Avoid real estate fraud when buying real estate in Turkey
Last Updated: 2023-07-27Avoid real estate fraud when buying property in Turkey
Turkey is an attractive country for foreign investors, especially investors in the real estate field for the purpose of residence or obtaining Turkish citizenship, and because most of these investors are not experts in the details of the real estate market, they may be victims of real estate fraud, and this is what has already happened with some of those who wanted to invest in Turkey.
To reduce the phenomenon of real estate fraud in Turkey, the Mersa Real Estate team has developed a set of tips and guidelines through which investors can avoid real estate fraudsters.
In this article, you will read:-
Signs that can alert you to the possibility of real estate fraud-
Avoid the real estate fraud - An important
point for foreigners wishing tobuy a property in Turkey
- Be careful when buying off-plan properties
Signals that can alert you to the possibility of real estate fraud:
When you start the process of buying a property in Turkey, you must be aware of all the small details that occur while doing this process, because it is possible for any detail to give you a signal that you are a victim of real estate fraud, God forbid, and through these signals you can distinguish between the fraudulent person and his doubtful property and between the good person and his flawless advertisement, and among these points and signals that you should pay attention to:
- The price of the property is lower than its real price
- Refusal to inspect the property from the advertiser
- Claiming that the landlord is outside the country
- Urgency to request a material advance, whether small or large
- Real estate agent is not officially authorized to work
Avoid real estate fraud by:
- Insisting on examining and inspecting the property in all its details
- Not to give in to claims to pay material advances before being sure that everything is legal
- Not to sign any contract between you and the seller before inspecting the property
- Verify the identity of the person you are dealing with
- Make sure that the real estate agent is officially authorized to work
- Keep your personal information and do not give it to anyone, and this information includes: personal documents, banking information, and your financial capabilities.
- Search for properties for sale by trusted real estate companies
An important point for foreigners wishing tobuy a property in Turkey
It is known that foreigners buying real estate in Turkey requires permission from the military authorities in the area where the property is to be purchased.
The previous procedures required that an application must be submitted to the headquarters in Ankara to obtain this approval, and the expected period for its issuance was from 3 months to a year. Thus, you can fall under the pressure of the seller who demands financial payments on the pretext that these funds oblige him or to guarantee his right, perhaps, and here you can fall into the trap of a real estate fraud.
But this is different now, and the expected time to complete the process of buying a property in Turkey is between two to four weeks, including the transfer of the title deed to the new property owner.
Purchase of off-plan properties or as they are called off-plan
Certainly, the process of buying a property under construction in Turkey or elsewhere can save a lot of money for the buyer , but this does not hide that the purchase process is risky .
Some companies do not have the total funds needed to finish the building, and there are some companies that rely entirely on the amounts paid by buyers to complete the project.
Therefore, you must obtain guarantees from the company that is implementing the construction project, and your right must be guaranteed by including deterrent clauses in the sales contract in the event of a delay in the delivery of the property or the company's failure to fulfill its promises.
In general, in all cases of buying real estate, it is better to hire your own lawyer to draft a sales contract that explains all the details of the sale process, with clearly specifying the time of payment (payments) and penalties for any party to the contract that does not comply with the written contract and its agreed terms.
Finally, we advise you to take the initiative to report any trick you discover in the purchase process, as this can protect others from other real estate fraud, and you can follow the series "Real Estate Fraud" on our YouTube channel prepared by the Mersa Real Estate team to learn about all the methods of real estate fraud to avoid when you buy real estate in Turkey, and your choice of Mersa Real Estate Company always remains a guarantee to reach a safe investment without risk.
Editorial Mersat Real Estate Team©
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