What to Know Before Buying Real Estate in Turkey
What should be considered before buying real estate in Turkey?
The immovable contract is made only at the Land Registry Office.
The immovable sale contract in Turkey is made only at the Land Registry Directorate. In practice, some individuals give false information to foreigners and create the impression that the immovable sales contract can be made among themselves in order to benefit. The real estate sales contract made by the lawyer is invalid. The immovable sales contract made at the notary is the immovable sale promise contract, which only gives the buyer the right to purchase. Therefore, no contract other than the Land Registry Should be respected.
Only the Land Registry is paid for the immovable sale contract.
In practice, it is seen that some people are charged for making an immovable sales contract. After applying to the Land Registry, all fees and expenses of the immovable sales contract are paid to the State in exchange for the message received to the buyer’s and seller’s account and receipts are obtained for this payment. Therefore, there is no legal basis for charging the buyer or seller under the name of fees before the Land Registry transactions for the immovable sale contract.
A report must be obtained from the expert before the immovable sale contract is made.
In the purchase and sale of real estate by foreigners, it is imperative to obtain the valuation report from the expert, including the value of the real estate. It is also useful for citizens of the Republic of Turkey to receive reports. In practice, some individuals make expert reports through experts they know themselves and therefore determine the value of real estate as they wish. Therefore, it would be more appropriate to take the expert valuation report to an independent person from the seller or real estate agent when buying real estate by the foreigner in Turkey.
The sale price of the immovable sales contract should be specified in accordance with the expert report.
While the real estate sale price in Turkey is sold at the Land Registry Directorate, the price can be shown as low in order to underpay the deed fee. However, the buyer’s creditors or heirs may be sued after the sale price is shown to be low. Therefore, low immovable sale price poses a risk to the buyer.
Immovable information must be checked before signing the immovable sales contract.
There may be a number of statements and declarations such as mortgages, foreclosures and precautions on the property to be purchased. In addition, the property to be purchased may be an immovable property subject to condominiums. Therefore, all preliminary information regarding the status of the real estate should be obtained from the Land Registry Directorate and the Municipality before the real estate is purchased.