Can you imagine having handled thousands of transactions in the last 30 years and now needing rest, but then one day receiving a court order from the state claiming you are responsible for a loss caused by fraud you were expected to prevent but did not for one reason or another, whether it be negligence or something else? Everyone needs to feel secure and own some assets. A house, a car, some money in the bank -- all people desire this, but if you live under the threat of a future claim, you will never have a good night's sleep. I know this very well as a lawyer because I have, on many occasions, shared the agony of a client who was under the stress of claims.
I have been thinking about this problem for a while, and I think establishing a fund to cover the liability of land registry officers might be a good solution.
Considering all of the above, of course, the best choice for an overseas (or local) investor is to be very careful when buying property. This will help everyone -- the buyer, but especially the land registry officer.
Purchasing property in Turkey is a good investment, and apart from the military clearance requirement and sharp limitations facing foreigners, it is a smooth process. Under current legislation, a real estate transaction does not take more than one day if the parties have already agreed on the terms and conditions of the sale and purchase of the real estate. In other words, a real estate transaction is completed in one day by the land registry officer (in some cases in only hours) when the parties fill out all the documentation prior to the sale and purchase.
I don't want to create any misunderstandings or questions. Overseas investors usually spend several months when buying property in Turkey. The following information covers the actual transfer of title, which takes place in the land registry office. The title transfer of a property is only finalized upon the conclusion of paperwork and the establishment of the initial ownership by the developer if the property is part of an off-plan development. In such a case, the sales process is started by the payment of the deposit upon signing a sales agreement (which is, technically speaking, invalid, as I have written many times earlier -- but it is a smooth way to start the process as long as the parties keep their promises and respect and honor their agreement).
NOTE: Berk Çektir is a licensed attorney at law and available to answer questions on the legal aspects of living in Turkey. Send enquiries to b.cektir@todayszaman.com The names of readers are disclosed only upon written approval of the sender.DISCLAIMER: The information provided here is intended to give basic legal information. You should get legal assistance from a licensed attorney at law while conducting legal transactions and not just rely on the information in this corner.
