The last few years have witnessed a massive influx of foreign investors buying real estate in Turkey. The ongoing residential/commercial developments and mega government investments worth billions of dollars have significantly transfigured the Turkish real estate market. In the wake of rapid urbanization, the country has reshaped its laws and protocols in an attempt to expand its financial and economical boundaries. It has not only generated remunerative real estate investment opportunities but has also garnered positive responses from investors across the globe.
While the home-buying journey is as beautiful as it sounds, it is often challenging for local and foreign property buyers to own a lawfully verified house in Turkey.
In this article, we have shed some light on how to be compliant with the Turkish laws while buying a home in the multi-cultural Mediterranean country.
Buying real estate in Turkey
Often when a person seeks to own a property in his own country, he does not need to hire a legal advisor to perform all the legal formalities and paperwork. However, the situation differs when he buys a house in a foreign land. He may face some fear or hurdles as the government policies and taxation systems vary in different countries. Therefore, appointing a legal advisor to carry out the necessary legal procedures often comes with added benefits.
At Extra Property, we always recommend our clients to take comprehensive assistance from trusted solicitors to buy real estate in Turkey. The simple reason being, it can save a lot of time and make your property purchase journey hassle-free and smooth.
Should you hire a legal professional to buy a house in turkey?
When listing properties, we do our due diligence and check the credibility of the project along with the crucial verifications. However, at the time of purchase, there are additional procedures that need to be taken care of.
For instance, with off-plan properties that take approximately 6-24 months to be completed, situations can sometimes change. By spending a little extra amount on a real estate legal advisor, you will be able to safeguard your investment capitals.
Turkish regulations and laws are formulated in a way that makes it easy for property buyers and sellers to exchange money and deeds. However, in the past few years, real estate laws have significantly tightened up with robust credibility checks and processes to secure foreign nationals against forgeries. Since it is advantageous to be compliant with the Turkish laws, even Turkish property buyers are getting underway to hire legal advisors for shielding their real estate purchases.
What are the benefits of seeking assistance from real estate legal advisors in Turkey?
Buying a home in Turkey is a significant investment, why put it at risk by trying to cut corners and save a small portion of the money? The average rate of availing services from independent and verified Turkish solicitors may cost around $1,000 but its implications are immeasurable. While we provide free and full legal support, we highly suggest that you get deals that involves getting extensive consultation services from seasoned real estate professionals and legal executives.
With years of experience in the Turkish real estate market, we observed that people who fell victim to terrible deals or frauds neglected to seek aid from registered legal experts to complete their purchase.
Having extensive legal assistance will ensure that your real estate investment does not run into any trouble. Turkish solicitors are entitled to check any outstanding charges against the flat, villa, or commercial units. They verify whether the current owner is putting out transparent sale deals and ensure the safe transfer of title deeds to your name. You can also find multi-linguistic legal advisors who are fluent in English, Arabic, Turkish, Russian, and other languages.
How can legal advisors help foreign property buyers?
When purchasing a home in Turkey, you may have choices as to how much power you are willing to grant the solicitor. Some buyers only prefer to hire lawyers for carrying out the necessary legal checks and completing the title deed application while others authorize them with the full power of attorney so they can process deeds and paperwork on the buyer’s behalf. Seeking assistance from legal advisors in Turkey is often very useful for foreign investors who are unable to travel to the country on a brief notice.
The role of legal advisors in Turkey is:
Legal experts check title deeds for debts and whether the property has crucial documentation in place. This includes building license permits or habitation certificates (ISKAN).
They arrange, draft, and complete notarization and signing of contracts that contain property buyers’ and sellers’ details. It comprises information about the property according to the land registrar and clauses that can be evoked in situations where the sale doesn’t take place.
Once you have granted them the power of attorney, they convert the title to your name and carry out the property purchase process at the local title deed authority on your behalf.
They obtain all the necessary military approvals that are required (if applicable) for foreigners when purchasing real estate in Turkey.
For investors who wish to acquire Turkish citizenship through a real estate purchase, legal advisors can seamlessly guide step-by-step through the citizenship procedures.
If you are yet to decide the kind of property you wish to buy in Turkey, browse through our attractive real estate listings in prime city center locations such as Sariyer, Maslak, Sisli, Esenyurt, and Basin Ekspres. As a registered and verified real estate consultancy in Turkey, we have helped thousands of Turkish and foreign nationals to find their dream home handpicked to suit their lifestyle needs and budget. Contact us if you have any queries or would like to avail legal guidance from trusted advisors here.