Off-Plan Property – Did you decide to buy a house from a model? Prepaid house sales are financially advantageous for real estate investors. So what should you pay attention to before buying a house from the model?
New projects are being implemented in many regions and big cities of Turkey. Considering the advantages and housing campaigns offered especially in mortgage loans in the recent period, many people want to buy houses from residences whose construction has not started yet by only paying upfront.
Buying Property in Turkey
The first step you should pay attention to is to examine the prepaid subject contract in detail. At the same time, it is to make sure that you completely agree on the terms of the contract you will sign with your lawyer. We recommend that you review our list of topics that need attention. Laws stipulate that the building license is obtained, the sale is registered with the land registry and the agreement including the promise of sale is notarized. The consumer should investigate whether a building license is available.
The promise to sell the contract should be drawn up at the notary and annotated to the title deed. If there is no building completion insurance, the affiliated loan should be a letter of guarantee, progress payment system, or one of the collaterals approved by the ministry. The preliminary information form should be given to the consumer for review. Details about the housing and the project should also be in this form. People who buy a house over a model should definitely prefer housing projects that can use bank loans or work with a progress payment system under bank guarantees in projects that do not have building completion insurance.
Buying Property in Istanbul
Off-Plan Property – Before purchasing a house from an unfinished project, it should be ensured that the construction is carried out on a zoned land and that all necessary legal procedures, especially the building license and building permit, have been completed. For this reason, you should ask the question of whether there is any foreclosure, precaution, or court decision in the title deed of the building to be built on the land you will buy. You should carefully examine the flat plan, question the reliability of the construction company, and especially calculate net and Gross Square meters well. The safest way for the process to proceed properly is to consult with a legal counsel before the transaction is made because the legal security of a transaction to be made in consultation with a lawyer will be ensured.