mytapu.com - Articles #Legal Oversightmytapu.com - Articles #Legal Oversighthttps://www.mytapu.com/blogs/tag/legal-oversightTue, 21 Apr 2026 08:04:19 -0700http://zoho.com/sites/<![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[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[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<![CDATA[Legal Oversight Management- what is it, when to use it…]]>https://www.mytapu.com/blogs/post/Legal-Oversight-Management-what-is-it-when-to-use-itbetter managed by an experienced case management practitioner, to ensure the nitty gritty workload is managed efficiently, and cost effectively, with as little risk, as possible. This is ‘Legal Oversight Management’.]]>
Legal Oversight and Case Management for Litigation of Property Matters in Turkey

In situations where litigation is the most obvious next step to resolve a dispute, it is not uncommon to refrain from pursuing matters through the courts, because of the daunting prospects of the time, work and aggravation entailed; researching for an experienced solicitor, attorney, or advocate; drafting up and presenting a summary outline of the heads of case; obtaining an opinion that may be interpreted to provide an accurate understanding of the prospects of success; negotiating the fee structure – upfront costs and success fees; agreeing budgets with legal counsel and scheduling a payment plan; collecting together all the supporting evidence and collating it into a delineated file; managing due care at the different stages of the case to ensure the costs are incurred wisely, and the next steps in the case progression are in keeping with the overall objectives and purpose; tracking the courts decisions and planning for preparations in advance of the next hearing; negotiating settlement offers prior to or after court judgement; assessing different alternatives for enforcement proceedings to collect monies; negotiating payment plans; and generally dealing with the complexities. 

These challenges, including the time and energy required, not to mention cost budgeting, are real barriers to proceeding for most people. And that is why these activities are better managed by an experienced case management practitioner, to ensure the nitty gritty workload is managed efficiently, and cost effectively, with as little risk, as possible. This is ‘Legal Oversight Management’.


Legal Oversight Management is not about legal advice- that is only provided by members of a legal bar association- instead it is about the ‘project management’ of the case. And that includes communicating all aspects of the legal advice, and case matters, in an efficient and succinct manner for the purposes of avoiding mis-understandings, providing clarity, enforcing performance obligations of the legal advisors, and maintaining costs within budget. Worrying about the costs of the clock ticking over and bills adding up while one is desperate to obtain clarification from a legal adviser, is just one example of how and why Legal Oversight Management is a viable solution to dealing with case management challenges.

 

Litigation is a long and winding road, and it’s true what they say…’only the lawyer’s benefit’. Well not entirely true- the lawyers certainly benefit most. Bringing litigation to recoup losses, if successful, will result in a positive outcome in terms of money regained, but rarely 100% of the amount lost, and rarely to the extent that it makes the plaintiff one hundred percent ‘whole’ again. Never-the-less, when large sums are involved, recouping 50-80% is a reasonable outcome. And if you have the services of an experienced project manager for your case, to  deal with the Legal Oversight Management, it makes the prospects of engaging in litigation very much more manageable, easy, and affordable… thereby increasing the attractiveness of the litigation route, as a solution to be applied for difficult dispute resolutions.


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 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...please click here...


]]>Sun, 25 Nov 2018 13:45:33 +0300<![CDATA[Mytapu.com: Why is it ‘The Safe Way to Buy’ Property in Turkey?]]>https://www.mytapu.com/blogs/post/Mytapu-com-Why-is-it-The-Safe-Way-to-Buy-Property-in-Turkey


Did you know that Turks buy property in Turkey in a different way than foreigners? Most foreigners don’t know this- even those from the UK, Russia, and other countries, that have already bought, and have been owners for years.

 

So how is the procedure different? Guided by estate agents that specialise in selling property to non-Turkish speaking buyers, a foreign buyer is invited to inspect the property- and the emphasis is always on the pictures, the size, and visits to see the interior, exterior, the location, etc

 

Next step? Pay a reservation deposit. Does this mean that the seller can not sell the property to someone else? No, there is no legally binding contract to prevent selling to someone else. Is the estate agent required to take the property off their ‘for sale’ listings? No, but some agents may say they will, but do they? Rarely, if ever…. So what is the purpose of paying a reservation deposit? In practice, the reservation deposit commits the buyer to the transaction, not the seller... and pays the agent's commission in advance.

 

Next Step: The seller provides an  appraisal report which includes a valuation. 


Finally, arrange an appointment at the Land Registry for the final payment and transfer of ownership title, and payment of taxes, and miscellaneous charges, etc.

 

Sometimes along the way, the foreigner may become more concerned and careful, and ask for a contract. Sadly, the contract they are given is rarely in good legal form (called a ‘pre-sales’ contract), and almost never issued with the proper legal procedure (notarised). This means the contract’s validity is questionable- even those overseen by local lawyers.

 

So this is the procedure agents guide their foreign buyers through. Unfortunately, one key important step, perhaps the most important step, is missing… a legal search and assessment of all permits, title, cadastral, and structural details about the property - due diligence ! Should a buyer rely on the agent’s answers and assurances about these key issues? Never. Agents and the lawyers they refer usually will say whatever is necessary to convince the buyer to complete the purchase so they can share the commission and hidden price mark-ups... 


What happens when a buyer asks for documents showing the information requested? Most often the agent insists the buyer pay the reservation deposit first.... Should a buyer pay over a cash reservation deposit before receiving the legal search documents? 


Never- problems with permits are widespread. Usually an agent will risk losing a buyer, before doing this work, of providing the documents (and the seller may never know!). 

 

So the purpose of paying a reservation deposit is two fold: to ensure the buyer is committed to the transaction before having a legal search done on the legal status of permits, ownership, etc; and to ensure the agent receives their commission- because the agent doesn’t give the reservation deposit to the seller, but retains it as part of their commission!

 

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 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.



At mytapu.com, business for foreign buyers is done in a new and better way. A way that is much safer for buyers. Thanks to mytapu.com, foreigners can now receive in advance an Eksper Rapor covering all key legal issues, and buy a property with-out paying a reservation deposit, and without a pre-sales contract of questionable validity. 


The Team at mytapu.com are pleased to announce that the myatpu.com way of buying property,  with an Expert Appraisal Report, has now become a Turkish Regulatory Requirementfor property purchase by foreigners, as of February 15,  2019, and will also be required for purchases by Turkish nationals in the future..

 

And guess what…? This how local Turks buy property - without paying any reservation deposit. Instead, locals simply pay the full amount at the Land Registry or Tapu office on the day of the transfer of title. 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, on an agent's website or elsewhere, and want to make sure it’s safe to buy, tell the experts at mytapu.com, and they will do what’s required. The Safe Way to Buy Property in Turkey is just like the locals do. And now at mytapu.com foreigners, too, can buy like the locals!


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

Due Diligence

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...


]]>Fri, 03 Nov 2017 06:29:03 +0300<![CDATA[Property Purchase Disputes in Turkey- Re-claiming Reservation Deposits]]>https://www.mytapu.com/blogs/post/Property-Purchase-Disputes-in-Turkey-Re-claiming-Reservation-Deposits


Foreign buyers of Turkish properties often find themselves in a situation where what they thought they agreed to acquire is not what they are getting. In cases where the matter is not amicably resolved with the Turkish seller or developer, what alternatives are available?

 

Fortunately, legal action to reclaim pre-paid reservation deposits or off-plan deposits is not a fruitless course of action. In fact, it can be relatively cost-effective and swift, in comparison to other legal jurisdictions, such as the U.K. However, there are two caveats.

 

First, much depends on the specific details of the situation- which means that every case is different. Beware of general statements such as ‘ your funds can be reclaimed and returned’. Yes it is possible, and our team of legal experts have been doing so continuously for years for our foreign clients, but the devil is in the detail. And it is those details that are essential to executing the litigation and enforcement procedures in an efficient and cost effective manner. So be prepared to focus on dealing with the detailed documentary evidence required, and our legal experts at mytapu.com will be happy to do the rest.

 

Second, not all legal advisors are the same. Importantly, it is often essential to use legal advisors that are not in, or near, the specific town or area where the property and dispute are located. This is because quite often and typically, the local advisers come under the influence of the counterparty that a foreign buyer comes into dispute with. This is normal in the sense that locally, the legal advisers live and work in the same community, and may have previous and ongoing work together with the local constructors, agents and developers, which creates a conflict of interest.

 

With those two basic guidelines to remember, a foreign purchaser of Turkish property should not hesitate to proceed in obtaining legal advice for the return of reservation deposits, off-plan stage payments, or ensuring  the selling counterparty in Turkey complies with the terms of the deal agreed between them.

 

The final point- do not wait- time works against you, and usually obscures and complicates the case with the more time that has passed.





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. 

 


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...



]]>Thu, 26 Oct 2017 22:08:10 +0300<![CDATA[Independent Legal Advice for Property Purchases in Turkey]]>https://www.mytapu.com/blogs/post/Independent-Legal-Advice-for-Property-Purchases-in-Turkey

How do foreigners find independent ethical legal advice for property purchases in Turkey?


Where to find unbiased professional legal guidance that does not suffer from conflicts of interest with local developers and agents etc?

 

This is an important issue because the local agents refer foreign buyers to local lawyers that do things the way the agents’ want. The lawyers do this because they get referrals of new clients from the agents. So instead of receiving impartial professional legal advice, foreign buyers are guided to follow a procedure that benefits local agents and developers. As a result, the buyer’s ‘reservation deposit’ monies are placed at risk, and several different types of problems arise for the buyers, which they usually find out about only later.  

 

And when the client complains to the lawyer, asking ‘Why didn’t you tell me?’ what do these unscrupulous lawyers typically, say? Usually the standard reply is… ‘I didn’t tell you because you did not ask.’ This is an un-satisfactory reply, but the buyer’s only alternative is to complain to the local Bar Association, and that does not typically produce results the buyer needs- like a return of deposit monies, or corrections to planning permits.

 

So the key is to know what questions to ask- in advance. But how can a foreign buyer know what questions to ask when managing a transaction in a foreign legal system? It’s a ‘Catch 22’ situation, and precisely the reason independent ethical legal advice is essential.

 

Identifying a legal adviser without conflicts of interest in the small coastal towns where foreigners are typically buying property is always problematic. In these small communities everyone knows each other, and commonly the agents and developers will have a word with the solicitors to reach an understanding between them. And unfortunately, many larger law firms are not familiar with some of the procedural details that apply to the purchase of a Turkish property by a foreigner. Even referrals by other foreigners that have bought are not always a safe bet, because often the problems do not materialise until later, and the referrer may not know this at the time of making the referral.

 

The simple fact is that is far more costly and complicated to correct or rectify something that has gone wrong, than it is to prevent the problems from occurring in the first place. Disciplined, ethical legal advice is essential to reduce costs and transaction times, and for this reason, an experienced team of transaction managers has applied a framework of best practice case management techniques to the lawyers working under their direction, for their foreign clients buying property in Turkey.

 

This is the team of legal advisorsat mytapu.com, and their clients benefit from a service delivered with quality control and cost control, applied with policies of best practice governing the transaction process- possibly the only service of this kind available. Streamlined with the experience over the last 10 years, of processing thousands of Turkish property transactions for foreigners, this is important because the procedures for foreigners do differ from local buyers and sellers. And not only do foreign clients receive structured legal advice benefiting from best practices, they also have the reassurance of knowing the process is being managed cost effectively.


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. 

 


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...





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