العربية
Executing a real estate purchase contract in Turkey is a crucial step in property ownership, leading to the subsequent phases of property transfer and obtaining the property deed (TAPU) in Turkey.
Contents of Turkish Real Estate Purchase Contracts:
Definition of the Contract:
The contract is a legal document that protects the rights of both the seller and the buyer. It is an indivisible reference document.
Content of the Turkish Real Estate Purchase Contract:
The contract includes various clauses spanning several pages, covering essential aspects such as:
- Personal information of both parties.
- Detailed property address, status, and architectural details.
- Total and construction area of the property.
- Public services attached to the property.
- Appliances and items delivered with the property.
- Delivery date, payment method, and property price in Turkish lira or US dollars.
- Other rights and obligations.
Buyer’s Rights Provisions:
Include rights such as receiving the property according to specified conditions, committing to immediate property transfer after full payment, etc.
Seller’s Rights Provisions:
Require the buyer to fulfil obligations, such as paying the property value in cash or instalments through bank transfers, adhering to payment dates and amounts.
Importance of Executing Turkish Real Estate Purchase Contracts:
The importance lies in providing legal protection for both the seller and the buyer. If either party fails to fulfil obligations, Turkish law intervenes to resolve disputes in favor of the aggrieved party.
Signing Turkish Real Estate Purchase Contracts:
Once the fundamental clauses are agreed upon, the contract is printed in Turkish and English. Both parties sign a copy, one for the seller and one for the buyer.
Authentication of Turkish Real Estate Purchase Contracts:
- After signing, the contract must be given legal status.
- This involves visiting the nearest.
- Turkish Notary Public to authenticate and obtain an official stamp for both copies of the contract, typically without the need for a prior appointment.
- Turkish real estate purchase contracts aim to minimise disputes resulting from the failure of either party to fulfil their obligations.
- Parties acknowledge that signing commits them fully to the contract terms, subjecting them to legal accountability otherwise.
