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AGREEMENT PHASE

Purchase/Sale Agreement (Direct Acquisition)

According to Turkish law, the sale of a property can only be completed before the relevant land registry with the attendance of both the seller and purchaser. In order to transfer the ownership, the parties must execute a standard transfer deed prepared by the relevant land registry. Acquisition of the property can be accomplished through purchase directly from the existing landlords. Real estate agents, if involved, charge a commission for their involvement in the purchase as mentioned under our response to previous question.

 

Promise to Sell Agreement

Prior to the sale of property, the seller and purchaser may enter into a preliminary “Promise to Sell Agreement.” This is the only preliminary agreement that can be validly executed between the parties and, in order to be binding, it should be prepared by and signed before a notary public.

If you are to buy a building under construction, make sure that the contractor is financially reliable and legally authorised!

In order to qualify for protection against third party claims, the Promise to Sell Agreement should be registered with the land registry. In the event of non-registration of the Promise to Sell Agreement, any subsequent purchase of the property by a third party acting in good faith will be valid.

 

What are the payment options available?

The purchase price of the property may be made cash, via wire transfer or blocked checked.

 

Should the acquisition of the property be done in person?

Either the purchasing party (i.e. foreign real person) or his/her legal representatives can conduct transactions regarding the acquisition of property. If acquisition transactions are carried out by way of a power of attorney, such power of attorney must be drafted and regulated by a notary public, and must also be signed before the notary public, who, under Turkish Law, has the power to control and certify that the authorization to act on behalf of such person is being duly granted. The power of attorney that is to be used for the acquisition of property must include the full name and address of the legal representative(s), as well as all of the authorities granted to the legal representatives for the acquisition of the property.

 

If the power of attorney is drafted and executed abroad, the following steps should be taken:

(1) a photo of the signatory must be included, (2) the photo must be signed, sealed or stamped by the relevant authority issuing such PoA, (3) the power of attorney must be prepared in the official language of the issuing country and (iv) the power of attorney should be notarized and apostilled. In order to be binding, the translation of such power of attorney must be notarized in Turkiye.

Sosyal Medyada Bizi Takip Edin !