Finding a property according to your preferences, occurs once in a blue moon. And when it comes to a Turkey property, it's almost a dream come true. The last two decades have been a golden period for Turkey's real estate industry. Investors are coming from several countries of the world and showing immense interest in Turkish properties. Citizenship for buying a house in Turkey gives easy access to the country's governmental facilities. But one needs to meet the eligibility criteria first. With a minute investigation, brace yourself up for entering a new property. Commercial properties are indeed high in demand. But the residential real estate is not out of the competition either.
However, when you can have the citizenship of a country just by purchasing a property, why miss out on the chance? Be a valued member of turkish nationality this year. Make an abode in the land of Turks. Let's list the essential documents for you:
Titles
Title Report Of A Turkey Property
A title report helps you know lawful ownership. It is the only piece of paper that talks about the rights and obligations of the owner. Scrutiny at the registrar's office will bring you a title report. Once the title report is in your grip, it will help you with thousands of information like:
- Tax rate
- Details about a joint ownership
- Mortgages and liens are associated with the property.
To buy apartment in İstanbul this is the foremost step that you are required to take.
NOC From Bank
Before stepping into a new property, have a detailed inspection. Ask the seller whether the asset is mortgaged to the bank. Also, if it is so, how much debt the present owner has on him. Do not rush into the wrong decision of buying a mortgaged turkish property. Ask the owner to collect a "No Dues Certificate" from the bank. That confirms no further debt and the property prevails with no absolute debts.
Building Approval Certificate
No one is up for a faulty property. An inappropriate property can bring unnecessary troubles for you in the long run. An inappropriate property includes a violation of the real construction plan. Building approval certificates include a blueprint of the apartments for sale. From the blueprint an expert can track whether there is any fault at the construction of the property.
Completion Certificate
This is almost similar to the building approval certificate. Only, this certificate gives the blueprint of the entire building. Checking whether the entire building is built according to the plan is as important as checking the plan of your apartment. Once the entire construction is detected faulty it can lead to the demolition of the whole property. Therefore, it's of utmost need to check this certificate before you buy apartment in Turkey.
Encumbrance Certificate
Before proceeding further with a turkish property, do not forget to have an encumbrance certificate or EC that provides you with required data about the ownership of the property. It shows whether the property is already sold to somebody. It also clears out all legal doubts about the property.
Utility Bills
This is another ground where you need to be very cautious. This certificate shows whether the house owner has cleared all the bills such as,
- Electricity
- Gas
- Water
If one of them has still not been cleared out, it falls on your shoulder. Therefore, never miss out on this point while buying a property İstanbul.
Sale Deed
The property comes with further values and opportunities for reselling. Now, if you have no document about the registration of the property, it will run you into great risk. You cannot sell the real estate Turkey anymore. A government registration gives a property the exemption that it needs to be valid in the long run.
Possession Certificate
A possession certificate is issued once. The seller of the apartment provides you this document. As a second-hand buyer, no possession certificate will issue in your name. Therefore, while opting for apartments for sale in Istanbul, ask the previous owner for the possession certificate. This confirms your ownership of the property.
Properties in a housing complex have a document issued for the previous owner. This needs to be transferred in your name as the new owner of the house. Collect this piece of paper, issue it in your name. Otherwise, your ownership will not be validated by the housing complex authority.
Earthquake Insurance Policy
The middle-East impregnates lower possibilities of frequent earthquakes. But considering the horrible memory of the earthquake 2020, you should never take the earthquake insurance policy lightly. Having an earthquake insurance policy will have your back in a time of grave needs. This policy includes several other catastrophes like fire, explosion, etc.
Limitations On The Purchase Of A Turkish Property
No country will ever allow foreigners to buy as much land as they want. So does Turkey. According to a strict law issued on 7th January 2006, no foreigner can purchase more than 30 hectares of land in Turkey. The upper limit has been determined by the country. A land exceeding that limit needs governmental permission.
Before buying a Property Bodrum, you need to deposit 10-20% during the initial stage. One must send the deed to the local Army headquarters to acquire the permission of sale. This is a quite long process. Hold your breath during this period. The permission is granted in seven days maximum. The entire process of registering the property takes seven to ten days. But the government officials take three to ten months for the change of the deed. Here the most crucial part of your documentation takes place. From the rising demand for Turkish property, all these processes have come out. To own a legalized property, go through this detailed process.
Now, you know what steps you must follow for a legalized asset on the Turkish land. Choose a property according to your convenience, and make it your own by following these necessary but simple steps.
