Do not sign a purchase contract before completing those three steps when buying a property in Turkey
The desire and joy of embarking on the step of buying property in Istanbul or buying apartments in Turkey by the foreign investor greatly exceeds his ability to take note and pay attention to all the important details of this important process that requires great vigilance in order to ensure a valid and legal purchase contract.
Among the most important steps for buying property in Istanbul or a property in Turkey is the step of documenting the property purchase contract that is regulated for foreigners according to specific legal texts and defined in the legislative articles.
One of the main points before proceeding to detailing the three steps that every person who wants to buy a property in Turkey must know, is the need to choose a reliable real estate consulting company to carry out a safe operation free of problems and complications when buying property in Istanbul and the rest of the Turkish cities that include promising real estate projects that attract Turks and foreigners at the same time.
The following details the process of signing a contract for the purchase of a property by a foreign investor in Turkey in three basic steps:
A step before signing the property purchase contract
This stage is considered very basic, as it will guarantee the foreign investor who wants to buy a property in Turkey, a safe contract signing process from the beginning.
Here, the foreign investor must examine the following basic points:
- Review the integrity of the data and information provided in the title deed known as the title deed in the Turkish official departments.
- Checking whether the apartment or property matches the seismic specifications.
- Verify the extent of the property's compliance with building and construction conditions in case the property is related to a plot of land.
- Ensuring that the property matches the conditions to obtain Turkish passport when buying property in Istanbul or other cities was for this purpose.
- Ensure that the property to be purchased is free of any debts or taxes due.
- Ensure that the property is free of any seizure or mortgage indication.
- The need for a foreign investor to open a bank account in Turkey after obtaining the tax number.
The step of drafting a real estate purchase contract in Turkey
This stage is also very important and necessary. The foreign investor must ensure the safety of all its legal steps, as it mainly depends on organizing the real estate purchase contract between the construction company and the buyer in the event that the property is still under construction.
The real estate purchase contract is an important document that has to guarantee the rights of both the seller and the buyer at the same time.
In the contract for the purchase of the property in Turkey, the price of the property is fixed, with the guarantee that it will be reserved in the name of the buyer investor.
The contract for buying a property in Turkey contains a text that includes all the details related to the property from the payments and stages of payment of the property, the value of the installments in addition to the dates of their payment in case the payment of the property value was in installments.
The foreign investor who is coming for the purpose of buying property in Istanbul or other cities must pay attention to the point of recording the date of delivery of the apartment or any other type of real estate in the text of the contract with mentioning all the penal conditions resulting from any delay in the delivery date.
The bank account number of the seller must also be mentioned in order for the agreed amounts of money to be transferred to the account registered in the property purchase contract.
In addition, it is necessary to register the property purchase contract with the notary, that is, the documenter, with the preference of obtaining copies that are certified in both Turkish and English in the event that the investor is a foreigner.
become familiar with the provisions of the law of real estate purchase contracts in Turkey
The Turkish government has ensured all the rights of the foreign buyer of a property in Turkey by enacting a package of laws that obligates all construction companies to implement them and regulate all contracts according to them.
The Turkish government organizes about 85% of the data mentioned in the contract to buy property in Turkey, while the rest is organized according to the laws and regulations in force that concern the sale and purchase of apartments in Turkey for foreigners.
The following are some of the articles that a foreign investor must consider in the real estate purchase contract when buying property in Istanbul or any other Turkish city:
- Turkish law generally allows the buyer to void the property purchase contract under certain conditions.
- Allow the construction company to delay delivery of the property for a period of 6 months from the date agreed and recorded in the purchase contract.
- The delay in the delivery date of the property by more than 6 months results in the obligatory payment of the construction company a monthly amount to the buyer equal to the value of the rental of a property similar to the property under construction.
By knowing the three steps that the foreign buyer must know, we have contributed in one way or another to his awareness of the necessity of knowing everything related to the purchase contract, the most important document that protects your property in Turkey and guarantees your legal rights.