What Is the Valuation Report Required to Purchase a Property in Turkey by a Foreigner?
Since 4 March 2019, it has become a legal requirement for foreign property buyers in Turkey to obtain a valuation report before completing the purchase of a property in Turkey. A government-authorised valuation company must prepare this report, and it is essential for completing the title deed transfer (Tapu).
On the valuation report, the valuer states whether the property has a habitation license, whether the project was built according to the project plans, whether the property has a condominium or an easement title deed, and whether there are any liens or restrictions on the property. The declared sale value of the property does not have to be in accordance with the value on the report.
The report is designed to protect both the buyer and the state by ensuring the sale reflects fair market conditions. It must be issued within the three months leading up to the sale of the property and remains valid for this duration.
It’s important to note that the sales price of the property may differ from the value stated in the valuation report. However, the report is still required, regardless of the final sales price agreed upon by the buyer and seller.
Failure to present a valid valuation report can delay the property purchase process in Turkey for foreigners. Therefore, working with a qualified legal expert to ensure all paperwork is in place is advised.
Call to Action
For expert legal assistance on how to purchase a property in Turkey, please reach out to Burcu Yılmaz Sayılgan Law Firm at +90 533 392 6556 or visit our website at https://burcuyilmaz.av.tr/ .
