February 5, 2007
Title classifications in Turkey
Owning a property abroad can be a dream. However, if buyers are not mindful of details and are not aware of the legal small print, there can be serious consequences. In Turkey for instance, there is presently a reported large amount of properties with bad titles. Buyers are warned that if they are purchasing a property during the course of construction, they will need to be sure the developer is building with planning permission. Buyers should find out what type of permission the developer has been granted.
It is not uncommon for property investors in Turkey to be misled. Most of the time, they are made to believe that they are buying property with the equivalent of ‘freehold’ title with full unrestricted ownership rights. In truth, they are actually buying property in Turkey with possible limitations on their personal enjoyment.
Posted on: Turkey
February 2, 2007
Turkish Mortgage Act
A Turkish Mortgage Act was planned by the Turkish legislators in the Spring of 2006 so that they can take over the sales of mortgages in Turkey and to make certain that the style to mortgaging is similar to the style utilized by mortgages in the UK.
But here comes the rub. The decision was put on hold last week by the Turkish Prime Minister’s Office and the Turkish Treasury because they don’t see eye to eye on their views.
Posted on: Turkey
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