On the Subject of Realtor Business and Deeds

On the Subject of Realtor Business and Deeds

With growing interest for owning properties in Turkey, questions investors and property owners especially wonder about deed transactions.

What are the forms of title deeds in Turkey? What does agricultural deeds mean? Can more than one proprietor share a single deed? What are the expenditures and processes for property deeds in Turkey? How to convert a Registry of Trade Deed to a residence one?

Deed is a document that proves a person’s ownership on property, it also regulates the property itself. This document contains detailed information on the property it is about and defines the location of said property. Directorate of Land Registry is authorized to regulate deeds. Deed of a property is given to the legal owner of the property. Tenants or people with other rights on the property are not given deeds.If the property is owned by more than one person, every person who owns a share is given a bond which indicate the amount of share that every person involved owns and a unique bill of exchange. On this bill,name of the shareholder,amount of shares and proportion of property that shareholder has is clearly indicated.

Deed is an indicator of full or part ownership of property for the person named on the document. If there aren’t any indications for percentage or proportions on this document, it means property belongs solely to the person named on this document.

In contrast if a percentage or proportion is indicated on the document, it means person named on the document is only entitled to the part of the property. Property is divided by the number of people shown on the bond (or the percentage indicated on the bond). The shareholders of property all have the same rights, people involved do not own a special part of the property, it is a shared ownership of the whole property. Every single real estate is an independent piece of property whether they are in a single building or not does not matter. Owner of every flat in an apartment or a villa has the rights of full ownership and access to the other parts of the apartment such as stairs, garden etc.

Deeds have different kinds in Turkey. İmportant issueabout deed types in Turkey is whether a property is warrantable for construction or agricultural development. Land properties are registered as ‘empty lands’ by default and these are not permittedor not suited for development. To get the status of being suitable for construction, piece of land needs to be included in the designated construction zones in town planning. But getting this status does not mean that you can start constructing a building right away.

A design of construction needs to be developed and this project should be licenced by authorities. Process of reconstruction of the land, size and scope of construction should be in accord with municipality guidelines and be regulated by authorised municipality personnel. This is because the land may exist in a place designated in the town planning as a public space, green field, road or a similar area.

Properties defined as agricultural fields are Agricultural Estates. But sometimes while areas or parcels of lands registered on deeds stay as agricultural estates because of deficiencies on their construction warranties, they can be warranted for construction via changes in town planning by municipalities. To change the status of the property or learn about the procedure seeking information from municipalities is advised.

Information about independent parts of property are not defined on this kind of official document. Only essential info is written. Different parts of properties such as housings, flats, storages, factories and other similar buildings are recorded as one single unit ignoring the division.

One of the most widespread methods of ownership is Flat Ownership. The bond that registers owning of an estate which has been set after construction and licencing is completed is defined as flat ownership. Independent parts of the project are assigned separately with every part owners approvals. Different parts of the project (either agricultural fields or buildings) should be stated on the bond, number of apartments, independent parts, place of flats on the building and land under the buildings can be counted among this information. If it is not stated thusly on the bond, stated property is not counted as ‘acquired’ yet.

Complete status of real estate ownership can only be granted if number of independent parts, location, proportion of land and other relevant information is written and registered clearly. Properties rights of access, type (such as apartment, flat, villa or land) should be well defined in the documents for a complete status.

Registration of flat ownership is required to protect the rights of the proprietor. In this case deed is the document showing proprietor’s ownership of the estate on stated floor. Registry of flat ownership proves that the whole building is built according to the construction regulations. There are other types of registrations such as “flat for land method” in which a contractor offers one or more flats to the land owner in exchange for the land the building is built on. Another method is “pre-payment for right of access” which is often used in Turkey by contractors to fund their projects. İn exchange for customers buying a part of the ownership they are granted right of access to one or several flats.

This type of registration is expressed via real estate bonds. These bonds are the step before the building is completed and deed can be acquired. Proportion of the property and share of every single proprietor is defined on this document. It proves the ownership of proprietor on the unfinished construction and the land its being constructed on. When the project is completed and the construction is finished with municipality approval, it needs to be in accordance with Turkey’s regulations, bond can become a deed.

Contractors usually divulge detailed information about the building they are selling via this method of registration. This document of registration is needed for flat ownership and also getting a housing licence. In November 27, 2007 Turkey published a regulation called “Flat Ownership Regulation” (regulation no. 5711). according to this regulation, real estate proprietors need to register their flat ownerships. Realtors failing to register their properties or getting a flat ownership document are fined according to the regulation.

After registration, an Occupancy Permit is needed. This permit is given to the buildings set up according to the regulatory criteria. Municipalities handle issuing of this permit and it proves said building is built according to the approved construction project. Stuff like fire escapes, buildings resistance to the earthquakes, fire extinguishers etc. are taken into consideration while issuing this permit. Contractor setting up the project is responsible for getting this permit from municipalities and converting real estate bonds to the title deeds.

There are also different kinds of ownerships. Partial ownership is a type of legally defined real estate bond that validates ownership of the part and it is registered to the person in question. Municipalities handle projects accordance to the Turkey’s housing and inhabitancy standards so that proprietors don’t come across any legal problems about their properties. Temporary ownership means right of ownership of a property for a limited time. Temporary ownership of a property is limited to seven to ten days or fifteen days a year. Investors are allowed to forfeit their rights to own, sell, rent or any other rights they have against others on the property.

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