Friday, November 8, 2013

Minor change - major effect

A minor change in the Turkish lap legislation has just been completed and implemented in these days of practice on title deed offices throughout Turkey.

And although it's a minor change , it will have a major effect on the foreigners who plan to sell or buy property in Turkey.

The change means that, where foreigners former typically had to wait 2-4 months before they could be issued with title deeds , so will wait for the future now be as low as only 7-14 days.

It is therefore once again become even more attractive to trade property in Turkey :
 - Buyer can obtain legal ownership shortly after the conclusion of the trade
- Seller may have released the purchase price much faster
- As a broker , the whole process and trade procedures are completed within a few weeks , instead of the previous several months.

Similarly, the number of countries whose nationals are NOT able to acquire real estate in Turkey sharply curtailed .
Per today it is only citizens of Israel , Armenia and Syria who can not acquire real estate in Turkey.

Background: In Turkey , a property must have a military approval before it can be transferred to a foreigner. This authorization has been issued by the military authorities in the respective regions in Turkey , and this has typically taken between 2-4 months per property / housing .
In the future, this military authorization will be issued by the local authorities.
The only prerequisite is that the property / land register in which the residential / apartment is located , has already received a permit from the military authorities , and that this authorization has been issued after 2011.
Or to put it another way : In case on a plot of land has been issued a deed to a foreigner by the year 2011 , which of course has required that the property has received military approval , then this military approval " will be recycled " the future of the local title deed office. Thus there is no need to apply again from the military authorities .

This blog-post is written by 2Base Estate Agency & My2Base Holiday Homes
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