's property ownership contract be canceled in Turkey:
In the beginning, the contract to purchase a property in Turkey for a foreigner is canceled if the purpose or objective of the property is violated when buying it at the beginning of the matter.
For example, if the property was purchased in Turkey for the purpose of housing and stability and was used for business, the competent authorities will cancel the sales contract and consider it as if it had not been, Also, the contracts for owning real estate in Turkey are void if it was purchased by twisted methods far from the laws and regulations established in the country, in addition to the fact that if the period specified for starting the project expires and nothing has been implemented from it on the ground, the purchase and sale contracts for real estate in Turkey do not exist at all. .
Real estate ownership law in Turkey:
The Turkish Parliament issued a law granting the right to own real estate on all the territory of the Republic of Turkey to all citizens of countries of the world, nullifying the principle of reciprocity with the exception of passport holders of countries: Armenia - Cuba - North Korea - Nigeria - Syria.
Law No. 35 of Land Registration Law No. 2644, as amended by Law No. 6302, which took effect on May 18, 2012, is the legal basis for real estate investment in Turkey, which allows foreigners to own real estate in Turkey.
Confirming the specifications of the property in Turkey before buying it:
You have to compare the price requested for it and its compliance with the specifications on the ground, and the factors that determine its price are, for example, close to the coast, and if it is located near the public transportation network, which is a factor that everyone is looking for, if the apartment within the residential complex is more expensive This is a clear element to everyone, in addition to the fact that the view that the apartment enjoys plays an important role in giving it its real price. Moreover, the age of the building from its modernity determines the price of the real estate apartment in Turkey. The building with a modern age is more expensive than the old one because It is less consuming, and finally there is an important factor that plays a role in determining the price of the apartment, which is the furnished apartment whose price is more than the empty apartment.
- It is required that the value of the property in the title deed shall not be less than the value specified in the report on the real estate value rate report in the region.
- Title deed procedures fees, estimated at 2% of the value of the property registered in the title deed.
Notes that foreigners should pay attention to when buying a property in Turkey.
- Before buying a property in Turkey, the buyer must review the extent of the real estate registry to ensure the legal integrity of the property, and that it is free of any legal problems such as loans, seizure or inheritance problems.
- In the case that it is not possible to obtain an appointment for the transfer of ownership, the directorate of the Land Registry can be directly referred to.
It is recommended after relying on unreliable real estate brokers, whether they are companies or individuals.
- It is not required for the buyer to obtain a residence permit in Turkey until the process of transferring the ownership of the property in Turkey.
- In the case of any dispute between the parties to the contract, they must refer to the relevant Turkish judicial bodies.
• In the case that the buyer is a foreign company with foreign capital: the Commercial Registry Directorate must be reviewed to obtain a document specifying the capital ratios, and then the Planning Directorate at the governorate building in the concerned state to obtain permission from it.
Documents required for the transfer of ownership:
1. Book an appointment at the Land Registry Directorate to complete the procedures for transferring ownership.
2. The title deed of the property in Turkey, which includes (the detailed address of the property).
3. The passport in addition to its translation.
4. The average real estate values report in the region. This report is issued by the municipality.
5. Real estate appraisal report in Turkey,
6. Earthquake insurance policy for the property in Turkey.
7. A personal photo of the seller in addition to two photos of the buyer.
8. A sworn translator in case one of the parties is not fluent in the Turkish language.
9. In the case that the purchase procedure is carried out through an agency concluded outside Turkey, at the consulate or embassy, the buyer needs a translation thereof certified by a sworn translator, attached to the original copy of the agency.
10. In the case that the property buyer is a foreigner, a stamped bank receipt must be presented to exchange the property value from foreign currency to Turkish lira within official Turkish banks.
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