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.

One example is when they might only be allowed to use their own property for a certain number of weeks in a year and still be legally obliged to take steps to rent their property on a commercial basis for the remaining year. For those who bought their property for real estate gains, this may not pose too much of a problem. But for those who planned to make the property their home, or at least use it for a good part of the year, it can present some problems. It becomes more of a problem if they’ve paid a great deal amount of money before realizing this fact. Whatever the case, buyers are advised to keep an eye on the future and check on just how marketable the property will be depending on its legal status. Buyers are reminded to check with their lawyer at the earliest stage possible and, ideally, before committing a major deposit to the purchase.

Posted on: Turkey

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Title classifications in Turkey

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