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News about Buying in Turkey
Tapu Law Passed
November 15 2009 09:55
The 1000 TL fine for those who do not have their title deeds transferred to property ownership by the end of November 2009 was accepted at the General Assembly of Turkish Grand National Assembly.
Road Map to end Tapu Fraud
November 15 2009 09:54
Prime minister Tayyip Erdoğan has suggested that two ministries instrumental in foreign property buys in Turkey are close to drawing an end to military searches.
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July 06 2007 17:53
New Turkish Mortgage System Given Green Light.
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Road Map to end Tapu Fraud
Prime Minister Tayyip Erdoğan has suggested that two ministries instrumental in foreign property buys in Turkey are close to drawing an end to military searches.
The PM disclosed in a letter to Osman Coşkun, chairman of Didim Estate Agents Association, that maps outlining key military areas and restricted zones – essentially where foreign investors are banned from buying – are being completed.
Coşkun had challenged the Prime Minister at the opening of the Didim Marina calling an end to the many title deed frauds that have mushroomed over the last couple of years in the resort.
The frauds are normally perpetrated by dodgy builders and crooked estate agents once they have received sums of money from unwitting foreign investors.
When, and if, the militaty application search is made for the foreign investor, the crooks have upwards of a a six-month window to take the title deed of the ‘bought’ property to loan sharks or banks and cash in, using the title deed as collateral.
When the loans are defaulted on, the lenders then step in and reclaim the property, leaving the investor without a home and their original money, and no proof that they own the property at all.
It was this issue that Coşkun presented a report to the Prime Minister on how the foreigners were being conned during the process of buying property in Didim due to the deficits in the law.
Coşkun suggested the best way to prevent these cons was to cancel all the procedure involved in military permits and to send the maps of restricted zones to the Title Deeds and Cadastre Directorates so that the required permits can be taken right away and title deeds issued in a day. Tayyip Erdoğan had promised to attend to the issue.
PM Erdoğan responded with a letter to Coşkun this week. In it, he said: “Although it is set forth that the Ministries of National Defence and Interior will provide the Title Deeds and Cadastre Administration with the maps showing the military restricted zones, military security zones and strategic zones and their coordinates, the revisions of the maps to remove the differences between the actual structure of the land and the values on the maps are not yet completed.
“Therefore, the current practice still continues. These revisions will be completed in the shortest time possible and the procedures will be simplified.”
Coşkun, pleased with the PM’s reply, said: “This letter is proof that the PM takes the matter seriously. I believe that the laws will be amended as soon as possible. We will also do our best to see that.”
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