Home Turkey Real Estate Purchase – Rental Guide

Turkey Real Estate Purchase – Rental Guide

Real Estate Purchase GuideWhether you are the owner of a property or are renting it, you must establish the legal and social conditions where you will secure yourself, your rights and your budget and feel safe.

Receiving support from professional real estate consultant organizations and individuals at all stages until the handing over of the keys, and in all matters from what type of real estate you want to where it is, will make things easier for you. Below is a list of the matters you need to pay attention to when renting and buying a real estate in Turkey.

Renting Turkish real estate

• You have decided to rent a property. First make sure that the person who will be signing the contract is the actual owner. Have the title records examined for this. If you are going to enter into the agreement with a representative, then check that this person is the legal representative of the owner.

  • If you have learnt that there is more than one owner of the real estate on the title records, find out who you need to deal with. Make sure whether this person is the representative of the other party or parties, and that they have all approved the rental transaction.
  • If possible, see the photocopy of the title deed and the original of the notary certified power of attorney for properties where a representative has been appointed. Do not leave yourself exposed to fraud.
  • Confirm that the real estate you are going to rent is the same one that you saw. Check from the title records that the door number and address of the real estate complies with the door number and address on the title records.
  • Have the conditions in which you have taken delivery of the real estate written on the contract. Just to be on the safe side photograph anything that is deficient or faulty and keep it for later.
  • If you are renting a place of work within an apartment block, make sure to obtain the approval of the residents of the block, and if necessary have this agreement ratified by a notary. Research where permission is also needed from the municipality. Learn its status in the construction servitude.
  • Obtain information on the water pressure tank, the volume of the water tank and heating in advance. Learn about the fuel and general expenses in advance. You can speak to the manager of the apartment block or the complex, or even an apartment owner on this matter.
  • It is quite important for you to be careful on the matter of the contract. Have the numbers on the electricity, water and natural gas (if any) meters written on the contract, thus making sure that the numbers you are responsible for are clear.
  • If you are paying a deposit for the rental, have the amount written in the agreement. Paying in a foreign currency will be more advantageous for you. Also if you can, mutually agree the rate of increase in the rent  for the following year, have this included in the contract too.
  • Obtain a bank account number from the other party for the rent and place of business withholding tax you are going to pay every month.   Make sure your payments are official.

Buying Turkish real estate

When buying a property, even if it is for investment, you will look at its economic, aesthetic, functional and structural characteristics. When we talk about a property, it can be an apartment, a villa, a shop or land, a factory, or even a touristic resort.

  • When buying, you need to know your legal responsibilities in connection with the property. When buying an immovable property you are also buying its legal issues, together with it.
  • Do you want to buy a property for investment or to live in? Make sure this is clear. If the answer is investment, you can be flexible concerning the region. If you are going to live in it, do not forget that you are buying social status just as much as a home.
  • Compare the prices in the region and your own budget. Focus on properties which are in the range of 80-100% in keeping with your budget.
  • After having determined the objective, the region and the budget, the most important thing to do is to contact a real estate consultant who is an expert on the matter and the region. If you conduct preliminary research on the region you are interested in, before contacting the professionals, it will ensure that your dialogue progresses more productively.
  • You should choose the right consultant individual or organization for you based on your experiences and the feeling of reliability, seriousness and responsibility they create in you. Go to a real estate consultant who you are sure will work to your benefit and interests. Another important criteria for this choice is that the portfolio presented to you by the individual or organization is a wealthy one. Ask that you are presented with a wide choice; this will ensure that they approach you in a more objective and professional manner.
  • Once you have determined the individual or organization to act as your consultant, it will be appropriate to enter into a mutual contract stating the fee for their services, commission amounts, costs, other expenses, etc.
  • Pay attention to the rate of places of work and properties in the region, complex or apartment block you are considering moving to. Where places of work are in the majority, you may be faced with different issues from monthly apartment contributions to heating.
  • Request valuation services from your consultant for the real estate at the purchase stage.
  • Whether it is a dwelling or for investment, have the land share and share amount of the real estate checked from the title.
  • Building contractors are focusing on real estate with high shares of land during the urban transformation process of old buildings, in order to be able to build multi-storey apartment blocks. Large land share provides great advantages.
  • Carefully research whether the person you are buying from is the actual owner of the real estate, and that it is a legal entity.
  • Ask to meet the owner of the real estate at the final stage. Check all of the information and payment amounts presented to you by your consultant together, one last time.
  • Learn from your real estate consultant whether there is a tenant in the property you have decided to buy, and whether its previous owner or an organization is using it. If it is not vacant, and you want it to be vacated, obtain a notarized undertaking in this respect.