EXPERTISE AND DESIGN OF TAPU

16/05/2024 227

EXPERTISE AND DESIGN OF TAPU

Real estate examination and registration of ownership
The real estate valuation report was added from March 4, 2019 to the required documents in real estate purchase and sale transactions made by foreign citizens. This report is prepared by authorized companies to ensure fundamental and international security in accordance with the cadastral management circular TKGM (Tapu ve Kadastro Genel Müdürlüğü), as well as included in the BDDK list (Bankacılık Düzenleme ve Denetleme Kurumu) for all valuation standards.

The examination shows the market value of the property, which is requested by the relevant department of the land registry when a foreigner buys or sells property in the territory of the TR, is valid for 3 months from the date of issue and can be used in all purchase and sale transactions of the property in question during the validity period of the document. If there are any changes that will affect the value of the property within the 3 month period, a new valuation report is requested.

Why is a real estate appraisal needed?

1) Thanks to the report on the assessment of the real estate that you plan to purchase, you will learn about the presence/absence of a mortgage, collateral and, in general, any encumbrances placed on the weekizhimosti.In accordance with the conditions, you will be able to reconsider your investment decision.

2) If there is a situation that prevents the sale or purchase of real estate, you will not lose time and money on this property by changing your decision.

3) Market value is the cost of buying and selling a product that arises in the market. Having accurate information about the market value of real estate is important for both the seller and the buyer for a smooth purchase and sale.

Registration of property rights

Foreigners who want to register purchased real estate contact the TKGM (cadastral department) of the region at the location of the property. Necessary documents for purchasing real estate:

• document of the object being sold/purchased
• the purchase and sale agreement, which is concluded in the buyer’s native language and in Turkish.
• ID/passport
• “document on the declared value of real estate”
• individual taxpayer number
• compulsory earthquake insurance policy
• photo of buyer and seller
• power of attorney, if the procedure is carried out by an authorized person

If one of the parties does not speak Turkish, when concluding a real estate purchase and sale transaction, a foreigner mustIt is important to involve a sworn translator in the procedure.
The certificate of ownership is TAPU - this is the only document that certifies the owner’s ownership rights to the property.

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EXPERTISE AND DESIGN OF TAPU

EXPERTISE AND DESIGN OF TAPU

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