Without a Tapu, you will not have any legal entitlement to the property you have bought and you could risk losing both it and your money.
(PRWEB UK) 16 April 2012
The process of buying property in Turkey is fairly straightforward, however there areas that can trip up the unwary investor according to Colordarcy, particularly when it comes to the Tapu (Title Deed).
The Tapu is the most important document you need as an investor in Turkish property according to Colordarcy. The Tapu is essentially the title deed on a property in Turkey, be it an apartment, house, land or complex.
Without a Tapu, investors cannot legally own a property, sell a property or complete the buying process in Turkey. So to avoid any of the horror stories often seen on TV, Colordarcy urge investors that it is worth making sure the document is processed as soon as possible.
One crucial thing to be aware of is that the Turkish title deed is not actually a deed in the British sense of the word. So the title to the property cannot simply be transferred by just passing it over to the prospective buyer.
The investor or a legal representative will need to visit the deed office to enter the sale transaction. The whole process will be in Turkish and it is a legal requirement for foreign buyers to use a translator. Once a contract is signed between the seller and the buyer, the deed officer will enter the transaction into the log book and register the buyer’s name as the new owner.
Loxley McKenzie Managing Director of Colordarcy commented, “If you are buying property in Istanbul or other areas of Turkey with restrictions on foreign ownership, then it will not be possible to obtain a Tapu. Before investing, remember that without a Tapu, you will not have any legal entitlement to the property you have bought and you could risk losing both it and your money.”
Another important thing to remember is that without a Tapu, investors will be unable to register for government DASK insurance, which covers a property against the threat of earthquakes.
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 Atlanta, Brazil, Florida, Turkey and the United Kingdom.
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