Due Diligence & Legal Searches for Buying Property in Turkey
Many foreign investors buying property in Istanbul and Turkey never hear the words ‘due diligence’, until arriving at the land registry, and there discover the purchase can not be completed because a mortgage or debt exists on the property, or planning permits haven’t been issued, or the seller is not the owner, or the valuation is not sufficient for the mortgage they need, etc....
And then the question arises- 'didn’t you check these things before? Didn’t you do the ‘due diligence’?'... The due diligence most always hasn’t been done because the agent ignored these issues and instead prioritised getting a deposit from the seller, to cover their commissions, and then didn’t bother with the rest.
Due diligence includes the checks normally done in a ‘legal search’ in the UK before a property purchase. Remembering always that the time to complete the due diligence is before paying a reservation deposit to an agent- because if something is wrong with the property, the buyer will never get the deposit returned, and going to court can take 9 months and EUR 3,000 minimum for starters.
For similar reasons, it is never a good idea to rely on an agent for due diligence. An investor may attempt the process themselves, but soon realise they do not know the right questions to ask, and how to check. At mytapu.com we do know the right questions to ask, in different situations, cross checking the various documents, and validating the sources, obtaining the essential ‘proof’- verifiable documentary evidence. What’s more, we know how to fix problems, the work arounds, and solutions. A buyer should never be persuaded into taking an agent’s word for it, believing verbal assurances, or any other commonly applied tactic.
So many buyers have been mis-lead this way in the past, and never discover the real situation regarding the property title until they reach out for conveyancing help and services. This results in the conveyancing being difficult, lengthy and fraught with problem solving. Otherwise, conveyancing and completion can be done very quickly and cost effectively, often by the purchaser themselves, with a bare minimum of guidance, if the due diligence has been done before the payment of reservation deposits.
Legal Due Diligence ensures a residential property is clear and free and fit for purpose’, with legal checks on Planning Permission, Permits, Liens & Encumbrances, Title Checks, and more.
Relying on a foreign buyer’s lack of knowledge about legal documentation in Turkey, agent’s & developers commonly ignore the issue of permits and documentation that shows whether the property legally complies with planning permission and has the necessary permits, is free from loan liens, and of course valuations.
The majority of legal contracts agents & developers provide do not protect the buyers deposit or rights and are not executed in a legally valid manner.
The team at mytapu.com are happy to advise, guide and support you in the purchase or sale procedures, the mortgage registration process, the attachment and removal of liens and encumbrances on the title, assessment of permits, valuations, tax registrations, notarisation, apostille, translations, documentary payments - all conveyancing & completion aspects of a property transaction.
In this way the experts at mytapu.com have assisted more than 3,000 foreign investors in Turkish property over the last 15 years. Buying a property is a substantial investment –taking sensible precautions to protect that investment at the beginning of the buying process, is the smartest step to ensuring trouble-free outcome,
at the end.
Email: Advice@mytapu.com Help-Line: 00 44 1787 54 000 4 Chat Box below for more information...!