Owning a home is an important matter for every individual, but there are many factors to consider before achieving this goal. There are critical points that individuals who want to buy a house should pay attention to in order to avoid being scammed and to complete the process safely. Therefore, we have compiled the important aspects that need to be considered in the home buying process.
THINGS TO CONSIDER WHEN BUYING A HOUSE
Meticulous planning, thorough research, and making informed decisions are the keys to making a reliable real estate investment when buying a house. Considering a range of factors from property value to past tax liabilities and environmental factors, focusing on important points in the home buying process lays the foundation for becoming a homeowner correctly and safely within the scope of real estate law.
• Researching the Value of the Property
In an era where home prices are rapidly rising, accurately determining the true value of a home purchase is highly important. Factors such as real estate price indices and prices of similar properties should be considered. The suitability of the price obtained from the homeowner or real estate agent to market conditions should be evaluated, and if necessary, an appraisal report should be obtained to determine the true market value of the property. These steps are crucial for accurately assessing the cost and making a solid investment in the home buying process.
• Reviewing the Property Title Deed
The property title deed is a document that indicates the owner of a real estate property and the rights on it. This document, regulated and updated by the General Directorate of Land Registry and Cadastre in Turkey, holds great importance in real estate buying and selling transactions. Before the buying-selling process, a detailed examination of the property title deed is a critical step to acquire information about the current status of the property, its owner, and any obligations attached to it. Reviewing the property title deed ensures trust between the parties, prevents potential legal issues, and facilitates the smooth completion of the transaction.
• Presence of Tenants in the Property
If there are tenants in a property, the new owner must consider specific legal obligations related to these tenants. The new owner will be bound by the existing lease agreement; thus, the lease agreement remains valid and does not disappear. The new owner can only evict the tenant through an eviction lawsuit claiming the necessity of the property for their own use. This process aims to protect the legal rights of the current tenant while enabling the new owner to utilize the property.
• Payment of the Sale Price Before the Title Deed Transfer Process
The sale of a property is finalized by signing the official sales deed at the land registry office. Therefore, it’s essential that the sale price of the property is paid before signing the official deed. In case of trust issues between the parties, the buyer should provide a blocked check equivalent to the sale price to the seller. This practice ensures the secure completion of the sales transactions, preserving the rights of both parties. Thus, the seller obtains payment security, while the buyer can safely complete the transaction at the land registry after paying the sale price.
HOW LONG DOES THE TITLE DEED TRANSFER PROCESS TAKE?
The duration of title deed transfer processes varies depending on various factors. The characteristics of the property, the time required for the completion of the required documents, and the workload of the relevant institutions are among these factors. Once the documents are completed, title deed transfer processes usually conclude within 2-3 days. However, this process may sometimes be extended depending on the workload and intensity of the relevant institutions. Therefore, the full duration of title deed transfer processes may vary depending on the specific situation and local conditions. Due to the various variables involved in this process, careful planning and follow-up in advance are necessary to ensure smooth and fast completion of the procedures.
Source: C&B Law Firm (cbhukuk.com)
