When you decide to buy a property in Turkey it is very important to verify some aspects. If you are not a specialist in real estate, but you are interested in investing in a land or a building abroad, you should ask for professional advice especially when you are planning to pay a large amount for your purchase.
The most important aspects are related to checking:
- the legal status of the property
- if there is any debts, mortgages or other legal problems that can affect your investment for the next years
- if the property was registered legally.
For checking the relevant aspects related to a property in Turkey, you need due diligence services that mean a solid verification before purchasing. A specialist can perform a few operations in order to assure you that there is no problem and you can buy that property and use it for investments or for other purposes.
How the due diligence is made
The specialist in the real estate field will go to the Land Registry or any other public registry where a property could have been registered and check the correct registration. The next verification will be related to an eventual leasing of that property and other obligations. If the investor is interested in buying land in Turkey, the real estate due diligence will include verification of the plans of the land at the local municipality. At the same entity, the specialist in real estate due diligence can verify construction licenses or any other licenses issued by the local authorities.
If the investor intends to construct buildings on a certain land, the checking will include the town plans and rules related to building. Other aspects to be checked are the tax obligations and environmental issues.
The purchasing of properties in Turkey is regulated by a few laws, such as: Law of Title Deed, Cadastral Law, Civil Code and Condominium Law.
Real estate in Turkey can be an attractive investment field due to the fact that Turkey is the 6th largest economy in Europe and has had a relevant economic growth in the recent years, despite the economic crises. The foreign entrepreneurs are encouraged to invest in Turkey, after the legislation has been modified and the Turkish authorities removed the reciprocity rule regarding the foreign citizens who are allowed to buy properties in Turkey.
For detailed information about the due diligence services offered by our real estate specialists in Turkey, you may contact our lawyers in Turkey.