Legal procedures for purchasing real estate in Bursa
Legal procedures for purchasing real estate in Bursa. Purchasing real estate in Bursa, Turkey is a good choice, whether you are looking for a holiday home, an investment property, or a place to settle down. Therefore, in this article from Ebla Real Estate, we will talk about the legal procedures for purchasing real estate in Bursa.
Legal procedures for purchasing real estate in Bursa:
Extracting the Real Estate Evaluation Report:
The first step in acquiring real estate in Bursa is to obtain a real estate evaluation report. This report provides an accurate evaluation of the property and helps both the buyer and seller determine a fair price.
To initiate the evaluation process, you’ll need to hire a certified appraiser approved by the Capital Markets Board of Turkey.
The appraiser will inspect the property, taking into account its location, condition, and other factors to determine its market value.
Once the evaluation is complete, you’ll receive an official real estate evaluation report, which will serve as a crucial document during the transaction.
The real estate valuation report includes:
- Authentic pictures of the property.
- Title deed information.
- The property’s location is on the map with the coordinates.
- Technical information and debt situation provided by the Land Registry and Cadastre General Directorate.
The Sale Contract:
After obtaining the real estate evaluation report and agreeing on the property’s price, the next step is to draft and sign a sale contract. The real estate purchase contract in Turkey includes several clear clauses that guarantee the rights of both parties, the seller and the buyer.
The clauses of the real estate purchase contract in Turkey:
- The date of delivery of the property.
- The price of the property.
- Specifications and type of property.
- The location of the property.
- The method of paying the value of the property.
- Obligation to pay the value of the property.
Selling Foreign Currency to the Turkish Bank:
This is among the legal procedures for purchasing real estate in Bursa because in Turkey, real estate transactions typically require the buyer to exchange their foreign currency into Turkish Lira through a Turkish bank.
It is worth noting that you should keep all transaction records and receipts, as these documents will be necessary for tax and legal purposes.
Transferring the Value of the Property:
Once the currency exchange is complete, you’ll need to transfer the agreed-upon purchase price to the seller’s account. This step ensures that the funds are available for the final transfer of ownership.
Transferring Ownership and Obtaining a Title Deed:
The last and most critical step in the real estate purchase process in Bursa is transferring ownership and obtaining a title deed (TAPU).
The buyer of the property must come to Bursa to conclude the purchase contract transaction, or to appoint a trusted person to act on his behalf, through an official agency from the consulate of the country of origin, or the Turkish embassy located there.
After having gathered all the necessary documents for the application of the title deed which are:
- Buyer’s Tax Number (Vergi Numarası)
- Original and copy of the foreign buyer’s passport (a translated copy is also required).
- Appraisal report.
- Seller’s ID card or Passport.
- Rayic document.
- Earthquake insurance policy.
- Receipts for transferring the value of the property in Turkish lira from the buyer’s account to the seller’s account.
The buyer has to submit them to the Land Registry and Cadastre Office. Then, an appointment will be given to you by this same office for the final signatures.
Then both parties sign the title deed conveyance agreement, and finally, the officer of the Land Registry and Cadastre Office gives the printed version of the title deed to the buyer.
These were the legal procedures for purchasing real estate in Bursa.
Thus, we talked about the legal procedures for purchasing real estate in Bursa.
Edited by: Ebla Group Real Estate
If you like the topic, do not forget to share it with your friends.
