Issues for consideration when buying property
Issues for consideration when buying property
1. Firstly, determine whether you will reach your goal with this property.
2. Consider the distance to the centre, your workplace, your children’s school, and transport links.
3. If the criteria indicate that you are eligible to buy the property, do not forget to check the registry record. in particular the suitability of the buildings’ seismic codes. It is useful to investigate whether the projects’ monitoring and licensing has permission.
4. If the real estate is a workplace or house, find out whether it has a tenant. If it has, how long is the contract and is there any debt associated with the property?
5. Do investigations on details, such as the environment and the garden layout, monthly expenses of the building, type of heating, age, installation status, security, sound and heat insulation, the parking situation.
Real Estate Acquisition of Foreign Legal Entities in Turkey
Real Estate Acquisition of Foreign Legal Entities in Turkey
According to the Law for the Encouragement of Foreign Capital ( 6224 /10 ) - All rights granted to domestic capital and enterprise, immunities and facilities that are working in the same field of foreign capital and enterprises will benefit under the same conditions - the foreign companies are given the authority to acquire property and rights in Turkey.
Legal process when buying
Legal process when buying
Legal process when buying
After the officer has reviewed the documents the sales value is calculated and reported. When this is accepted as legal the necessary receipts are arranged. Once the fees have been paid the official deeds of the sale are read and signed in front of the Land Manager. For those who are not confident with their reading and writing this information will be read aloud in front of 2 witnesses, fingerprints taken and the witness testimony signed.
Other situations that may require a witness include one or more of the party being blind, dumb or unable to sign, mental instability or contracts until death. A sworn translator must be present when one or more of the party does not understand Turkish.
Employees cannot be used as a witness, all witnesses and translators must be literate and of sound mind. Finally, after the Land Manager has signed the buyer is entitled to take the deed.
What is the real estate sale agreement
What is the real estate sale agreement
The preliminary contract is related to making the actual sale. A notary is authorized to regulate the real estate sales agreement and certify the deeds. Being annotated to the Land Registry is a must. However the buyer cannot complete the agreement alone, the seller must also participate in this process. Otherwise the buyer may request registration in their name through the courts. Personal rights registered to the title deeds take priority over third parties. The rights and obligations of both sides should be clearly stated. The agreement also states the contractual price of the real estate and method of payment. The identification photographs of both parties must be attached to the contract and must be stamped by a notary.
Penalty clauses can be applied if any party wishes to withdraw from the contract. Information can be held for 5 years after which it is no longer valid. Penalty clauses can also be applied if the promise of the sale of immovable property on the annotation to the Land Registry has exceeded 5 years. If the sale is not completed in 5 years any or all beneficiaries of the promise of sale will lose fees already paid as a consequence.
The Land Registry must be notified of the cancellation in order to remove the annotation.