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...

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

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...