Things to Consider for Foreigners Who Want to Acquire Real Estate in Turkey
When foreigners decide to purchase real estate here in Turkey there are a few legalities that they need to ponder. Considering that in the second half of 2020, housing sales to foreigners increased by 4% compared to the same period in 2019 from 25,531 to 26,550 real estate sales, then foreigners do need to be made aware of their rights in law.
Lawyers need to make their clients aware of these legalities because as a foreigner they are not familiar with legislation and practice here in Turkey.
Here is a list of the points that foreigners who want to acquire real estate in Turkey should pay due attention to:
Turkey ' the real estate purchase and sale transactions are carried out in the Land Registry Office must. Purchase and sale transactions not made at the Land Registry Office are legally invalid. For this reason, we recommend that foreigners who will buy real estate pay the sales price at the land registry office while signing the land registry. If they are going to have these transactions done by a proxy, not in person, it would be appropriate to have them done through a trusted friend, an employee from the real estate company or a lawyer.
If the title deed of the real estate to be purchased cannot be obtained immediately or if the real estate is to be purchased from the project, we recommend making a real estate sales promise contract. The real estate sales promise contract made will give the buyer the right to apply to the court and transfer the real estate to his name when the real estate deed is not given in the future.
If the title deed of the real estate to be purchased cannot be obtained immediately or if a real estate sales promise contract cannot be made in the form of a notary public, a written contract must be made between the buyer and the seller. However, with this contract; You only have the right to request a refund of the money you have given. Again, these contracts cannot be annotated in the Land Registry.
Before making any payment, we recommend that you examine the title deed record of the real estate to be purchased and find out if there are liens, mortgages or limited real rights on it. Apart from this, we recommend that you research the current zoning status of the real estate, whether it is in military or security zones
It is highly recommended that as a foreigner purchasing real estate that you should appoint someone who is an expert in property legalities and that have a reputation as being reliable and trustworthy. This is an area that we at Summerhomes can help you with.