Buyers who are interested in buying real estate in Turkey should have detailed information about property purchasing contracts in Turkey.
It is important to know what should be done before signing property purchasing contracts and the kind of contracts related to property purchasing in Turkey.
Property Purchasing Contracts in Turkey
Property purchasing contracts in Turkey are regulated according to specific laws to protect foreign real estate buyers in Turkey.
It is essential to choose a reliable real estate company to facilitate the process of regulating the contracts.
Foreign property buyers in Turkey should follow a few steps before signing property purchasing contracts.
- Ensure that all the information mentioned in the title deed is correct.
- Verify that the property is in accordance with all related regulations.
- If the property was a piece of land it is important to understand the conditions related to construction.
- If the aim is to obtain Turkish citizenship through real estate it is important to ensure that the property or properties in question are in accordance with citizenship conditions.
- Property debts and taxes should also be checked.
- Confirm that there are no legal disputes attached to the property.
It is also important to note that the foreign investor should open a bank account in Turkey, and acquire a tax number.
After ensuring that all legal issues related to the property are clear the process of preparing the real estate contract begins.
Real estate purchase contracts in Turkey are regulated between the construction companies and the buyers.
Regulating Property Purchasing Contracts in Turkey
These contracts protect the rights of both the buyer and the seller.
All the details related to the property are registered in the contract, for example:
- Payment plans.
- Total price.
- Total size.
- The dates of each due payment, if the property was bought by installments.
- The date of the delivery of the property, if it was under construction.
- Penal conditions.
- The seller’s bank account information.
All real estate contracts in Turkey should be notarized.
The Turkish Law and Real Estate Purchase Contracts
The Turkish government is paying great attention to the rights of foreign investors in Turkey.
One way of protecting the investors is through regulating the real estate purchase contracts, the Turkish government regulates 85% of the content of real estate purchasing contracts in Turkey.
Other items in the contracts are regulated according to the laws related to buying and selling properties for foreigners in Turkey.
According to the law, the buyer can revoke the contract for specific reasons.
Turkish law allows the construction companies a six months delay in regards to property delivery.
If the date of property delivery was delayed for more than six months the construction company should compensate the buyer.
The compensation is in the form of a monthly payment that equals the rental average in properties in the areas.
According to what we have mentioned real estate purchase contracts in Turkey are regulated to protect and guarantee the rights of foreign buyers.