HUKUKİ YAYINLAR

Buyıng A Real Estate In Turkey For Foreıgn Indıvıduals

According to Turkish Law, non-Turkish individuals have the right to buy real estate under particular restirictions. It is regulated in Land Registry Law No.2644 that foreign real persons can buy immovable properties in accordance with article 35 of this law except smaller surface than specified in this article and security zones

The reasons for Turkey to have experienced increasing number of acqusitions of immovable properties by foreign real persons are mainly being highly profitable and acquisition of nationality with buying a real estate (of 250.000 dolar) or an agreement for the promise to sell a real estate (of 250.000 dolar).

 To detail about the topics concerning real estate for readers, it is very useful to mention about legal transactions of buying a real estate and a contract for the promise to sell a real estate as they are so common for foreign buyers. Hence, we briefly give information about the issues which arise out of from those two legal transactions.

 1-)Contract For The Promise To Sell Immovable Property

 This is the kind of agreement that an immovable property is promised to sell within a particular time under determined circumstances by the contract done by the parties. According to the obligations of the contract, one party promises to transfer the property with determined conditions in particular time, and the other party promises to pay the price of the contract for the real estate.

A very common made mistake in this kind of contract is not to comply with procedure of concerning laws. Turkish Civil Code and Notary Public Law regulate procude of this contract to enter into force. According to Turkish Civil Code, contracts which are concerning transfer of title of immovable properties have to be entered into force in accordance with the determined procedures, and articles of 60/3 and 89 of Notary Public Law regulate that a contract to promise transfer of title of property has to be prepared at notary. In case not prepared at notary, the contract is invalid. Hence, the parties shall not enjoy the rights  arising from the laws. For example, if a party who promises to transfer the title of property in a particular time and the other party who paid the price of the property shall not claim to ask for the transfer of title. However, if the contract is valid, the party who paid the price of the property shall sue the party, who is reluctant to transfer, to receive the transfer of title in accordance with article 716 of Turkish Civil Code. Another instance is to register an annotation with the land registry if the contract is vaild. Hence, in case of transfer of title to the third person, the party who paid price of the contract shall claim the third party transfer of the title.

2-)Transfer Of Title

    Transfer of title is the process where the party whom has the right of ownership transfers their rights to the other party. Contract preparation for transfer of title via public notary or by parties themselves is not accepted by the Turkish law. The parties have to do this legal transaction at office of the land registry to have a valid contract. In case of invalid contract for transfer of title, the party who expects to receive the title shall not claim anything on the real estate. However, he/she can sue the other party to claim his/her loss at court.

 To avoid of being victims of these legal transactions, foreign real persons ought to follow tips which are mentioned below:

 -A real estate valuation report should be taken from an authorized real estate valuation company by government,

Because all needed information (ownership, names of owners, address, market value) concerning the real estate is available in this report, so all information provided by the seller shall be checked once again.

 -A translator guided for all process as to be sure all procedures of transfer of title.

3-)Conclusion

To avoid of being a victim of buying a real estate in Turkey;

 -Information of both transfer of title and contract for the promise to sell immovable property shall be checked before payments,

 -A valuation report shall be taken

 -Guided by a translator while legal transactions,

 -Procedures of legal transactions have to be complied as described in laws.