The mechanism of owning a property in Turkey
The mechanism of owning a property in Turkey:
What is the title deed does mean? And how it possible to get full ownership from the previous owner? And what are the limitations of ownership for foreigners in Turkey? And what are the official papers and documents needed to obtain the Title deed of the property? And when the original owner has the right to cancel and undo the ownership contract?
These and more questions will be declared through this article to get full knowledge and awareness about the mechanism of owning a property in Turkey?
The Title deed:
The title deed, or what is known as the “real estate title deed” is the official legal document that officially proves possession and ownership of the property in Turkey and is considered the only document that proves that you own the property in Turkey, and that is extracted from the land registry office with what is known as the “Deed Department” in Turkey It contains the property address, personal photo of the owner, registration number, type of land, along with the area and value of the property, apartment or building number, registration information before and after the purchase, and the official seal in the Land Registry Department.
The foreign investor is like his Turkish counterpart:
We start talking about this by getting informed with the laws through which you can own a property in Turkey, the most famous of which is the law of revoke and undo the requirement of reciprocity for foreign investors who want to obtain the ownership of Turkish property and started its operation by the Turkish government since May 2018, by allowing foreign investors to own real estate in Turkey and legal procedures apply to them It also applies to the Turkish investor and the foreign investor in Turkey can buy any kind of real estate, houses/shops/land / and even an office, or even more industrial or logistical property
The beginning is by owning that real estate by transferring its own that is done by signing and registering the title deed in the real estate registry directorates until the legal ownership of the new foreign owner is transferred and go under her/his name, or the contract signing mechanism can take place outside the real estate registry and is then called a “commitment contract” signed by the notary, and in it, Both parties to the contract are obligated to complete and abide by it, and this is in contracts for real estate not ready for housing or sale in installments, although these formulas of contracts are legal, but it is not possible to transfer ownership of the property to the new owner, except when registering the Land Registry in the Real Estate Registry Directorate, and otherwise From contracts and agreements Sale commitments signed at the notary is not considered a legal mechanism for the transfer of property legally
It must be notified: The investor, when owning the property in Turkey, has the right to own it within a specific area of 30 hectares that cannot be crossed, nor can he rent in prohibited areas such as the military or government security, nor can foreigners in the same region own more than 10% of the total area of the neighborhood.
At a time when the foreign investor is sure to complete all legal procedures for obtaining the Turkish real estate within the governmental laws on real estate, he can transfer ownership of the property through the owner of the property submitting an application to the Turkish Commercial Registry Directorate and taking the serial number in the register, and it is mentioned that the number is delivered during Same day before noon, but in case the procedures are not completed, the number will be kept in the real estate register until all the official documents are completed.
In the same context, the identification documents required to install the real estate title deed are:
1 / the original title deed that belong to the property with all the details
2 / the passport of the foreign investor and a translated copy of the Turkish language
3 / the document showing the value of the real estate to be granted by the real estate municipality
4 / earthquake insurance document
5 / a personal photo of the seller and two photos of the real estate new owner, with 4×6 as a dimensions
In case that the contract is signed outside Turkey, the original copy and a translated and certified copy from the Notre Office will be brought with the investor’s agent. The signed contract must have two witnesses, one of them is Turkish, and if the Turkish is not available, a sworn translator from the Turkish government must attend.
In some cases, the investor has the right to revoke the property ownership contract if the property registration mechanism violates Turkish laws and regulations, or the reason for which the property has been purchased has been changed and the government has invalidated the sale, or if the investor has undone the projects for which the property was bought, and also when The period available for submitting the real estate project ends without submitting it to the government, at which time the contract is canceled.
There are three ways you can buy your property in Turkey, the first of which is:
The funds must be from the investor and paid once upon receiving the property from the seller.
He purchases the property and seeks installments from the bank, provided that he pays it in installments because the investor does not receive the property until after the installments are completed.
The first installment and time-bound installment:
He can also buy a property and pay a down payment of its price and then pay the rest of the payments in installments agreed upon between both the seller and the buyer.