(PRWEB UK) 13 April 2012
Turkey's fast growing economy may successfully navigate a soft landing (Source: Wall Street Journal) yet investors looking to make money from investing in property in Turkey may be caught out by Turkish property laws according to Colordarcy.com.
Loxley McKenzie Managing Director of Colordarcy.com and a property investor himself is keen to alert others to the potential pitfalls of not having a lawyer to represent them when making an investment in Turkey property.
He says, “Anyone who has bought properties in their home country will know that the services of a solicitor are invaluable when it comes to sorting out the red tape. The same thing applies when buying property in Turkey.
A lease agreement on an apartment block alone can run into several pages, so imagine the minefield that awaits those investing in a country with different laws and different rules and regulations for foreign investors.”
Experts at Colordarcy.com say that using a solicitor may not be a legal requirement for those buying in Turkey but it will certainly provide the peace of mind of knowing all legal aspects have been covered.
A good Turkish lawyer will help investors deal with one of the most important things they need to know before investing - Knowing who they are dealing with. Turkey is not part of the EU yet and is not subject to European law therefore customer rights will not be protected in quite the same way.
McKenzie added, “people quite often make the decision to invest in Turkish property while on holiday. This can be a dangerous time when people are more relaxed and decide to meet up with an Estate Agent without doing the research, leave a deposit and fly home.
Often they will have got themselves a bargain, while those less fortunate will end up with a property they have paid way over the market value for. They may not even get hold of the important Tapu (Title Deed), which is the most important piece of paper when it comes to property transactions. Without a Tapu a buyer will have no legal entitlement to the property.”
Then there are the maintenance issues and service charges to consider. If investors are buying a house or apartment, they will need to ensure there are no nasty surprises when it comes to the upkeep and maintenance of communal areas.
Looking longer term it is also worth considering what will happen to their investment when they are no longer around. Here too Turkish law differs from other countries
In Turkish law there are two types of property;
1. Land and buildings
2. Other property eg. bank accounts, stocks and shares.
It is important to distinguish between the two because in the case of 1 - Turkish law will apply even if the person is a non-Turkish national according to Colordarcy.com.
Under Turkish law owners don’t get to choose who they leave their property to when they make a will. The next of kin cannot be excluded and at least part of the property will be due to them.
This will be further complicated by which next of kin are alive at the time of the owner’s death. Therefore if the owner’s wife and children survive him, they will inherit the full reserved portion, but if there are no children and no wife then the portion of the property will be inherited amongst close family members.
Hiring a lawyer should make the process of buying and securing an investment in Turkey a whole lot easier. It might also save investors a whole lot of money in the long run say Colordarcy.com.
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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