Selling or buying a holiday property during the Corona-lockdown

Selling or buying a holiday property during the Corona-lockdown

Selling or buying a holiday property during the Corona-lockdown

It seems that the demand for an independent holiday property, preferably with a private pool, is increasing. Now days this is not a strange development, due to the fact that the humanity has to endure an unprecedented lockdown period. You have to keep your social distance and  attending events, traveling or going out is not longer possible. The best and safe way is to stay home as much as possible. But how do you keep that up for a few months or maybe longer?

During this period  investing in a small holiday apartment, chalet or bungalow with its own space, not such a bad consideration. In fact, if you have the opportunity, it is advisable  to buy as soon as possible, before the property market prices will rice. 

Or suppose you want to sell your holiday property in Turkey to invest in a holiday bungalow in your own country or to bridge the loss of income during this period. Renting is of course also an option. You can contact us for all your business and private matters, whether it concerns buying or selling, or renting in Turkey.

 

Sale, purchase and rental on distance

Of course you are wondering how it is possible under this worldwide Corona lockdown, where travel is not or hardly possible? The answer is simple; You can use our services on the basis of a well-coordinated notarized power of attorney. By this way you can arrange your business related to your property in Turkey safely on a distance. 

 

For the legalization of the specific power of attorney, you can contact your own notary or any notary nearby. Depending on the assignment, we will draw up the specific content of the power of attorney in English, which can be legalized by your notary. In this way you are aware of the details of the content and the scope of the power of attorney.

 

How does a general property sale / purchase procedure look like in Turkey?

In practice, for the sale and purchase procedure of property is often a trust relationship is used, such as a real estate agent, a 'good' friend, a neighbor or buyer/seller. No matter how familiar that relationship may be, nine of ten cases result in abuse of trust. You have to sell and buy real estate with your mind and not with friends.

 

The sale or purchase of a property consists of two essential legal parts;

1. Signing of a purchase agreement and

2. The actual title of deed transfer at the land registry office (the so called Tapu office) 

 

Contrary to what you are used in your homeland, the role of the Turkish notary is very limited with regard to conclude a proper purchase agreement for the title of deed transfer. The buyer / seller must personally supervise the legal aspects of the purchase and for a legally valid agreement.  And that is not always obvious.

 

The interested party is allowed to obtain the necessary information for the realization of a legally valid (sales) contract at the Tapu office.  At the Tapu Office you can find the legal details of the property in the public records, such as the details of the owner, the deed of division or the management plan, any seizures, registrations such as pledge or mortgage and similar information.

 

The purchase agreement with a broker has no legal value in Turkey, unless the broker is entitled to buy / sell the property by a notarized  power of attorney, with all the associated risks. 

 

With just signing a private agreement through the broker or notary you are not finished yet. Just simply the undersigning of a purchase agreement does not obligate the seller to realize the actually transfer of the property. Only the registration of a notarized agreement in the public registers at the Tapu office can offer some security for obtaining the title of deed.  But this is not a mandatory legal obligation so mostly it is omitted. After concluding a purchase agreement, you must ensure that the payment and registration of the title of deed at the Tapu office will be correctly carried out. 

As long as you have not acquired the ownership, I advise you to be careful with advance payments. If you need do an advance payment, you should ask for full refund security. In the event that the transfer is not continued, you must be sure that you will unconditionally receive your advance payment back. A confession of debt (the senet) or check only provides security if the amount is actually covered by a bank. And that is often not the case.

 

We as a law firm guarantee 100% of your purchase price.

 

If you have any questions or would like to use our services on distance, please do not hesitate to contact us.