Investing In Turkey Property? Why It’s Important To Hire A Lawyer…

Tapu Turkish Property LawMaking sure you get the legal aspect right should be one of the first things you do when investing in property whether it’s Turkey or anywhere else in the world.

It is pretty much as important getting a Motor Cycle Accident Lawyer Maryland when it comes to your safety and of your motorcycle as one of your properties.

Imagine buying a property in Turkey with a lovely sea view, a place where you can return to year after year for your holidays and even bring along some guests to stay in one of the three bedrooms.

The property only cost you around £40,000, an absolute bargain compared to the £200,000 you would probably have paid for a similar sized property in the UK.  You spend four happy years living in the property and then you get a phone call from your neighbour.

He tells you that all your things have been moved out and someone has taken ownership of your property while you remain blissfully unaware back at home. Your world falls apart and you wished you had used the services found at this site https://www.smithjonessolicitors.co.uk/. Even TJ Smith lawyer, however it’s too late and the chances are you will lose your money and your property.

This story is the stuff of nightmares for property investors and unfortunately it was a true story for one couple, who featured on “Homes From Hell” TV show.

This cautionary tale should alert you the investor to the pitfalls of not having a lawyer like IP lawyers | NK Patent Law, PLLC or the qui tam lawyers to represent you when making a major purchasing condition.

Anyone who has bought properties in their home country will know that the services of a solicitor are invaluable when it comes to sorting out the red tape. The same thing applies when buying abroad.

As experienced residential real estate attorney Spartanburg sc, we recommend that you get us involved in the process as early as possible. You have a five-day window in which your attorney can review the agreement and still make changes, so time is of the essence.

A lease agreement on an apartment block alone can run into several pages, so imagine the minefield that awaits those investing in a country with different laws and different rules and regulations for foreign investors.

Using a solicitor may not be a legal requirement for those buying in Turkey but it will certainly provide the peace of mind of knowing that you have covered all aspects of the legal issues.

A good Turkish lawyer will help you deal with one of the most important things you need to know before investing – Knowing who you are dealing with. Turkey is not part of the EU yet and is not subject to European law therefore your customer rights will not be protected in quite the same way.

Like the unfortunate couple I mentioned, people quite often make the decision to invest in Turkish property while on holiday. This can be a dangerous time when people are more relaxed and decide to meet up with an Estate Agent without doing the research, leave a deposit and fly home.

Often they will have got themselves a bargain, while those less fortunate will end up with a property they have paid way over the market value for. They may not even get the important Tapu (Title Deed), which is the most important piece of paper when it comes to property transactions.

Without a Tapu you will have no legal entitlement to the property.

Then there are the maintenance issues and service charges to consider. If you’re buying a house or apartment as an investment, you will need to ensure there are no nasty surprises when it comes to the upkeep and maintenance of communal areas.

Looking longer term it is also worth considering what will happen to your investment when you are no longer around. Here too Turkish law differs from other countries

In Turkish law there are two types of property;

1.    Land and buildings
2.    Other property eg. bank accounts, stocks and shares.

It is important to distinguish between the two because in the case of 1 – Turkish law will apply even if you are a non-Turkish national.

Under Turkish law you don’t get to choose who you leave your Turkey property to when you make a will. The next of kin cannot be excluded and at least part of the property will be due to them.

This will be further complicated by which next of kin are alive at the time of the owner’s death. Therefore if the owner’s wife and children survive him, they will inherit the full reserved portion, but if there are no children and no wife then the portion of the property will be inherited amongst close family members.

Hiring a lawyer should make the process of buying and securing your investment in Turkey a whole lot easier. It might also save you a whole lot of money in the long run.

Are there legal issues when buying Turkey property we haven’t covered? What are your experiences? Please leave your comments below.

Kind regards

Loxley McKenzie
Managing Director

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