What is a Property Expertise Report in Turkey?
In this article, with reference to the process of buying a property in Turkey, we will fully explain the important and mandatory part of buying a property, namely the expertise report or the evaluation and valuation of the property.
Main titles:
- Steps to buying a property in Turkey
- What is a Property Expertise Report in Turkey?
- Cost of property evaluation report in Turkey
- What does a property evaluation report in Turkey include?
- Do I need an appraisal report to buy a property in Turkey?
- How much does a property appraisal report cost?
- How long does it take to prepare a property appraisal report?
- How valid is the property appraisal report?
Buying property and investing in Turkey is popular among many foreigners from different countries for many reasons. But buying a property in Turkey is not as simple as it sounds and requires awareness.
Therefore, during this route, you should be aware of the laws and conditions in Turkey.
Note: For specialized advice and receiving the correct information before buying real estate in Turkey, please call 05522888939 on WhatsApp.
Please contact all Turkish companies on WhatsApp
WHATSAPP: https://wa.me/905522888939
In previous posts, we have provided you with information about the process of buying a property in Turkey. In this article, we will explain the property expertise report to you, which is one of the steps in buying a property in Turkey.
Steps to buying a property in Turkey
- Visit the property
- Contract of sale and payment of deposit
- Receive property expertise report
- Transfer the document and pay the total amount
What is a Property Expertise Report in Turkey?
For foreign buyers who intend to buy property in Turkey, a general report of the property purchased in Turkey is required
This report includes property valuation, property status, housing and all information related to the purchased property.
This report on real estate in Turkey is called “Expertise”. This report is in the form that a government-approved expert refers to the property you intend to purchase to prepare a report
And records all property details. In this report, the regional price of the property is accurately recorded and presented to the government.
What is a Property Expertise Report in Turkey?
Many property buyers in Turkey do not report the true value of their property to the government.
For example, if a property is worth 350 thousand liras, the property expertise report of that property will be recorded as 280 thousand liras.
This is due to the tax evasion of property owners in Turkey, who pay 280,000 lira in taxes.
If you are not looking for Turkish citizenship and the property you are buying is worth less than $ 250,000, the property report is not particularly important because the value of the property is not a criterion for obtaining a Turkish residence card.
But if you want to buy a property in Turkey, get a Turkish passport , the report of the property in Turkey should be very important to you.
This means that the amount you pay to buy a property in Turkey must be exactly the same amount in the expertise report.
Cost of property evaluation report in Turkey
When selling property in Turkey to foreign nationals, it is mandatory to receive a property appraisal report stating the value of the property before transferring the document.
The cost of the property appraisal report is 1000 to 1600 lira. Buyers will pay this fee directly to the real estate appraisal department and the land registry office.
It takes 2 to 3 days to complete the property appraisal report. Property assessment report or expertise for the sale of property to foreign nationals and soon for all property sales in Turkey, even for Turks, is mandatory from 15.02.2019.
This report is prepared by two government agencies. It is one of the reputable institutions evaluated and approved by the government.
Another of them checks the maps, the information registered in the municipality and the Tapu office.
They visit the property to make sure that the property you are going to buy is clean and tidy. The second controller checks the property to make sure the comparison price between the house and the registry is correct.
Evaluation experts from both institutions are sworn in. The Turkish government intends to consider the real value of the real estate market instead of relying on announced prices.
Previously, a property seller in Turkey might have declared the sale price of a property too low to avoid paying transfer fees and taxes.
What does a property evaluation report in Turkey include? :
- Property document information
- Location on the map
- Real estate photos
- Similar property prices
- Property price forecast transaction item
- Checking the debt situation, checking the technical conditions in the municipality and in the General Office of Land Registration.
A property appraisal report can provide more terms and conditions depending on your wishes and the characteristics of the property.
Do I need an appraisal report to buy a property in Turkey?
Yes, if you buy a property in Turkey; You must have an evaluation report at the General Office of Land Registration and Tapo Office … and it is required to transfer the document.
How long does it take to prepare a property appraisal report?
Experts review property information when you apply for a property appraisal report. Studying the photos, checking the information in the Tapo office and registering the documents, and finally checking the registered maps of the property in the municipality, all the items related to the property are checked and recorded in the report book. The expert collects comparative prices. This report contains 20 to 35 pages. The time to do this will be 2 to 3 days.
How much does a property appraisal report cost?
Approximately 1000 to 1500 lira
How much do you receive from Tom Turki Company for these services?
Buyers from our company do not need to pay for services
How valid is the property appraisal report?
According to the property law, the Tapo office accepts a report that is not more than 3 months old.
What happens if the property valuation is different from the purchase price?
According to the law in Turkey, from February 5, 2019, the Real Estate Appraisal Office has been established under the license of the General Directorate of Land Registration.
Real estate appraisal and sales statistics in Turkey is a very new project in Turkey. We are just getting started. The accuracy of property appraisal reports can vary by up to 20%.
Many homeowners, for example, have sold a house worth $ 300,000, but the property expert reports that the property is worth $ 150,000.
So note that by buying this property you can not get Turkish citizenship.
It is true that you paid $ 300,000, but the government’s criterion for granting citizenship is an expert report.
This report is usually requested by the landlord and provided to you, which is mandatory at the time of transfer.
This means that until this report is available, the document will not be transferred according to the new rules for buying property in Turkey for foreigners.
Therefore, it is necessary to be very careful about the property expertise report when buying a property in Turkey, especially when you want to obtain Turkish citizenship.
Before buying any property in Turkey and visiting, ask the seller of the property if he will provide the full amount to the government or not.
Our team has prepared properties for you who want to obtain Turkish citizenship, whose expertise report is complete and will not cause you any problem in purchasing a Turkish passport.
Maybe you are planning to build a hotel in Turkey or buy a hotel in Turkey. You will receive the following information when you request a project evaluation report:
Assess the financial value of the land
Information about the property document and its location on the map and local information
Check the property debt status,
check the technical status of the municipality and the General Directorate of Land Registration
Project development
cost Hotel construction costs and executive operations
It is possible to receive an evaluation report for the following investments.
- Land investment in Turkey
- Hotels in Turkey
- Shopping malls in Turkey
- Home and housing development
- Agricultural investment; Harvest and crop analysis
- Industrial investment
- House or villa or apartment
- Evaluation of commercial buildings, offices, stores, shopping malls and shops,
- Agricultural land, plots and vacant land,
- Urban Reconstruction Project Evaluation – Mine Evaluation, Gas Stations,
- Ships, docks, yachts and aircraft,
- commercial brand,
- Company evaluation
Note: For specialized advice and receiving the correct information before buying real estate in Turkey, please call 05522888939 on WhatsApp.
Please contact all Turkish companies on WhatsApp
WHATSAPP: https://wa.me/905522888939
