How to avoid risks when investing in property in Turkey, is what we all want to know. Its rise clearly in recent years attracting foreigners from all over the world to invest in the Turkish real estate market in one of the Turkish cities is growing. But this must, unfortunately, be correlated with some of the poor souls who work to prevent any fraud, deceit, or circumvention of laws or rights from falling on the Turkish real estate market.
Here is a collection of advice prepared by a group of legal experts and trusted real estate agents in Turkey, which must comply with any person who wishes to acquire real estate in Turkey, whether for housing or investment purposes.
Search the Internet
Check on the Internet for the best real estate companies. The quality of the company’s website is the first indicator of the company’s level of performance. If the site is professional and does not contain irritating music, wrong links, or dreadful designs, this is a good indicator. After finding the company and choosing the right property, give them a phone call to get a clear impression. Most experienced real estate agents must, as a final note, have at least one worker who can speak fluent English.
Real estate agent
Although several regulations guarantee customers’ rights in Turkey, despite all the laws, the risk of loopholes that could be opened to a foreigner when buying real estate persists. Hence, the first thing you have to do is find a trustworthy real estate agent. Some people assume that by not resorting to a real estate agent, they can save money, however, if they are fooled or scammed without getting an agent to direct them and protect their rights, it can cost them a lot.
Real estate agent summary
You need to know the full facts and knowledge about the real estate company or the person you are working with as a real estate agent. You need to understand whether its previous works, ventures, and construction are sound. You can also search the other party’s identification card and legal permits, seller, or contractor. This may clearly show their history in the company’s legal papers.
Be wary of people who boast of their luxury cars and luxury offices. It may just be to dazzle and suggest efficiency and magnitude. If possible ask to speak to previous clients or look at their testimonial page.
Beware of schemes
Do not buy from the developer of unbuilt buildings until the building permit is released. If you purchase an old or new property directly from a contracting company, the property might be mortgaged or reserved. You should make sure that you try to make all your payments through the bank before purchasing, you then have proof of payment.
In addition to security staff and other facilities, most of Turkey’s properties are characterised by gardens or swimming pools. These services increase the house price; for example, you can buy an apartment or villa on a complex, but you might be shocked that you pay services and maintenance fees. Therefore, you should inquire about the service before you sign anything.
Any foreigner buying a property in Turkey must receive authorisation from the Turkish military, claiming that it is not close to a military base or within a military zone. In previous years such permits took a year or more for approval. Now, the title deed typically takes about two to four weeks to be issued.
All matters relating to the title deed and other official documents should be explained. If the solicitor or real estate agent wants to proceed with the deal, the seller and the buyer must draw up a sales contract outlining the sale’s full terms. With any penalty clause, the payment conditions are specified for someone who does not comply with the agreed terms, and when you pay the advance, make sure bonds cover it.