The issue of canceling the ownership contract of real estate in Turkey for foreigners is an important topic that needs precise clarifications and this question comes frequently by people who intend to invest in real estate in Turkey, whether for investment or residential purposes, or for the purpose of Turkish citizenship, so we will highlight the concept of canceling the real estate ownership contract for foreigners in Turkey, and clarify the facts and mechanisms related to this issue.
What are the cases of canceling the ownership contract of Turkish real estate for foreigners?
When the primary objective of buying a property in Turkey or the purpose envisaged at the beginning is violated, for example, if the property was purchased in Turkey for the purpose of settling and housing, and was later used for commercial purposes, the authorities may take measures to cancel the sales contract and consider it invalid.
In addition, the real estate ownership contract in Turkey becomes invalid in the event that the purchase was made by crooked methods that violate the laws and regulations in force in the country, and in addition to that if the period specified for the start of the implementation of a particular real estate project has expired and no part of it has been implemented on the ground, then Sale and purchase contracts for real estate in Turkey are considered invalid and lack legal validity.
These laws and procedures aim to ensure the achievement of the stated goal of buying real estate in Turkey, whether for residential or investment purposes, and reflect the Turkish government's commitment to protecting the rights of foreign investors and maintaining the credibility of the real estate market in the country.
Tips to avoid the cancellation of the Turkish real estate ownership contract for foreigners
Know the laws and regulations related to owning real estate in Turkey accurately and you can consult a lawyer specialized in Turkish real estate law to ensure compliance with the laws.
- Make sure that the stated purpose of owning the property in Turkey is the actual purpose of its use and if the property is used in a way that contradicts the stated purpose, the contract may be cancelled.
- Avoid violating local laws regarding use, development and construction, make sure to obtain the necessary permits from the local authorities before embarking on any activity.
- You should not rely on verbal or informal contracts, as always make sure that agreements are clearly documented in writing.
- Before concluding any real estate transaction, consult with a local real estate attorney, who will have experience providing advice and an understanding of applicable laws
- Inspect the property carefully before you buy it, check ownership records, possible debts, and the legal status of the property.
- If there are specific deadlines for starting a real estate project, be sure to adhere to these deadlines and implement the project in line with the agreement.
- Carefully assessing the financial situation and making sure that the necessary funds are available to purchase and develop the property.
- Look for certified and reputable real estate brokers, and avoid dealing with unknown people.
- Research and check the experiences of others who have owned real estate in Turkey, exchanging experiences and information can have a significant impact on your decision-making.
Reasons for owning real estate in Turkey for foreigners:
Real estate in Turkey has a strong attraction that many Arab and foreign countries compete with and the Turkish real estate market is characterized by the diversity of its projects and its embrace of investors from outside the country, as Turkey's real estate and apartments are built by the best engineers and specialists, and the best building materials are used, in addition to that the view of large real estate plays an important role in attracting those interested in real estate with sea views or green views.
- Turkey's real estate in general, and its apartments in particular, witness modernity and sophistication, as it adheres to seismic safety standards, which gives it attractiveness and confidence to investors and these properties are considered a strong competition for real estate in European countries and attract the interest of many investors.
The Turkish government has introduced supportive laws for real estate investment in Turkey, and those laws have made Turkey an attractive destination for investors, one of the most prominent of these laws is the law granting Turkish citizenship to foreigners through their investment in Turkey, where Turkish citizenship can be granted to people who invest in buying a property in Turkey at a value of 400 thousand US dollars as a minimum, or they deposit the equivalent of 500,000 US dollars in a Turkish bank, in addition to employing at least 50 Turkish employees.
- Taxes on real estate investments in Turkey have been reduced, as taxes related to real estate have become equal for local and foreign investors, which makes Turkey a conducive environment for investment.
- The stability of the political and security situation in Turkey enhances the success of real estate investment and this stability contributes to creating a favorable and stable environment for investors.
- There are many real estate investment options in Turkey and you can buy a property in a project under construction and sell it after completion at a higher price, or you can buy a property and rent it to ensure a stable financial return and there is also an opportunity to buy an old property and restore it before selling it at a higher price.
Steps to owning real estate in Turkey for foreigners:
Determine the purpose of buying a property in Turkey, whether it is for investment, permanent housing, real estate residence, or Turkish citizenship, then determine the financial budget available to you.
- Visit the specific sites and properties of Turkey, this will help you get a better understanding of the area, the quality of the property and its suitability for your needs.
- Before making any purchase, make sure that the property complies with local laws and regulations. You may need the assistance of a real estate lawyer to provide a legal appraisal of the property and ensure the safety of the transaction.
- You need to obtain a VKN number from the Turkish authorities, which is the tax number for foreigners. You can get this number from your local tax office.
- After checking all the legal and financial aspects, sign the sales contract with the seller and the contract must be clear and contain all the details and conditions.
- You need to pay applicable purchase fees and taxes, which include property tax and registration fees, make sure you understand the details of these fees and taxes.
- After paying fees and taxes, register your property with the local real estate department in your name and this step confirms your legal ownership of the property.
- If you plan to stay in Turkey for a long time, you may need to obtain a residence permit and check current laws and requirements for obtaining a residence permit.
- Once you become a property owner, you may need to connect local utilities and services such as water, electricity and internet. Make sure you catch up on local services quickly.
Read more about joint ownership of real estate in Türkiye and granting Turkish citizenship
Common questions:
Is the buyer given the opportunity to correct irregularities before canceling the contract?
In some cases, the buyer may be given an opportunity to correct irregularities before canceling the contract, but this depends on the specifics and local laws.
What can the buyer do to avoid canceling the property ownership contract?
The buyer must ensure that the property is used for the purposes agreed upon in the contract and in compliance with local laws and applicable controls.
Do changes in laws affect the possibility of canceling the property ownership contract?
Yes, changes in local laws may affect the possibility of canceling the property ownership contract and it is a good idea to stay informed of developments in local laws and regulations.
Related articles
The best real estate company in Istanbul
Real estate offers for sale in Türkiye
When and where to invest in the Turkish real estate market?
Double your profits from real estate investment in Istanbul
Investment apartments in Istanbul
Türkiye’s real estate opportunities are unique with Zoom Real Estate
Is it still the right time to own a property in Türkiye?
Investment options to buy an apartment in Istanbul
The finest areas of Asian Istanbul
Obtaining Turkish citizenship for $400,000
Prices of apartments in Istanbul
#Turkey_apartments #real estate_investment #Zoom_prorperty
#Turkish_citizenship #buy_real estate #Istanbul_real estate
