Seven Cases to Watch out to Avoid Being a Victim of Real Estate Scam
Last Updated: 2023-07-27
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Seven Cases to Watch out to Avoid Being a Victim of Real Estate Scam
Undoubtedly, Turkey's real estate market is one of the safest and most distinguished in the world, which is the main reason why many foreigners desire to invest their money in it. However, with this high demand, we have a serious problem (real estate scam), where the despicable take advantage of the foreign investor's lack of experience in real estate in Turkey.
In this sense, the Mersat Real Estate Editorial Team has prepared the following report, which will draw your attention to some points that save you from real estate scam.
Enjoy reading.
The Concept of Real Estate Scam:
Before we get to the heart of the matter, this term must be identified: "real estate scam."
Some scammers prefer to make money in an immoral and illegal way, by exploiting the lack of experience and knowledge of foreigners in Turkey's real estate market and not being informed of the regulations and laws enshrined in the Turkish Constitution. This problem has spread considerably since Turkey allows foreigners to purchase real estate remotely.
In order to be away from real estate scam, you must see all the information and details related to it. Together, we will review the forms of real estate scam and offer you solutions to avoid being a victim.
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First: Check the Property's Specifications Well:
One of the first tips that must be adhered to in order to avoid real estate scam is to make sure of the specifications of the property, its advantages, and whether it matches the purpose you want it for.
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See the geographical location of the property and make sure whether it is suitable for real estate investment or not. The more distinguished the location is, the higher the value of the property will be.
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Set your goal of the property well (do you want it for investment, to live or to obtain Turkish citizenship) so that you do not purchase a property other than the desired purpose.
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Second: Get to Know the Owner of the Property:
One of the most common ways of real estate scam in Turkey is to impersonate the landlord, since it is possible to exploit the absence of the landlord and impersonate him, also falsification of papers.
You should know that it is difficult for a normal person to discover whether there is a scam or not, so it is important to get assistance from a legal real estate expert.
Therefore, it is preferable to purchase a property through a reliable real estate company with a good reputation in the real estate market in Turkey.
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Third: The Real Estate Company Must Be Selected Carefully:
As the demand for real estate purchases in Turkey increases, the number of real estate companies has increased as a natural result in order to meet the needs of foreigners and help them. Here are the top tips to follow when choosing real estate companies:
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Learn about the real estate company's reputation well, it must have a wide good reputation.
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See the number of sales of the real estate company.
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Ask about the services the company provides to customers.
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You can communicate with customers who have already dealt with the specified company.
It should be noted here that a company which does not have enough experience will not help the buyer to reach the results he wishes to.
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Fourth: Be Careful that There Are Restrictions on the Property:
A common problem you can face with real estate in Turkey is that there is a foreclosure or mortgage on the property.
Did you know that having any such problem negatively affects the value of the property and will be an obstacle when selling.
This can only be confirmed by reviewing the Land Registry and Cadastre because it is not mentioned in the title deed.
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Fifth: Selling the Property as Suitable for Turkish Citizenship:
Most of those looking for properties for sale in Turkey aim to obtain Turkish citizenship. Against this background, the scammer can take advantage of the foreigner's desire and make him believe that the property is suitable for the conditions of obtaining Turkish citizenship.
See the conditions for acquiring Turkish citizenship through real estate ownership in order to avoid falling into the trap of scam:
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The property must be worth $250,000.
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You must pledge not to sell it before three years.
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Make sure it is not located in a security or military zone.
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Also, one of the conditions for foreigners purchasing real estate in Turkey is that the area of his properties ownership in Turkey does not exceed thirty hectares.
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Sixth: Selling the Property at A Higher Value Than It Worth:
One of the most common and easy ways to scam is to raise the value of the property too much. Therefore, in order for the foreigner to be protected from falling into this trap, the Turkish government has acknowledged the importance of getting the real estate valuation report. Accordingly, you must recognize the criteria by which the value of the property is determined:
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The location of the property - the city where it is located - the view it has - comparing the property to similar properties.
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The specifications of the property - the quality of finishes - the cladding - the decorations are modern or old.
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The situation of the property plays a major role in determining its value, whether the property is modern or old.
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The area of the property; the greater the area of the property, the higher its value.
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Seventh: Making the Buyer Believe That the Property Provides A Significant Return:
Many people want to purchase property in Turkey to enter the world of real estate investment. Do not be fooled if the seller presents the property to you as providing a high return on investment, since normally the profit ratio ranges from 5 to 20% of the value of the property annually.
However, if you fall victim to a real estate scam, you can solve it easily by hiring a good lawyer with enough experience and knowledge in this field.
You can be safe from real estate scam once you have finished reading this article, where we have provided you with seven common cases, and it is enough to have reviewed them well to avoid. Plus, do not forget that there are always new ways of scamming, so be careful.
If there is any question about this, you can contact us to provide you with the full and accurate answers.
Edited by Mersat Real Estate Team ©
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