(PRWEB UK) 17 December 2012
Loxley McKenzie, Managing Director of Colordarcy, comments, “Investing in a foreign country can cause a lot of headaches for the unwary. So before investors can enjoy the many benefits of investing in property in Istanbul, they will need to make sure that they obtain the most important document associated with property ownership – the TAPU.”
According to property experts at Colordarcy, investors can sometimes be left empty-handed when they fail to produce a TAPU that would have proved that they actually owned a property.
McKenzie added, “It is often the case that people will make the decision to invest in property while they are on holiday or soon after. Many will find their ideal property in a dream location only to find they end up with nothing when they realise all was not as it seemed and they didn’t legally own the property in the first place.”
It can be very exciting to hear about Istanbul, for example, where prices are currently rising at 11.5% per annum. Property in Turkey can still be purchased for the price of a good family car, so investors can end up focusing more on the property and the amazing deal they are getting than the small print on their contracts.
Investors sometimes get caught out because they think the formalities will take care of themselves as long as they have appointed a lawyer. However it is much better to choose a good independent, Turkish speaking lawyer to make sure the process runs smoothly. This can prevent any problems further down the line.
There have been cases where people have invested in coastal developments in Turkey, only to find that the developer has sold on the land to a third party. Some unscrupulous developers will even take the money and leave a property ‘owner’ without a TAPU.
In some cases it may take some time to obtain a TAPU, however in the event of an earthquake there will be no protection without it. Government Dask insurance which protects property against potential destruction from earthquakes is only available to those Turkish property owners with a TAPU.
The probability of a major earthquake in Turkey is high, with ten occurring in the past 30 years alone, so it would be high risk to put things off too long.
Colordarcy advise that no matter how good that property looks in the brochure, investors should not be waiting more than three months for their TAPU to arrive after they have signed on the dotted line.
Notes to the editor:
Colordarcy is a leading property investment company that specialises in finding positive cash flow investment properties worldwide. Colordarcy investment property portfolio includes some of the best properties for sale in Brazil, Florida, Turkey and the United Kingdom.
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