mytapu.com - Articles #Due Diligencemytapu.com - Articles #Due Diligencehttps://www.mytapu.com/blogs/tag/due-diligenceMon, 20 Apr 2026 09:43:24 -0700http://zoho.com/sites/<![CDATA[  Do you Trust & Believe what agents say? ]]>https://www.mytapu.com/blogs/post/Do-you-Trust-and-Believe-what-agents-sayManipulative business practices characterise the business process of English speaking real estate agents in Turkiye....]]>

Turks don’t - why would you ?

The data for this visualization comes from the Pew Research Center. It is based on nationally representative surveys of more than 37,000 adults conducted in early 2025.


In Turkiye, 84% of adults do not trust other people, the highest rank if distrust among nations, according to a survey by Pew Research. (Note: the distrust is likely as high, or higher in other nations, not surveyed.) Yes, we may conclude this reflects a specific bias that is endemic to the culture, There are no penalties for lying- so why not ? There are no penalties for lying in most countries, either, so perhaps the habit is more common and widespread in Turkiye.

 

Perhaps it comes as no surprise that the distrust of real estate agents is so high that local Turks will not use them, and avoid them however possible. True, there are ethical professionals in the sector, but a foreign investor will never find them by using an English or Arabic search enquiry, because their websites are in Turkish !  Note that the practice of lying by English and Arabic speaking real estate agents is even more so. Lying is key to the manipulation that is central to their business process.

 

However, in fairness to Turks, it should be pointed out that the extreme extent of lying and manipulation by English speaking agents in Turkiye was begun years ago by local English and Irish agents selling Turkish properties to their fellow country men. Over the years this resulted in litigation in the UK and Ireland. The result ? These undesirable practitioners continued their activities by moving their business permanently to Turkiye, where consumer protection and fraud laws were easier to circumvent.

 

Several of these characters continue their businesses to today. Their real estate agency businesses appear in the top internet search engine rankings in English or Arabic. They ‘dress-up’ a little differently now, pretending to be professional trustworthy, caring, etc - but their core business practice remains unchanged.

 

Read more about how and why mis-leading information is everywhere,,, and why independent professional advice is essential… click here.

Additional Reading- Articles and Web Pages...



    Read more summary overviews on web pages....






    Every property owner in Turkiye has a tapu, and that is why we named our business my tapu...

     

    At mytapu.com our policy is to ensure our clients are fully informed, so that they may make fully informed decisions- this helps to ensure better outcomes all around. 

     

    Building Trusted Relationships is Building Our Business...!

     

    #mytapu mytapu #Property #Turkey #Secrets #Success #Howto #Steps #Price #Valuations #LegalHelp #DueDiligence mytapu.com #mytapu.com  #TRUST #testimonials #REFERENCES #scam #legit #reviews #complaints #checks #review #experience #customer #client  #mytapu.com #trustpilot #scamadviser #fees #corruption #my #Tapu #TurkeyProperty #PropertyTurkey #RealEstate  #Turkey  #property- #online #on-line #portals #Tax #Property #Turkiye 

    ]]>    Fri, 26 Dec 2025 02:31:00 +0300    <![CDATA[How to Buy Property in Turkey for a Bargain...]]>https://www.mytapu.com/blogs/post/How-to-Buy-Property-in-Turkey-for-a-BargainWhy an investor should never follow an agent's guidance, and instead use these four steps for buying a bargain in Turkey...]]>
    How to Buy Property in Turkey for a Bargain

    For bargain hunters, now is a very good time to buy property in Istanbul and Turkey. Many bargain buyers make the mistake of thinking the bargains are ‘there for the taking’. Deceptive agents will tell buyers that low Turkish Lira exchange rates mean that property prices are low. This is just a sales trick, because Turkish sellers also know what their property is worth in US Dollar and Euro, of course, because Turkish sellers have always valued their property in USD since the early 1990’s.


    For a buyer that is investing in property in Turkey for citizenship purposes, it is essential that the steps below are followed. Otherwise, the investor may discover the property purchase price of  $400,000 has an appraised value of several thousand less, and does not qualify sufficiently for citizenship application purposes.


    Buying a bargain is not the same as the usual way of buying. First, a buyer rarely, if ever, (NEVER ! ) finds a bargain by contacting the website of a real estate agent, or developer.  Second, the buying procedure recommended by agents and developer is described in a way that is for their advantage, and that procedure never benefits a buyer, especially if a buyer wants to buy at bargain prices. And be warned, the procedure recommended by agents and developers most often omits the most important step: assessing the risks related to permits, title, and payment: the ‘due diligence’. The worst part of following agents and developers advice, is that usually they recommend paying a ‘reservation deposit’. A bargain buyer MUST avoid an agent or developer that tries this ploy: it is just a trick; read more about reservation deposits here. A buyer that pays a ‘reservation deposit’ is never in a position to negotiate the best price.


    This is a list of the key stages in the process of ‘buying a bargain’:

    1. Advance Preparation 
    2. Finding the Property
    3. Due Diligence
    4. Conveyance and Completion

    Now let’s look at each of these stages briefly, focusing on the most important points.


    1) Advance Preparation

    The first step buyers take to find a bargain priced property is to search an agent’s website. This is also the first, and biggest, mistake. In a rush to avoid ‘losing’ a bargain that looks cheap, the agent requests a ‘reservation deposit’. Paying a reservation deposit is the second mistake buyers make, and why so many foreigners become ‘locked in’ to a transaction at prices much above market value, for properties that are often defective.


    Buying successfully at bargain prices requires 100% avoidance of everything in the paragraph above. Instead, the first step, is the ‘Advance Preparation’, that enables the foreigner to buy in the same way as a local Turk. There is no alternative. Buying a bargain means negotiating the best price and IMMEDIATELY closing the deal with payment and completion. Sellers do not wait around for foreign buyers to get their paperwork in order- that can take weeks. Searching for property and negotiating a bargain price is a complete waste of time, unless the buyer has completed the advance preparations necessary to ‘put cash on the table’ and thus immediately complete the transfer of title from the seller.  And this is the ONLY way to take advantage of foreign exchange $/TL currency fluctuations of 10% or more in a week. It is no good waiting for the fluctuations, and then trying to purchase, if the paperwork is not ready.  Advance preparations is the first step in the Investor's Tool-Kit, and takes 3-6 weeks typically, and include such matters as local registrations, local bank account preparations, authorisations, etc


    2) Finding the Property

    Searching the internet for a property for sale in Turkey is the least likely method of finding a bargain to buy, and also the most risky. The top five pages (and more) on internet search engines are occupied by real estate agents and developers’ sales agents. They ‘see you coming’, and are waiting for you, with their ‘games’ and tricks. The result? More than 85% of foreigners have paid prices 25% or more above the fair market value, or have purchased defective properties.


    Fortunately there are many better channels to find bargain properties at discounted prices, but if a buyer does not speak Turkish, these will remain undiscovered. These channels include ‘for sale by owner’, bank repossessions, auction, internal databases, and private networks. SEE BELOW.  Generally these channels require Turkish language skills. There are more than a million properties on the market in Turkey, and ample supply to serve two years of buyers’ demand. Wise buyers looking for bargains will take advantage of these circumstances, by sourcing property from these channels, with an experienced and professional Property Finder.


    A good ‘Property Finder’ should be capable of searching these sources for properties meeting a buyer’s specifications, but if that is all they do, they are only doing half the job. A professional Property Finder or Sourcing Agent should also be capable of completing ALL aspects of ‘’due diligence’ on the property.


    3) Due Diligence

    Is the person selling the property the owner? Is the property being bought, the same property that was seen?  Does the property have the correct permits? Is the contract legally structured and executed, or a defective contract (most agents’ contracts are) which will just cost the buyer more in legal expenses, if they try and enforce it? Is the building constructed in accordance with regulations, or will it be subject to a demolition order? These are a few of the questions answered by Due Diligence. The buyer should never rely upon the seller or his agent for the answers. For ‘due diligence’, independent advice, from an experienced professional, is essential.


    Is the property being sold at a fair price? To solve the chronic problem of agents selling property to foreigners at excessively high prices, new regulations now make it a requirement that a foreign buyer must be given an ‘appraisal report’ (an ‘eksper rapor’). These reports show the market price of the property. Agents and developers will still try and convince buyers that these valuation reports under-value property prices by 10% to 20%, but this is simply another misleading tactic to hide the agents’ hidden price mark-ups, and hidden commissions.


    4) Conveyance of Title and Completion

    Transferring the title from the seller to the buyer involves numerous small tasks and documentation, mostly related to payment of taxes and governmental fees. With the guidance of a professional adviser, and supported by a translator, a foreign buyer can usually manage the conveyance of title at the land registry in person themselves.


    The simplest and most cost effective technique for the conveyance is the procedure used by local Turks. The transfer of ownership and the payment are both made together, simultaneously. To reduce risk, steps are prepared in advance for the payment documentation. Sometimes a purchase may have contentious aspects, for example, when the buyer has agreed a discounted price with the seller, but is suspicious that the seller may try ‘last minute tricks’ to get a higher price. In such cases it is advisable to have a professional adviser present.


    For Citizenship Investors, the final step of the property purchase, the Conveyance & Completion, is the first step of the Citizenship Application procedure, and it is essential to have these coordinated with your application agent: the Team at mytapu.com provide the integrated services for both property purchase and citizenship application. 


     

    Buying a bargain isn’t as easy as buying from an agent or a developer, but why throw money away? When the price savings can range from %5 to 20%, amounting to $5,000 to $50,000, it’s the only way a sensible person would buy. Ask the Team at mytapu.com.  They are ready to help at any step of the procedure.

     

    Additional Reading for Investors:


    Customer Reviews and References for MyTapu 

    Second Passports & Wealth Economics: Maximum Benefit for Minimum Cost: Turkey's Citizenship Investment Program (CBI / CIP


    Residential Property Investors Tool-Kit for Turkey

    Property Finders Service Istanbul and Coastal Turkey,

    Citizenship Investment in Turkey 

    Conveyancing

    The One Source for Every Turkish Mortgage

    Legal Services for Property Matters in Turkey

    Advice for Property Matters in Turkey 

    Valuations

    Property Price Histories in Turkey



    Why Istanbul Lifestyle Retains its Allure for Real Estate Investors…


    All Articles


     

    Keep informed about property matters in Turkey, with articles like this one… sign-up for our periodic Newsletter here…or here…

     

    At mytapu.com our policy is to ensure our clients are fully informed, so that they may make fully informed decisions- this helps to ensure better outcomes all around. 

     

    Building Trusted Relationships is Building Our Business...!

    See What Our Clients Say About Us...


    Every property owner in Turkiye has a tapu, and that is why we named our business my tapu...

     







    #mytapu #buy #property #Turkiye #Turkey #Citizenship $real-estate #Investment #TRUST #testimonials #complaints #REFERENCES #scam #legit #reviews #checks #profile #review #experience #customer #client  #mytapu.com #trustpilot #scamadviser #fees #corruption #my


    How to Buy Central Istanbul Rental Properties at Discounted Bargain Prices

    OFF-MARKET:

    Central Istanbul Rental Properties 

    Discounted Bargain Purchase Prices....

    AAA Multi-Year Rental Contracts in place...

    Cihangir, Taksim, Beyoglu...

    Esentepe, Mecidiyekoy, Sisli...

    Read more about these select and limited Off Market Rental Property Bargains here....


    ]]>    Wed, 15 Nov 2023 23:45:00 +0300    <![CDATA[‘Reservation Deposits’ for Property Purchases in Turkey….]]>https://www.mytapu.com/blogs/post/Reservation-Deposits-for-Property-Purchases-in-TurkeyReasons why a buyer should never pay a reservation deposit for a property in Turkey... Reservation deposits do not reserve anything and are simply and advance in the agent’s pocket... litigation to return them is expensive....]]>

    Reservation deposits do not reserve anything and are simply and advance in the agent’s pocket...  litigation to return them is expensive....

    How’s your property hunting in Turkey going?


    ‘Great….! We’ve found the perfect property, and now following the agent’s advice, the first step is to pay the reservation deposit…’

     

    Buying a property in Turkey, the most important aspect to avoid at all costs, is a situation where you succumb to pressure to pay money for a ‘reservation deposit’. This is entirely unnecessary: there are better alternatives

    Buy Property in Turkey without Reservation deposit- due diligence

    Reservation Deposits & Advance Payments


    • Do not reserve anything... !
    • Do not prevent a sale to another buyer…
    • Require additional legal expenses….
    • Increase risks of non-disclosure…
    • Prevent best price discounts…
    • Are a misleading ploy/tactic…

     

    When in Rome do as the Romans do… when in Turkey, do as the Turks do… 


    ‘Well, Turks pay reservation deposits, too, don’t they? ‘


    Nope. Never have, and never will…! No local Turk buys a property that way, with a reservation deposit - the concept does not exist. Why Turks do not pay reservation deposits when buying property in Turkey…   

     

    ‘But what about all that about reservation deposits I’ve read everywhere on the internet, it says so… ‘

     

    Yes and you know what that is…it’s called ‘pahlavra’ in polite vernacular… or ‘misleading sales patter’ in English... 



    Protect the Dream - Prevent the Nightmare

     If you pay a ‘reservation deposit’ you are financially AND psychologically locked into a transaction procedure that is always prejudiced against your interests, and from there on, you may pay additional cash costs at a later date to rectify various matters that are hidden now (Due Diligence). It is this misleading procedure which is the main reason why more than 85% of foreigners have bought property in Turkey with all sorts of hidden problems. Unable to stomach the need to take legal action to retrieve their deposit, they instead proceed with the property purchase, and defer dealing with the problem until later, when it cost them thousands, and in many cases, jeopardszes their entire investment.

    Reservation Deposits 'Lock' a Buyer 'in' without Full Disclosure and Before Due Diligence

    It is not unusual that an agent will try and hide key information from a buyer, and instead try and ‘lock-in’ the buyer with a ‘reservation deposit’. Doing so, the buyer cannot get their money back without going to court (don’t believe agents promises), and cannot withdraw from buying without losing the money, and is less likely to find out the information, until after the sale is completed, when it is too late for the buyer to change his or her mind.

    Reservation Deposits give Buyer's Nothing in Return

    Paying money over requires also that you receive something in return – and this involves some form of valid contractual documentation, executed in a legally valid manner, and again more costs. Paying money over without receiving anything but a receipt is not sensible. If having paid, you decide for whatever reason not to proceed, despite verbal assurances from agents and sellers that they will repay the deposit, to get them to do so, it is always necessary to engage in unpleasant litigation, which will take 18 -24 months to regain your deposit, and will cost several thousand EUR equivalent in court and lawyers fees, only half of which is recoverable upon receiving judgement. And so it is always advisable to remember to add say EUR 3000 to whatever deposit figure is being asked for, as this is the cost of protecting your deposit, and taking it back if necessary, with contract or without.

    No Guarantees and Not Legally Enforceable

    And remember, paying a 'reservation deposit' does not 'reserve' the property for you in any way, or require the seller to take the property off the market, or prevent the seller from selling to some one else...additional procedures and legal costs are required to prevent an owner from selling to someone else. And yes, the contracts agents provide are generally defective in substance and/or execution. What's more there are additional legal registrations required besides the contract.... More costs, and more risks. A 'reservation deposit' serves no other purpose than to secure an agents commission, which is why agent's often advise that it is 'non-refundable'... So if you want the money back, be prepared for court....

    Removing a Buyer's Price Negotiating Power

    And remember, once you have paid a reservation deposit, you will never be able to negotiate a better price, and the seller is not committed to the price.... Negotiating the best bargain price is not done until the purchase transaction is completed: payment made and ownership transferred. In order to succeed, a buyer must have the Advance Preparations taken care of, and this way there is never a discussion of 'reservation deposits'. Find out more about how to buy at bargain prices....

    Solutions for Countering Manipulative Practices by Agents, Citizenship Consultants, Lawyers, and other Profiteering Middlemen...


    The ‘reservation deposit’ is the most crucial tactic used by agents which a buyer must  avoid at all costs.  Unfortunately it is just one of many deceptive tactics agents use multiple times every day, of every week, of every month. The buyer may be prepared for one tactic, but the agent has many, and will hook the buyer with one of them.

    An unknowing buyer can not possibly learn enough in advance, about all of these tricks, to win in such a situation.

    An experienced Property Finder or Transaction Manager, dealing with agents daily, can and will.

     Ask the Team at mytapu for a FREE copy of 


    'The Guide: How to Buy Like a Local'...email to info@mytapu.com. .


    At mytapu.com our policy is to ensure our clients are fully informed, so that they may make fully informed decisions: this helps to ensure better outcomes all around. 



    How to Reduce ‘Rip-Off’ Risks Buying Property in Turkey


    When or When Not to use a Solicitor for Property Matters in Turkey

    Legal Oversight Management- what is it, when to use it…​​


    Legal Checks on Property and Purchase Transaction in Turkey: Due Diligence

    Legal Services for Property Matters in Turkey


    Valuations and Appraisal Expert Reports

    Are Appraisal Valuations in Turkey Understating Property Prices?

    Buying Turkish Property- Why use an Eksper Rapor ?

    Property Price Histories in Turkey


    Conveyancing


    Completing Transfer of Title, Access, & Payment - 'Conveyancing'​​


    Residential Property Investors Tool-Kit for Turkey

    Property Finders Service Istanbul and Coastal Turkey,

    Citizenship Investment in Turkey

    The One Source for Every Turkish Mortgage

    Advice for Property Matters in Turkey 



     All Articles (click here)

    How to Begin Your Property Purchase in Turkey


    How to Buy or Sell Turkish Property Remotely Online without Travelling June 2020

    The Guide to Buying a Property in Turkey

    The True Cost of Citizenship by Investment in Turkey, for Investors’ Capital AND for Advisory Consultants Brand Value….

    Turkey Residential Real Estate Property Market Outlook, Trends, Forecasts, and Turkish Lira Exchange Rates

    Why Istanbul Lifestyle Retains its Allure for Real Estate Investors…



    Building Trusted Relationships is Building Our Business...!

    See What Our Clients Say About Us...



    ]]>    Sun, 15 Oct 2023 13:19:00 +0300    <![CDATA[Buying Turkish Property- Why use an Eksper Rapor ?]]>https://www.mytapu.com/blogs/post/Precautions-for-Eksper-Appraisal-Property-Reports6Precautions for Property Valuations in Turkey]]>
    Valuation &amp; Appraisal Reports for Turkish Property- Eksper Rapor


    At mytapu.com, business for foreign buyers is done a new and better way. 


    A way that is much safer for buyers.


    How? 


    Simply by requiring the seller to provide an expert appraisal report from a licensed and certified appraiser, called an Eksper Rapor, before the property purchase transaction begins, and  not at the end  of the transaction - which means before discussing or negotiating the price, advance payments, etc. 


    Step1: The Eksper Rapor provides all the essential information required in a standard legal search. With this report in hand, buyer’s rest assured all essential, information about permits, ownership, cadastral, and structural details have been checked. 


    Step 2: Next step is then to  obtain confirmation that the checked information is what is required to qualify the property as being safe and secure for investment, and for this a independent professional specialist and expert (not the agent or lawyer  referred) should be relied upon, because the report itself provides information but does NOT guarantee that information is acceptable and meets requirements - for example about permits. An experienced independent expert will need to perform the due diligence on the information provided in the report to determine the acceptable status of the various detailed information provided in the report- and there are many surprising aspects where this is essential (legal, cadastral, planning permits, flood plains, construction conformity with regulations, etc.) Due Diligence by an independent expert is essential.


    The experts at mytapu have been advising foreign investors to obtain expert appraisal reports since 2007, and recently the Turkish authorities also adapted the practice, by introducing a new regulation requiring international non-Turkish buyers to be provided with a report for their property purchases. 


    This is why Turkish buyers from Istanbul and Ankara use mytapu.com when buying property in Turkey, and retirement homes on the Turkish Riviera….So if you have found a property, and want to make sure it’s safe to buy, tell the experts at mytapu.com, and they will do the rest.…


    Keep informed about property matters in Turkey, with articles like this one…sign-up for our periodic Newsletter here…or here…

     

    At mytapu.com our policy is to ensure our clients are fully informed, so that they may make fully informed decisions- this helps to ensure better outcomes all around. 

     

    Suggested Reading:

    Residential Property Investors Tool-Kit for Turkey

    Property Finders Service Istanbul and Coastal Turkey,

    Valuations and Appraisal Reports

    Due Diligence and Legal Checks

    Citizenship Investment in Turkey 

    Conveyancing

    The One Source for Every Turkish Mortgage

    Legal Services for Property Matters in Turkey

    Advice for Property Matters in Turkey
    All Articles

     

    Building Trusted Relationships is Building Our Business...!

    See What Our Clients Say About Us...




    ]]>    Sat, 12 Aug 2023 01:27:00 +0300    <![CDATA[How to Buy or Sell Turkish Property Remotely OnLine without Travelling ]]>https://www.mytapu.com/blogs/post/How-to-Buy-or-Sell-Turkish-Property-Remotely-OnLine-without-Travelling... the key procedures to be followed & documents required, all can be done in your home country, without travelling to Turkey.]]>
    How to Buy or Sell Turkish Property Remotely without Travelling June 2020
    How to Buy or Sell Turkish Property Remotely without Travelling June 2020


    Completing Transfer of Title, Access, & Payment - 'Conveyancing' ...


    Conveyance & Completion Remotely...

    • Online (remotely) or In-Person; Automated or Manual
    • Independent Legal Advice
    • Payment Protection Techniques
    • Procedures, Documents, Registrations & Verification
    • Standard On-Line Banking Channels
    • Payments via Turkeys 'e-gov' Settlements Bank


    With guidance and instructions from mytapu.com specifying the key procedures to be followed & documents required, all can be done in your home country, without travelling to Turkey. Contact us today at info@mytapu.com: add your WhatsApp or Viber number to request a call back.


    Additional Reading About Conveyancing, Legal Advice, Solicitors etc


    Additional Reading for Buyers:


    Residential Property Investors Tool-Kit for Turkey

    Property Finders Service Istanbul and Coastal Turkey,

    Citizenship Investment in Turkey

    Conveyancing

    The One Source for Every Turkish Mortgage

    Legal Services for Property Matters in Turkey

    Advice for Property Matters in Turkey 

    Valuations

    Property Price Histories in Turkey



    All Articles

    The True Cost of Citizenship by Investment in Turkey, for Investors’ Capital AND for...

    The Guide to Buying a Property in Turkey

    Why Istanbul Lifestyle Retains its Allure for Real Estate Investors…

    Istanbul Life is the Choice for Turkish Citizenship Property Buyers…
    What a Good Property Investment in Turkey Looks Like...
    How to Find Property to Buy in Turkey?
    Mytapu.com: Why is it ‘The Safe Way to Buy’ Property in Turkey?
    The Smart Way to Find the Best Property Deals in Turkey
    How to Buy Property in Turkey for a Bargain...

    Buy from an Agent or with a Property Finder?
    Three Simple Reasons to use a Property Finder....
    Buying Turkish Property- Why use an Eksper Rapor ?
    Are Appraisal Valuations in Turkey Understating Property Prices?
    Independent Legal Advice for Property Purchases in Turkey
    ‘Reservation Deposits’ for Property Purchases in Turkey…
    Property Purchase Disputes in Turkey- Re-claiming Reservation Deposits
    What is 'Conveyancing' and why is it essential?
    When or When Not to use a Solicitor for Property Matters in Turkey


    Keep informed about property matters in Turkey, with articles like this one…sign-up for our periodic Newsletter

     

    At mytapu.com our policy is to ensure our clients are fully informed, so that they may make fully informed decisions- this helps to ensure better outcomes all around. 

     

    Building Trusted Relationships is Building Our Business...!


     #PropertyTurkey #RealEstate  #Turkey  #property #Sell #conveyance #online #remote



    ]]>    Sat, 12 Aug 2023 01:27:00 +0300    <![CDATA[How to Reduce ‘Rip-Off’ Risks Buying Property in Turkey]]>https://www.mytapu.com/blogs/post/How-to-Reduce-Rip-Off-Risks-Buying-Property-in-TurkeyFollow the four steps to buy the 'MyTapu Way - Like a Local'... including legal checks and due diligence...]]>
    Due Diligence on Property Purchases in Turkey- Payments, Property, and Procedures June 2020
    Due Diligence on Property Purchase, Procedures and Payments in Turkey June 2020

    Oct 5 2023 How to buy a property in a foreign country? The people selling the property – agents, developers, and the solicitors they recommend- will usually assure you there will be ‘no problem’. Should you believe them? They make it seem so simple. Just like home.

    There will be similarities between your home country and a foreign country like Turkey when it comes to buying. The general principles are the same. And that’s were it ends. The details are different, and that’s where the danger lies.

    The risks are associated with a different language, culture, legal system, and of course, property system, known as a cadastral system. It may be that in your home country many of these risks have been removed because the various aspects have been regulated, and standardised. The property system in Turkey is moving in that direction, too, but is not there yet. And for that reason the risks remain.


    Consider that the legal system in Turkey is much more limited when it comes to consumer protection laws that will guard buyer’s interests. And much more limited when it comes to certain laws related to fraud. So a foreign buyer should beware the risks and take the necessary measures for protection. ‘Buyer beware’ applies as a good rule to follow.


    The protection to follow at the very first stage, before negotiating any aspects of purchase terms, price, etc, is called Preliminary Due diligence, and is followed by the full due Diligence. Being diligent about all details is the care that is due to your capital for protection.


    Due Diligence covers many aspects of the property, including checks on title, cadastral mapping, ownership, representation, permits, structural build quality, etc, and more. But due diligence also extend beyond checks simply on the property itself. Yes, if the permits re not right, it can take many months and several thousand Euro in penalty charges and fees to make the property legal. There is no way around that now, as the tax man in Turkey will tell you.


    Due diligence extends also to the transaction. That means checks on the procedures; because these govern the way you commit your capital. And checks on the counter-parties, because these are the people that are representing themselves as having the ownership and /or authority to sell the property – do they? And due diligence also extend to the payments, because this is where your capital is at risk, and where your losses begin. For example, a little due diligence on the payment procedures related to reservation deposits reveals that simply making a payment as a reservation deposit will legally achieve nothing of what you might have been led to believe, because such a payment will not prevent the seller from selling to another party. There are additional liens that are required, to do that, and even so, nothing legally can compel a property owner to sell to a buyer.

     

    With recent regulation foreign buyers are required to be provided with an eksper appraisal report before purchasing. This provides some relief, because the sale of property to foreigners in Turkey is un-regulated. To address the growing dis-satisfaction and complaints from ripped off foreign buyers; the government introduced this new measure. It is good, but it does not address all the risks. And more to the point, the eksper appraisal report only provides information, it does not tell whether that information is sufficient to satisfy various legal, insurance or financing requirements, and it s not a ‘seal of approval’ confirming the property is safe to buy. In addition, the report still needs to be translated into English, and then interpreted to understand whether the information provided is satisfactory for legal, insurance, a and financing purposes. The experts at mytapu provide this service, and others, related to eksper appraisal reports...

     

    So yes there are plenty of risks that require investigation, and good stewardship to mitigate. The Transaction Managers at mytapu.com have been managing Due Diligence on residential and commercial property in Turkey for more than 20 years, and their experience, cadastral and legal knowledge, is the essential shield that protects a buyers capital, and peace of mind, to avoid the sleepless nights of nightmares so many foreign buyers in Turkey have experienced, after a purchase, relying on the assurances of the sellers, agents, lawyers etc.   

     

    The best part about Due Diligence is that the fees charged by professionals can usually be recouped 2x or 3x in the amount saved on transaction expenses. Those are significant savings, on a purchase of Eur 50,000 of about EUR 3-7,000, and on a citizenship purchase of $250,000 can amount to $15 – 40,000. These savings achieved by good due diligence can cover the cost of furnishings, and contribute to ensuring the re-sale value of the property is not less than what was paid, as has been the case of more than 90% of foreign buyers in Turkey that purchased without good due diligence.

     

    Contact us today at info@mytapu.com: add your WhatsApp or Viber number to request a call back.


    Caveat emptor...! Buyer Beware !

     



    How to Reduce ‘Rip-Off’ Risks Buying Property in Turkey

    When or When Not to use a Solicitor for Property Matters in Turkey

    Legal Oversight Management- what is it, when to use it…​​


    Legal Checks on Property and Purchase Transaction in Turkey: Due Diligence

    Legal Services for Property Matters in Turkey


    Valuations and Appraisal Expert Reports

    Are Appraisal Valuations in Turkey Understating Property Prices?

    Buying Turkish Property- Why use an Eksper Rapor ?

    Property Price Histories in Turkey


    Conveyancing

    Completing Transfer of Title, Access, & Payment - 'Conveyancing'​​


    Residential Property Investors Tool-Kit for Turkey

    Property Finders Service Istanbul and Coastal Turkey,

    Citizenship Investment in Turkey

    The One Source for Every Turkish Mortgage

    Advice for Property Matters in Turkey 



     All Articles (click here)

    How to Begin Your Property Purchase in Turkey

    Where to Buy Property in Turkey ? The Search Begins at Online Portals…

    Property for Sale in Turkey by Owner

    How to Buy or Sell Turkish Property Remotely Online without Travelling June 2020

    The Guide to Buying a Property in Turkey

    The True Cost of Citizenship by Investment in Turkey, for Investors’ Capital AND for Advisory Consultants Brand Value….

    Turkey Residential Real Estate Property Market Outlook, Trends, Forecasts, and Turkish Lira Exchange Rates

    Why Istanbul Lifestyle Retains its Allure for Real Estate Investors…





    Keep informed about property matters in Turkey, with articles like this one…sign-up for our periodic Newsletter

     

    At mytapu.com our policy is to ensure our clients are fully informed, so that they may make fully informed decisions- this helps to ensure better outcomes all around. 

     

    Building Trusted Relationships is Building Our Business...!


     


    #DueDiligence #Permits #TransactionCosts #TransferTaxes #Permits #Iskan #katIrtifaki #Buy #Property #Turkey #Risks #RipOff #Rip-Off #eksper #appraisal #report #rapor


    ]]>    Sat, 12 Aug 2023 01:27:00 +0300    <![CDATA[Buy Property in Turkey? But why?]]>https://www.mytapu.com/blogs/post/Buy-Property-in-Turkey-But-whyWhy Buy Property in Turkiye/ Turkey ? A look at the facts: Investment Merit, Lifestyle Advantages- Economic growth, Depressed valuations, Lifestyle acceleration, Income yield, Off market secrets, and links to insights into the attractions of the Eastern Mediterranean, and Turkish life-style ....]]>
    Buy Property in Turkey? Why? 1) Investment Merit 2) Lifestyle Advantages

    Why Buy Property in Turkey?

    1. Investment Merit
    2. Lifestyle advantages

     

    If you are rightfully skeptical, then never mind the boastful, unsupported reasons you may have read about.  


    As an investor, your judgement relies upon more than hot air. You will know that buying, holding, and ‘hoping’ that prices go up, is a fool’s errand. That type of price increase, is only reflecting inflation. A professional investor makes money above and beyond the inflation rate, by following the old investment adage, ‘make half your profit on the way ‘in’ when you buy, and half on the way ‘out’ when you sell’. So consider the facts about how exactly this opportunity presents itself to buy property in Turkey, now:

     

    Investment Merits

     

    Capital Appreciation:

     

    • Economic Growth: Turkey’s rapid population growth rates ensure future demand for property, and higher prices. The rapid growth will result in Turkey becoming the world’s fifth largest economy by 2030, according to research from Standard Charter Bank, (courtesy of Visual Capitalist). This supports upward price trends when the time comes to sell.
    • Housing Renewal Demand: Annual new home demand is running at 400,000 units per year for the next 20 years, as new earthquake resistant construction, mandated by law, replaces old housing stock. This supports upward price trends when the time comes to sell.
    • Depressed Valuations: The present Turkish Lira Currency Crisis, with a spike in interest rates to 20%+,  has currently depressed resale prices 15-30% below the long term trend-line average. This is your opportunity to make half your profit on the way in.
    • Lifecyle Acceleration: Rapid population growth means amplified effect in all lifestyle segments every three to four years, due to larger, young and growing families. This supports upward price trends when the time comes to sell, and is why Turks are now the largest buyers in coastal regions of Turkey.

     

    Income Yield:

     

    a) Segments: The demand for rental property in Turkey is supported by the same population growth and demographic life-cycle factors mentioned above,  especially as long as mortgage interest rates remain in high double figures, as is the case presently: but unlikely to continue for long. The keys to investing are knowing which demographic segments and which locations will provide the highest returns, and professional investment guidance for sourcing with a location assessment, and finding the optimal type of rental properties,  is a must.

     

    b)Yields: Standard residential rental income yields in Turkey are not especially better than anywhere else, but are increasing from the 3%-5% range, towards 7%. This alone is not a compelling reason to invest. Indeed, if you buy a property from an agent, the rental income assessment is not to be relied upon- agents only sell what they have been given to sell, not what an investor wants to find to buy, and needs to buy.   


    c) Off-Market Secrets: Fortunately for investors, there are little known segments of the rental market that are generating exceptional residential property rental income yields above 12% in hard currency: income in Euro, not Turkish Lira. That’s double the rate of the normal long term trend line yield in all international markets.

     

     

    Execution

     

    Execution is more than just ‘Knowing’: it’s about ‘Doing’.  

    Considering the above facts, a buyer of property in Turkey is looking at a viable and attractive investment proposition.  Knowing the facts is just the start: the knowledge alone will not make the investment happen. An investor still must put a plan into action. In other words, and investor must ‘execute’ a plan. And for that, there are ample professional investment services available in Turkey, once one realizes that buying through an agent is a sure way to pay too much, for something in the wrong place, and not part of a viable investment plan. There are safer, smarter, and better ways to buy property in Turkey. And for non-Turkish speaking investors, the best of these service provider is mytapu.com.

     

    Life-Style Advantages

     

    A reader of this article most likely already understands the advantages of living in Turkey, and why more than 70,000 Northern Europeans have chosen to buy into the Turkish lifestyle, with property ownership, in just the last ten years. If you do not know, please accept our invitation at mytapu.com to come, and find out for yourself, by contacting us, at info@mytapu.com. . 

     

    Read more insights into the attractions of the Eastern Mediterranean, and Turkish life-style here:


    Keep informed about property matters in Turkey, with articles like this one…sign-up for our periodic Newsletter here…or here…

     

    At mytapu.com our policy is to ensure our clients are fully informed, so that they may make fully informed decisions- this helps to ensure better outcomes all around. 


    Building Trusted Relationships is Building Our Business...!

    See What Our Clients Say About Us...



    ]]>    Tue, 16 Jul 2019 22:45:19 +0300    <![CDATA[Are Appraisal Valuations in Turkey Understating Property Prices?]]>https://www.mytapu.com/blogs/post/Are-Appraisal-Valuations-in-Turkey-Understating-Property-Prices


    Non-Turkish property purchasing investor in Turkey: ' We were recently told by an estate agent in Turkey that the valuations of property provided in appraisal reports are 30% less than market prices….  That means if our family want to make a property investment of $250,000 to obtain citizenship and passports, we need to be paying about $350,000 because the valuation will be 70% of 350,000, which meets the minimum requirement $250,000. Can this be true? 


    Fortunately we found local experts to help us with this, and what they told us is ... '


    This is NOT true, and many agents will say such things because they know very little about professional real estate practices, and focus instead on saying what-ever is necessary to maximise their commissions and profits - and the 30% often reflects their hidden marked-up profit margin. . The reason it is not true is very simple: the valuations provided in appraisal reports are based on real world market price comparisons of three property sales  in the last 90 days paid for property in similar location, size, and finishing quality, to the property being valued.


    So the price the valuation price is based on actual sales prices in the market - it is a market price.  Most agent do not know this, just as they know very little about other aspects of real estate business, unlike the surveying profession which receive years of education and a degree, and unlike the valuation experts themselves, that receive training, pass exams, and receive licenses from the Capital Markets Regulatory Board of Turkey.


    In their ignorance agents also confuse matters. An appraisal report prepared for a bank for mortgage financing purposes will have more than one valuation reported: the market value; the forced sale value; and liquidation value.  In some instances a bank lender may stipulate the liquidation value to be set at a 20% discount from the market value. And an estate agent may become confused by this.


    In some cases it is also possible that an official appraiser is under pressure to complete reports quickly. The appraisal eksper may not research the local market adequately, with the time necessary, to find the most recent and best three property sales comparisons.  And so the valuation price reported may not be the most accurate. Often times this is because there is no simple fast way, or place, to find a record of the most recent sales transactions. This situation happens more often in quiet, small, coastal communities.


    Fortunately again, there is a solution available, for a property seller that wants to ensure his property receives an accurate valuation, and thus receives an optimal, and  accurate bid from a buyer. The experts at mytapu.com provide a ‘quality control’ service to address this shortcoming in appraisal reports. A seller that wishes to maximise the valuation of their property, is advised  to instruct this ‘quality control’ work BEFORE a buyer requests an appraisal report, as having the ‘quality control’ performed after the appraisal report is completed, is far more difficult and expensive. This is especially important if the property owner is hoping to sell to a foreign buyer, because as of March 2019, it is a mandatory regulatory requirement that all foreign buyers must be presented with an appraisal report ( Gayrimenkul degerleme eksper raporlar ) before completing the purchase of a Turkish property.


    Simply by requiring the seller to provide an expert appraisal report from a licensed and certified appraiser, called an Eksper Rapor, before the property purchase transaction begins, and not at the end of the transaction - which means before discussing or negotiating the price, advance payments, etc. 


    Step1: The Eksper Rapor provides all the essential information required in a standard legal search. With this report in hand, buyer’s rest assured all essential, information about permits, ownership, cadastral, and structural details have been revealed and disclosed.. 


    Step 2: Next step is then to  obtain confirmation that the checked information is what is required to qualify the property as being safe and secure for investment, and for this a independent professional specialist and expert (not the agent or lawyer  referred) should be relied upon, because caution is required...  the report itself provides information but does NOT guarantee that information is acceptable and meets requirements - for example about permits. An experienced independent expert will need to perform the due diligence on the information provided in the report to determine the acceptable status of the various detailed information provided in the report- and there are many surprising aspects where this is essential (legal, cadastral, planning permits, flood plains, construction conformity with regulations, etc.) Due Diligence by an independent expert is essential.


    The experts at mytapu have been advising foreign investors to obtain expert appraisal reports since 2007, and recently the Turkish authorities also adapted the practice, by introducing a new regulation requiring international non-Turkish buyers to be provided with a report for their property purchases. 


    Don’t believe agents, ask an expert… 


    Keep informed about property matters in Turkey, with articles like this one…sign-up for our periodic Newsletter here…or here…

     

    At mytapu.com our policy is to ensure our clients are fully informed, so that they may make fully informed decisions- this helps to ensure better outcomes all around. 

     

     

    Building Trusted Relationships is Building Our Business...!

    See What Our Clients Say About Us...




    Additional Reading for Buyers:

    Residential Property Investors Tool-Kit for Turkey

    Property Finders Service Istanbul and Coastal Turkey,

    Citizenship Investment in Turkey 

    Valuations

    Due Diligence

    Conveyancing

    The One Source for Every Turkish Mortgage

    Legal Services for Property Matters in Turkey

    Advice for Property Matters in Turkey
    All Articles



    Additional Reading for Sellers:

    Legal Work on Property Matters

    Property Selller’s  Tool-Kit for Turkey

    ShowCase Solutions

    Digital On-Line Sales Distribution

    Peer-to-Peer On-Line Exchanges

    Conveyancing & Completion

    Advice for Property Matters in Turkey

    All Articles





    ]]>    Fri, 12 Apr 2019 05:57:41 +0300    <![CDATA[Is it Better to use a UK solicitor or a Turkish solicitor for Property Conveyancing in Turkey…?]]>https://www.mytapu.com/blogs/post/Is-it-better-to-use-a-UK-solicitor-or-a-Turkish-solicitor-for-Property-Conveyancing-in-Turkeyresolve an important conundrum.]]>
    Legal &amp; Conveyancing Services for Property Real Estate in Turkey

    Either choice, whether a Turkish solicitor at a UK based firm, or a solicitor based in Turkey, does not resolve an important conundrum. Turkish solicitors do not have experience of managing risks in the UK like a UK conveyancer or solicitor because they are not licensed to practice in the UK, and thus they do not have the experience of knowing what a UK conveyancing entails- do they have a UK conveyancing license? UK solicitors are not licensed to practice in Turkey and thus do not have the experience or knowledge of dealing with Turkish cadastral property regime, and thus are in no position to manage the conveyancing risks for property transactions in Turkey.

    Underlying this conundrum is that the cadstral real property regime in the UK and in Turkey are completely different. Yes – completely different. Where as the UK system has commonalities with other anglo-saxon and common law countries such as the US and Australia etc, from the days of the British empire, the Turkish system originates from foundations established in Ottoman times and has commonalities with countries such as Greece and Bulgaria from the days of the Ottoman empire.


    These circumstances explain best why the present situation related to conveyancing for foreign property transactions, is so rife with malpractice. The good news is, that this is completely unnecessary and arises only because matters are a bit complex to communicate. The reality in practice is, that if foreigners know and do the simple things Turks know and do, the procedural regime in Turkey has built-in layers of protection for their benefit. The misleading practices and misinformation provided by estate agents and developers dealing with foreigners in ways different from dealing with Turks, like requiring ‘reservation deposits’, is the root cause of so many problems, that negate these built-in protections.

     

    Is it necessary to use a solicitor to benefit from these protections? Absolutely not… the Turkish system is designed to protect both the buyer and the seller, and does so perfectly adequately- assuming some simple basic local know-how. Unfortunately this know-how is concealed by the subterfuge of agents, in their quest to prioritise their commission capture.


    At mytapu.com our policy is to ensure our clients are fully informed, so that they may make fully informed decisions- this helps to ensure better outcomes all around. 



    How to Reduce ‘Rip-Off’ Risks Buying Property in Turkey

    When or When Not to use a Solicitor for Property Matters in Turkey

    Legal Oversight Management- what is it, when to use it…​​


    Legal Checks on Property and Purchase Transaction in Turkey: Due Diligence

    Legal Services for Property Matters in Turkey


    Valuations and Appraisal Expert Reports

    Are Appraisal Valuations in Turkey Understating Property Prices?

    Buying Turkish Property- Why use an Eksper Rapor ?

    Property Price Histories in Turkey


    Conveyancing

    Completing Transfer of Title, Access, & Payment - 'Conveyancing'​​

    Residential Property Investors Tool-Kit for Turkey

    Property Finders Service Istanbul and Coastal Turkey,

    Citizenship Investment in Turkey

    The One Source for Every Turkish Mortgage

    Advice for Property Matters in Turkey 



    All Articles (click here)

    How to Begin Your Property Purchase in Turkey

    How to Buy or Sell Turkish Property Remotely Online without Travelling June 2020

    The Guide to Buying a Property in Turkey

    The True Cost of Citizenship by Investment in Turkey, for Investors’ Capital AND for Advisory Consultants Brand Value….

    Turkey Residential Real Estate Property Market Outlook, Trends, Forecasts, and Turkish Lira Exchange Rates

    Why Istanbul Lifestyle Retains its Allure for Real Estate Investors…


    Building Trusted Relationships is Building Our Business...!

    See What Our Clients Say About Us...

    ]]>    Sun, 25 Nov 2018 14:01:20 +0300    <![CDATA[When or When Not to use a Solicitor for Property Matters in Turkey]]>https://www.mytapu.com/blogs/post/When-or-When-Not-to-use-a-Solicitor-for-Property-Matters-in-Turkeyone needn’t appoint an attorney to provide ‘blanket coverage’ of providing a fully inclusive service, especially for a conveyancing]]>
    Do I need a solicitor to buy property in Turkey?

    For assistance and managing conveyancing and general real estate related matters in Turkey, appointing a solicitor in most often preferable, to receive the independent professional advice necessary to protect your interests. That first step, of acknowledging the need for protecting one’s interests, is a key aspect of successfully managing your investment interests and assets.

    As one becomes more experienced with different matters and attorneys, quite quickly the realisation emerges that it is not essential for an attorney, or advocate, to do certain things: any one may do them. This is especially true of the many, many procedural matters at notaries, the land registry, the tax office, the local ‘belediye’ municipality.  And in most cases an attorney will not do these things themselves, but will delegate the work to a member of service staff, or an outside practionier- notary, interpreter, clerk, council worker, etc… 

     

    The point is that one needn’t appoint an attorney to provide ‘blanket coverage’ of providing a fully inclusive service, especially for a conveyancing and one needn’t incur the costs that this involves. Attorneys are legal advisers and as such their services should be managed specifically for those aspects of matter requiring specific legal advice or specific legal action. Many times appointing an attorney for dealing with an issue is entirely inappropriate because in the law there are no grounds for an attorney’s intervention to result in a particular outcome. 

     

    So the solution is to obtain more information about an issue, preferably from local Turkish persons that have some experience in a specific matter, but are not attorneys, and most likely they will suggest a simpler and more cost effective way to deal with a matter. In this way one builds social capital with the local community, and so this is always the best and preferred first step to try, along the way to finding a solution. However, it is not always the case this approach will provide sufficient clarity or results, and so an alternative ‘back-up’ is to request advicefrom experienced practitioners at mytapu.com , and obtain some initial free advice, which at some point will run into ‘paid advice, obviously, because they are not a public service agency…

     

    Seeking advice from other non-locals and foreigners, is not recommended or advisable, as in most cases the knowledge they have is not accurate, simply because they have limited repeat experience, and obtaining clarity with full understanding during one or two episodes of dealing with a matter, is often unexpectedly difficult… Certainly, it is never a sensible idea to rely on any information received from an on-line forum populated with foreigners… The best to be expected is that the gracious person wishing to help are themselves misinformed, and worse, there are more devious types that intentionally provide misinformation for their own schemes and purposes…

     

    Regrettably, as the experience of far too many foreign real estate buyers has shown repeatedly and consistently for more than 10 years, too often the solicitors appointed, particularly in small coastal towns, often have ‘conflicts of interests’ that they will not acknowledge, even when questioned. And quite often, they may find their independent advice prejudiced by having someone in the local town coming and having ‘a word’ with them, in the interests of some other party, thus prejudicing the interests of the client. Facts of life, and the reality we deal with, day to day… For these reasons, it is often more sensible to appoint an attorney from a distant town, without relations to the specific developer or other counter-parties, as one precautionary measure.

     

    Yes there is a time and place where a solicitors services are essential and required. Knowing when, why an how is information obtainable from mytapu.com, often with references regarding solicitors, good and bad, having experienced the services of more than 67 solicitors in Istanbul Ankara and all up and down the Turkish coast, over the previous twenty five years.



    At mytapu.com our policy is to ensure our clients are fully informed, so that they may make fully informed decisions- this helps to ensure better outcomes all around. 



    How to Reduce ‘Rip-Off’ Risks Buying Property in Turkey

    Legal Oversight Management- what is it, when to use it…​​


    Legal Checks on Property and Purchase Transaction in Turkey: Due Diligence

    Legal Services for Property Matters in Turkey


    Valuations and Appraisal Expert Reports

    Are Appraisal Valuations in Turkey Understating Property Prices?

    Buying Turkish Property- Why use an Eksper Rapor ?

    Property Price Histories in Turkey


    Conveyancing

    Completing Transfer of Title, Access, & Payment - 'Conveyancing'​​


    Residential Property Investors Tool-Kit for Turkey

    Property Finders Service Istanbul and Coastal Turkey,

    Citizenship Investment in Turkey

    The One Source for Every Turkish Mortgage

    Advice for Property Matters in Turkey 


    All Articles (click here)

    How to Begin Your Property Purchase in Turkey

    How to Buy or Sell Turkish Property Remotely Online without Travelling June 2020

    The Guide to Buying a Property in Turkey

    The True Cost of Citizenship by Investment in Turkey, for Investors’ Capital AND for Advisory Consultants Brand Value….

    Turkey Residential Real Estate Property Market Outlook, Trends, Forecasts, and Turkish Lira Exchange Rates

    Why Istanbul Lifestyle Retains its Allure for Real Estate Investors…


    Building Trusted Relationships is Building Our Business...!

    See What Our Clients Say About Us...

    ]]>    Sun, 25 Nov 2018 13:56:08 +0300