Real estate fraud and how to deal with it in Turkey
The legal professionals at Dari Real Estate will provide you with the most precise explanation of real estate fraud, including its tactics and how to deal with it in Turkey
Table of contents:
- What is real estate fraud?
- What are the most well-known techniques in Turkey for real estate fraud?
- Advice on avoiding real estate fraud
- How should I react if I discover real estate fraud?
What is real estate fraud?
What is fraud in real estate?
Real estate fraud in Turkey occurs when con artists take advantage of people looking to purchase homes or apartments by offering them inflated prices while taking advantage of their ignorance of the real estate market, standard methods of the buying and selling process, minimum and maximum prices, and significant differences with the advertised property’s true worth.
Social networks have recently played a significant role in the rapid spread of real
estate fraud. Fraudsters can con anyone seeking for Turkish real estate for sale using
social media. The real estate offers provided by these scammers may occasionally align to the features and costs of the home you are looking for and you expect to be within your means. The victim being included in the bargaining process is one of the major scams in this area. remotely, sparing it the hassle of always looking for issues and discovering them. Considering that the buyer may not be familiar with the other issues or the legal process.
What are the most well-known techniques in Turkey for real estate fraud?
It appeared that the advertiser is the one who owns the property
This is among the riskiest and most well-known real estate scam techniques. When one of them poses as the true owner of the property or his only agent to sell it, they continue to employ forgery to pass off the property as having been sold by the genuine owner or the authorized agent. They do this until you start to think that the documents are accurate and regular.
I must therefore remind you that real estate companies are important in the process of purchasing real estate and making real estate investments in Turkey because they can reveal unofficial documents. This is a result of real estate professionals, legal purchase processes that know the market and accepted standards in Turkey for real estate Until the acquisition of real estate is fully secured, by the official departments in charge of putting all contracts of transferring ownership into effect in their legal forms and in a secure way.
The pricing is excessive.
Exorbitant prices for homes, properties, and land are among the indicators of real estate fraud since they differ greatly from the occasional discounts provided by Turkish real estate firms to stimulate purchases.
Because of this, some real estate brokers resort to listing properties at exorbitant rates that do not reflect the true worth of the provided property in terms of its dimensions, locale, size, features, and final décor. Anyone looking to purchase real estate in Turkey should stop there and use the pricing given to search, compare, and check out many real estate firms. Due to the buyer’s incapacity to comprehend the transactions, market, and pricing of the region being sold, it is important to prevent falling victim to fraud and real estate scam for a specific property.
Here, we may provide an illustration to help individuals who wish to purchase property in Turkey to prevent fraud understand the situation.
This is a sort of real estate scam, for instance, if you see the price of 12,000 USD for a 200 square meters apartment in a new housing project and an important district of Istanbul. This is because it costs at least $60,000 to build a 200 square meters apartment, plus taxes, land, etc.
Unlicensed real estate advertising
Due to the growth of the real estate market and the popularity of social media marketing, which gives it technical advantages that facilitate purchase and development, as well as the existence of some sites that are solely dedicated to real estate marketing, the concept of real estate marketing has become more widely accepted. Here, it is important to keep in mind that some people and businesses are authorized to work in the real estate brokerage profession. This can protect buyers and give them access to sales channels that are helpful to them because they shorten the tiring search period and speed up the real estate purchase process.
Since websites involved in real estate marketing are required to combat misleading offers that might result in real estate fraud, it can eventually secure buyers from real estate fraud online in Turkey .
We at Dari Real Estate are striving to find the client the property he is seeking for in Turkey in order to satisfy his present and future real estate ownership demands. We have a cohesive workforce that is eager to work continuously to offer the best pricing and give the business a suitable profit margin. Our crew is capable of handling all the details that are important to the client, is trustworthy with clients, and has a strong sense of responsibility.
Announcing properties for Turkish citizenship at a price lower than its value
Turkish law states that possession of real estate in Turkey with a minimum value of $250,000, or several properties with the same total cost, with a commitment that the buyer does not sell this real estate for three years, is required in order to obtain Turkish citizenship. This case is one of the real estate fraud in Turkey and is frequently manipulated by spreading false and misleading information.
Dari Real Estate thus urges individuals looking to purchase property in Turkey to ignore any offers or promotions that suggest obtaining Turkish citizenship for less than the above-mentioned legal cost.
Excessive return on investment
Exaggeration is one of the techniques used in real estate fraud and is seen as an illogical temptation for potential profits and returns. As a result, the revenue from real estate investment in Turkey varies depending on the region’s vitality, significance, and nature.
Investors must be willing to rent or manage their properties at a greater rate of return than comparable properties in addition to focusing on discovering real estate at reasonable costs from the start and selecting the best deal.
Numerous figures that measure the percentage of real estate investment profit indicate that Turkey’s yearly profit from the value of real estate may reach 10%, and in certain places, even 20%.
Selling real estate that is not registered
There is no question that purchasing registered houses enables purchasers to negotiate the greatest price from the building firm for the property.
In order to avoid real estate scams and forgeries, it is advised to acquire under this plan to make sure that you adhere to legal requirements through a reputable real estate firm that completes the construction process in accordance with legal criteria set out by the Turkish government.
Therefore, it is not advised to purchase a property that is still under construction from a construction company that is not related to the Turkish government or a reputable, licensed agency with a well-known institution, as the construction may run into issues after completion, such as the municipalities choosing to demolish them in the event of illegal acts.
In this situation, it is required to provide some advice, the most crucial of which is to avoid paying the property’s entire price before the building process is over and you receive the property; instead, it is advised that you make payments while the property is still being built.
In addition to paying visits to the construction site to make sure that the construction requirements are in compliance before contract signing and to determine the anticipated delivery date, it is recommended to write the terms of the contract at the notary’s office.
Real estate fraud is the practice of breaking the conditions of a contract. The owner has the right to request that the real estate developer fix all unfilled flaws or comply with the requirements of the purchase by including all relevant information in the contract.
Advice on avoiding real estate fraud
– Appointing an architect to supervise the fulfillment of the building standards agreed upon when buying the registered property.
– Because it is against the conditions of the agreement with regard to the property, the buyer has the right to demand that the deficiencies in the property be fixed right away before obtaining it.
In Dari Real Estate, we guarantee to secure the best choice of real estate among the most significant urban projects in Istanbul through its network of projects, while also providing all services with the best quality. We also provide those who want to own real estate with free real estate tours in Istanbul.
How should I react if I discover real estate fraud?
By requesting assistance from a qualified attorney, the buyer gives the attorney all the required documents, explains the terms of the contract and the buying process, and clarifies the payment options. The attorney then looks into the situation and follows the prescribed steps. to be prosecuted for real estate fraud under Turkish law.
Edited by: Dari Real Estate