Updated at 8 April 2016: For stunning view, the city of Istanbul has been preferred by the people. Properties are bought in order to create a permanent address in the city. Relaxed prices of the property have been boosting the trend. Both the old world charm with wooden house and modern apartments can be located in various corners of the city. Certain things must be looked upon to buy apartment in Istanbul. Market of the property has been enlightened with the presence of foreign investors. It can be termed as a promising market for property. However, it is better to stay cautious in the process.
Get assured about the legality
Various properties in the country do not come with a title. Therefore, it poses a great amount of threat. Illegal construction can be observed without any permission for planning. More than 60.000 illegitimate houses can be found in Istanbul. Title offices for land can be checked for locating status of ownership related to property.
Look for proper permission
If you are not a citizen of the country then permission from the authorities of military is required to buy a property. It is generally done to keep a check on the criminal records. Land must not be purchased in an area with any kind of trouble. Due to enhancement in the count of foreign buyers, obtaining proper permission can require some time. A year is considered enough time to seal the arrangement. Discussions have been going on to abolish this rule within the European Union.
Make sure about the transfer of owner
Diverse title is observed with the property in Istanbul. Procedure to buy apartment in Istanbul can be completed only with acquisition of owner’s rights. It provides the new buyer an opportunity to claim the land. Due to the development of cooperative nature, rights can be conferred on the bricks and stones of the house as well. Importance must be given on the title of the seller. They should be in perfect position to sell the house.
To buy apartment in Istanbul, purchaser has to go through lots of contracts. The country has been used to administration process that is heavy on paper work. About four kinds of contracts are seen with the property purchase.
Right to reserve the property can be given in the process. Property is removed from the market for sometime in order research adequately. If there is a legal problem with the property then contract can be cancelled completely without any compulsion.
Offer for Purchase:
It can be considered as an official contract to buy apartment in Istanbul. Drafting of contract is generally done by lawyers. In this way, legal boundaries are created.
Introductory contract for purchase:
Legal binds to purchase a property can be conferred through the process quite naturally.
Official contract for sale
Intention of purchasing a property is described in the contract. It is possible to locate a cooling period with these contracts. Lawyer should create these contracts adequately to eliminate loopholes from both the sides.