There is an exponential growth in the real estate sector in Turkey over the past few years and that has even led to both local and foreign buyers seeking to invest. In addition to the attractive cities of Istanbul, Antalya, and Bodrum where the property is cheap is one of the places that people like going to invest in real estate. However, purchasing a house, or any property for that matter in Turkey has several legal and bureaucratic challenges mainly to foreign investors. This is the reason why one needs the services of a real estate attorney.
In this blog, we will discuss when one should employ the services of a real estate attorney in Turkey, and how this professional will assist in dealing with the property business’s legal intricacies.
Why is a Real Estate Attorney Important?
The primary focus of a real estate agent is the property deal; searching for the target property, booking the property, and conducting negotiations. However, a real estate lawyer's key aim is to ensure that all the legal processes relevant to the deal are followed to the end. Unlike in many other countries, in Turkey property can’t be acquired without conducting numerous legal and administrative procedures and timings. A real estate attorney can help alleviate the distressing challenges posed in case of a failed transaction such as losses, illegal dealings, and even lawsuits.
To help you understand better, we have identified some of the key instances in which it is necessary to employ a real estate attorney in Turkey:
1. Purchasing Real Estate As A Foreign Investor
Foreigner citizens are also allowed to purchase property within the Republic of Turkey; however, this approach may appear more complex than for local buyers. Foreign investments are more complicated in that there are some rules of engagement that every foreign investor must observe and above this, there are some activities that are restricted including buying property within the military boundaries.
A real estate attorney will:
- Verify whether or not the real estate is in an area that is permissible for purchase by foreigners.
- Assist you in getting necessary permissions from appropriate local agencies, including military approval of the real estate.
- Help you in the process of international money transfer and the collection of relevant documents.
- Make sure that the title of the real estate does not carry any adverse registrations, related to debt or any mortgages.
If you are residing outside Turkey, it is advisable to engage the services of a lawyer familiar with the Turkish laws on Real estate, or you may find yourself in problems.
At Prime Property Turkey, we can offer you hassle-free consultation and legal assistance to ensure you have an easy time investing in Turkey.
2. Approbation of the Property Title and Its Ownership
In the Turkish real estate market, one of the major risks is that real estate transactions may turn out to be fraudulent. Therefore, a seller might not be the absolute owner of the property he is selling or there may be even legal issues concerning the ownership of the property. A full range of investigations will be performed on the property title (Tapu) by a Turkish real estate attorney to ascertain the following:
- The seller is the bona fide owner of the property being sold.
- There are no liens, encumbrances, or any legal claims over the property concerned.
- There are no existing conflicts over the land in question nor the building situated thereon.
Thus, if you hire a lawyer, you minimize the risk of buying a house that has legal problems concealed from you, which may cause financial losses.
3. Contract and Legal Document Management
In Turkey, property transactions necessitate the execution of so many legal documents such as purchase agreements, title deeds, and contracts with developers where construction is yet to be completed. Moreover, such documents are mostly in Turkish and therefore may prove to be quite difficult for those who are not familiar with the language.
The duties of your real estate attorney will include the following:
All the above-mentioned contracts and legal documents will be reviewed for accuracy, clarity, and their overall benefit to you.
- Determining whether all the clauses and the terms do comply with the Turkish real estate laws.
- Assist one in having a clear picture of the obligations, responsibilities, and even the risks one is taking before signing any contracts.
- If need be, negotiate with the seller or developer for any terms in the contract that may be unfavorable to you.
Conclusion:
In summary, whenever one decides to buy property in Turkey, whether a citizen or a foreigner, there are legal hurdles to overcome. Seeking the assistance of a property lawyer is not only a preventive measure, it is a very important action aimed at the smooth completion of real estate sell/buy transactions. Real estate attorneys are necessary, for checking property titles to contracts, and more importantly, resolving conflicts associated with buying and selling in Turkey.
