How do you deal with the legal and financial papers when buying a property in Bursa?

How do you deal with the legal and financial papers when buying a property in Bursa?

The legal and financial papers when buying a property in Bursa. Buying a property in Bursa depends on a series of legal and financial procedures. Understanding the legal and financial requirements is crucial for safeguarding your investment and avoiding potential pitfalls. Therefore, in this article from Ebla Real Estate, we will talk about how to deal with the legal and financial papers when buying a property in Bursa.

How to deal with the legal and financial papers when buying a property in Bursa?

• Any foreign citizen wishing to buy a property in Bursa must not sign any  of the legal and financial papers except within a governmental department and under the supervision of a reliable legal or real estate authority.
• To navigate the complexities of the property buying process, it is essential to work with a reputable real estate agent or a qualified lawyer specializing in property transactions.
• It is a grave mistake to pay any amount of money as a down payment except with a documented legal framework.
• Do not rely on any unlicensed office in Turkey to conduct the legal and financial papers and transactions.
• Hiring a lawyer specialized in the legal and financial papers and affairs in Bursa, or relying on a licensed and reliable real estate company.
• In the event of a power of attorney for an entity or a person, it must be a limited legal agency to buy a property in Bursa only without the freedom to dispose of it.

Authorizing an Accredited Company to Buy a Property in Bursa:

Authorizing an accredited real estate company can be an effective solution. The real estate company will handle the legal and financial papers and aspects, and will work to follow up the transactions starting from signing the purchase contract and ending with the ownership transfer procedures and your receipt of the Tapu. Moreover, by dealing with a real estate company, you save effort and time and avoid any real estate fraud.

Purchase Contract:

The real estate purchase contract in Turkey includes several clear clauses that guarantee the rights of both parties, the seller and the buyer. It is preferable that the purchase contract be attested by a notary in the event that the house is under construction, and that it be in two copies, one with the seller and the second with the buyer.

The clauses of the real estate purchase contract in Turkey:

1. The date of delivery of the property.
2. The price of the property.
3. Specifications and type of property.
4. The location of the property.
5. The method of paying the value of the property.
6. Obligation to pay the value of the property.

Important things to know before signing a real estate purchase contract in Turkey

• The purchase contract is a recognized legal document, provided that it is certified by an official legal department in Turkey.
• The parties to the sale and purchase contract are the buyer (customer) and the seller (property owner or construction company).. For the real estate consultant and agent, he is a mediator between them.
• Ensure that there is a legal title deed.
• Existence of documents proving that the property conforms to earthquake-resistant specifications.
• Differentiate between Iskan Tapu and Irtifaki Tapu… (Iskan Tapu means that the title deed or Tapu is ready and there are no problems with it. Irtifaki Tapu means that the construction has not been completed yet.
• Matching the specifications of the property that you have seen on the ground with the specifications that you have read in the purchase contract.
• Ensure that there is no mortgage or taxes on the property.

Real Estate Appraisal Report Document:

Real estate valuation is a detailed report containing a set of information and procedures aimed at determining the value of the property, according to specific criteria and laws. It is one of the papers required of all foreigners when buying a property in Turkey.

The real estate valuation report includes:

1. Authentic pictures of the property.
2. Title deed information.
3. The property’s location is on the map with the coordinates. 
4. In addition to technical information and debt situation provided by the Land Registry and Cadastre General Directorate.

One of the most important reasons the Turkish government obligates appraisal reports when foreigners buy property in Turkey is because it aims to guarantee that buyers from outside the country are getting a fair deal and are not being taken advantage of throughout the buying process. This measure also counts as a further safeguard against tax evasion by construction companies.

Moreover, when it comes to investing in Turkish real estate for citizenship purposes, the appraisal report will reveal if the property’s valuation qualifies it for obtaining Turkish citizenship.

Transfer of property ownership in Bursa:

It is the official and legal transfer of ownership of the property from one owner to another through the title deed (Tapu), which is a legal “proof of transfer” of real estate. Moreover, the title deed document allows the owner the right to dispose of the property in Turkey by leasing, selling or investing, and the owner cannot prove his ownership of the property without this document.

Procedures for transferring property ownership in Bursa for foreigners:

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 the legal and financial papers and documents for the application of the title deed which are:

1. Buyer’s Tax Number (Vergi Numarası)
2. Original and copy of the foreign buyer’s passport (a translated copy is also required).
3. Appraisal report.
4. Seller’s ID card or Passport.
5. Rayic document.
6. Earthquake insurance policy.
7. 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 the legal and financial papers 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. Finally, the officer of the Land Registry and Cadastre Office gives the printed version of the title deed to the buyer.

Thus, we talked about the legal and financial papers when buying a property in Bursa. We also provided important information about the purchase.

Edited by: Ebla Group Real Estate

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