How to avoid real estate fraud in Turkey
Recently, the Turkish government established special laws to protect foreign investors and real estate buyers which allows foreigners to purchase real estate in Turkey without being vulnerable to real estate fraud, as Turkey today became the first real estate destination for businessmen and those interested in obtaining the Turkish citizenship alongside their original citizenship, this is due to the cultural and diverse social services Turkey provides, in addition to the strong infrastructure, and the easy and fast legal procedure when buying a property until obtaining the Turkish citizenship. Which made it easier to the fraud professionals to exploit the difference in the language of the country and the investors' lack of knowledge of the Turkish laws in place.
The definition of the real estate fraud: Its an offer presented by a real estate scammer to those interested in Buying a property in Turkey,, through exploiting the lack of their experience in the real estate market, and the procedures followed in the buying and selling transactions, and their lack of knowledge of the apartment prices as the scammers might offer unrealistic prices that does not reflect the real value of the offered properties, or there might be no apartments in the first place, as they would offer fake images for some random properties.
The most prominent methods of real estate fraud in Turkey:
There are many methods of real estate fraud, most of the time being done by people pretending to be real estate marketers, or real estate companies working the construction sector, either way, the scammers succeed in scamming people through offering fake or and false information, or forging of legal documents and real estate special papers, these are the most prominent methods of real estate fraud:
- 1. Impersonate the property owner: considered the most dangerous real estate fraud methods, since the scammer follows a method of forging official papers and legal documents by impersonating the real property owner when selling the property, then he would forge the documents taking advantage of the absence of the owner or the official agent to sell the property and the lack of knowledge of the buyer in real estate matters and the necessary buying and selling process, therefore, you should verify the ownership documents for the seller in the official departments.
- Selling properties at very high prices: here, the real estate scammer uses fake information such as a charming view of the property, or special features like the project being close to schools, hospitals, or public transportation, taking advantage of the buyer's lack of knowledge and lack of experience in real estate prices in Turkey or not asking for help from a guaranteed real estate company to know the prices, as the price does not match by any means the specifications of the proposed property.
- Selling real estate at cheap and unrealistic prices: Scammers uses many methods to attract the investor like offering the property at a cheaper price than its original price, which makes it a great deal to seize, or advertising unrealistic payment facilities compared to other similar properties, or publishing advertising campaigns to seize the opportunity of a lifetime, unfortunately, some investors fall for these scams, and find themselves having purchased a property other than the agreed-upon property, or a property has legal problems and is filled with taxes and fees.
- Real estate fraud offering Turkish citizenship: the best methods to obtain the Turkish Citizenship Law is through real estate ownership, but at the same time it is an opportunity for the scammers who distort the facts for those wishing to obtain Turkish citizenship, where the real estate scammer confirms to the investor the existence of cheap properties with the ability to obtain the Turkish citizenship in exchange of buying a property but its less than the legal price put by the Turkish government, or the ability to sell the property immediately after the purchase, which does not comply with the law that prohibits the selling of the property for 3 years period.
- 5. Sale of fictitious or under construction properties: Real estate scammer shows luxurious buildings images, nature charming views to the investor, as they are unreal images and they might be only demonstrations to attract the customer, and sometimes the investor might buy an under-construction property to get a better price and a lower cost, so, in order to avoid falling to a fraud when buying, we advise you to purchase a property through trusted real estate agent to help you invest in the right property that fits your needs.
- Marketing real estate illegally: Due to the high demand for real estate through social media platforms, and what it offers from technical features that helps you in buying and selling transactions, nowadays there are lots of websites dedicated to real estate marketing providing visibility of all real estate offers and marketing through the company's dedicated website. And to guarantee a safe purchase, make sure that the real estate company that you deal with is licensed by the chamber of commerce, and has real estate agent and registered with the Tax Department of Turkey, it is noteworthy that the licensed company obtains a work permit in order to publish through websites, which combat fake offers that lead to real estate fraud.
Most important advices to avoid real estate fraud in Turkey:
- Ensure that the property is inspected and seen in person, and sufficient inquiries are made before purchasing it.
- Not paying any down payment before verifying the completion of all the official documents and legal procedures.
- Visiting a real estate agent when purchasing the property and verifying the official work license.
- Preparing the purchase contract in the presence of the property owner alongside his ID, but the purchase transaction will not be done until the extraction of the the title deed, therefore, when signing the contract, pay a small amount of the original purchase price.
- Ensuring that the property does not have any tax obligations or unpaid fees.
- Ensuring that you deal with officially licensed companies by the Turkish government when buying any under-construction property, and doing a tour on-field to verify that property’s location and features.
Finally, Europ Homes Real Estate Estate offers the best options to its customers in Turkey that suits their various needs, in addition, it provides them with all real estate consultancy free of charge, with many special options to purchase real estate in Turkey at competitive prices, and it guides you to the correct and successful real estate investment in the most important investment areas in the Turkish states, as well as also providing the client with the best successful investment experience in a safe and reliable way away from real estate fraud, and we also advise you to own through a real estate agent in order to avoid real estate fraud in Turkey.
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