A property viewing helps to answer a number of important questions since it allows you to assess the layout, look over the surroundings, and decide if the house suits your plans. However, it does not give you all the information concerning ownership, the contractual responsibilities, or the steps required to carry out the purchase.
Foreign buyers who are interested in Turkey should start making preparations before they pay a deposit or enter into a binding agreement; an appealing listing marks the start rather than the conclusion of an investigation.
Confirm Exactly What You Are Buying
Request the documents which identify the property and the person who is selling it. The address given in the advertisement should be checked against the official property records. In the case of an apartment, the documents should refer to the specific unit that you plan to buy.
Buyers beginning with an attorney turkey search should explain whether they are considering a completed home, an occupied investment property, land, or an unfinished development. Each scenario raises different questions for the initial review.
Review Ownership and Registered Restrictions
The official investment advice from Turkey states that ownership only passes upon registration; a preliminary purchase agreement by itself does not result in the transfer of ownership. It also stresses the need to check for any mortgages, liens, and other similar restrictions before moving forward.
Request a written explanation of the findings. If it is necessary to resolve an issue before completion, then make clear who is responsible, what evidence will prove that the issue has been resolved, and how the payment sequence should take that requirement into account.
Check Whether the Property Fits Your Intended Use
The practical issues involved with a property that is only going to be used occasionally are different from those that arise with a rental investment or one intended for future business purposes. You should make it clear at the beginning of your plans just how you intend to use the property, and find out which approvals, building documents, occupancy arrangements, or restrictions have to be looked at in relation to those plans.
The purposes of having a legal document checked and of carrying out a physical inspection of the building are different. Where appropriate, allow for both of these in terms of budget. It must be pointed out that a clear ownership record will not enable you to determine whether or not the roof leaks or the heating system functions.
Understand the Deposit Before Paying It
Since asking for a reservation payment might cause a need to act quickly, it is important to find out what the payment secures before making the transfer and to get the suggested terms in writing.
The agreement must be checked with regard to the name of the person to whom the money is to be paid, the amount, the description of the property, and the terms related to any refund. You should find out what will happen if the documents show a problem, if the seller is unable to go ahead, or if the transaction takes longer than anticipated.
Put Important Promises Into the Agreement
The decision of a buyer can be greatly influenced by factors such as furniture, repairs, parking access, the completion date, and the date on which the property will be vacated. If a promise is important, it should be mentioned during the review of the written agreement rather than depending on a remark made during the viewing.
Carrying out a careful review of the purchase and sale agreement can help you sort out these questions before you decide to go ahead and should hand the draft documents and the correspondence to the reviewer so that both the official terms and the promises reached during the negotiations can be covered.
Plan Carefully If You Are Buying From Abroad
For remote coordination an agreed order for the documents, decisions, and payments is necessary. You should find out which of the steps can be carried out by a representative and also check whether any part of the process requires your personal presence.
Keep Any Authority Appropriate to the Task
When a power of attorney is suggested, ask for an explanation of the powers it confers. Official investment advice outlines the formal requirements applicable to powers of attorney issued overseas, including the necessary authentication and translation requirements. The appropriate course of action will depend on how and where the document is issued.
Before scheduling the appointment to sign, check the proposed wording and formalities. This will help prevent the expense and delay involved in preparing a document that is not suitable for the intended transaction.
Build a Budget Beyond the Purchase Price
Request a detailed estimate that includes the cost of the transaction and the first period of ownership. In some cases, you might have to arrange for professional fees, official charges, translation, insurance, inspections, utilities, maintenance, and building management expenses.
Make a note of the currency and the time of each expected payment; if the funds are to be transferred internationally, leave enough time to confirm the transfer procedure and to check the payment details via a reliable contact method.
Prepare a Handover List
Before work is completed, decide on the method of recording the keys, the meter readings, the included items, and the condition of the property. Store the signed documents, the receipts, and the handover records together.
The next thing you should do is collect the documents relating to the property and go over the deposit questions again before you make a commitment. Having a systematic review with Hukuk&Co. will give you a better basis for deciding if the property meets your requirements.
