During any property transaction, whether buying or selling, it is important for a real estate contract to be made. A purchase agreement that contains the agreement details between the seller and the buyer of the property should be made.
For real estate agents, sellers and buyers, it is important for them to fully understand the details of the contract. This ensures that the property purchase process is smooth and seamless. A property contract is used widely to validate any real estate transaction.
What is a real estate contract?
A real estate purchase contract in Turkey is used as a means of regularizing the agreement between both parties – the buyer and the seller. It is a very important decision to buy a real estate asset. This means that the buyer will have to conduct their research and properly study the area. After this, they will go ahead to choose the property that best suits their requirements.
Real estate contracts as a part of the Turkish law
Before purchasing a Turkish property, the buyer needs to be cognizant of Turkish law. When foreigners buy real estate property in Turkey, this contract is arranged based on certain laws in the country. In most cases, the buyers usually nominate a reliable property company to help purchase the real estate asset. This means that there will be no complications after purchase. Before a buyer goes ahead to sign up for a real estate contract, there are several things that they are expected to do.
Things to do before you sign off on a Turkish property contract
Before a buyer signs a property contract, they will need to get the assistance of an experienced real estate company. They will then need to follow some specific steps. They will have to:
Make sure that the details contained in the title deed are complete.
They will have to confirm the fact that the real estate has sufficient earthquake-resisting properties.
In the case of a real estate asset that is in the form of land, they will have to ensure that they can build on this land and the conditions related to this.
If the property had been purchased by the owner to gain Turkish citizenship, they must ensure that the said property is in agreement with all the terms for Turkish citizenship.
The buyer should make sure that the property does not have any outstanding taxes or debts.
They need to make sure that there are no signs of seizure on the property by any known party.
The core elements of a property purchase contract
A property purchase contract is unique for each real estate asset that you buy. It is different for each property – but they are all created to cover the important real estate purchase terms. It is important that a Turkish property contract feature all the important elements. This way, you can avoid problems and confusion when buying the property. A complete Turkish property contract will usually have the following key components:
The address and the details of the property that you are buying.
The complete details of the property seller and buyer – such as their name, address, and their contact details.
The final purchase price of the property.
The nature of the sale
All the terms related to the property sales.
The closing date and cost of the sale.
All included/excluded items in the property sales ( such as furniture and other home equipment).
Any essential details of the property, such as asbestos, lead paint, and so on.
In Turkey, all key components of each property must be fully disclosed. This way, you ensure that there will be no disputes after the property has been fully sold.
