Real estate fraud in Turkey is not a very common occurrence. But still unfortunate events happen to inexperienced people. That is why it is worth being careful about this. There are many ways of real estate fraud. Home sellers and homebuyers can also be scammed. The most important thing at this stage is to communicate with reliable people and carefully choose the document to be signed. When you are going to buy or sell real estate in Turkey, you should contact reliable real estate agents in that field. There will be a lot of people who want to deceive you, especially because you are inexperienced. Therefore, you may have to pay much larger fees if you do not get counseling to avoid the commission fee. Foreign investors are more likely to encounter this type of fraud because they are more inexperienced. Foreign investors who do not speak Turkish at a good level should work with real estate agents to help with the paperwork here are listed below;
1. Be Careful Against Illegally Constructed Properties
The building regulations in Turkey were updated in 2018. Issues such as inspections, earthquake regulation, and structural strength have become important. Inadequate buildings cannot get building permits when they cannot pass the inspection. There are many reasons for this. While some buildings are not built on the right floor, the materials of some buildings are not suitable for use. The state does not give building permits for these buildings. Real estate fraudsters deceive people using such structures. Therefore, when you are going to invest in real estate in Turkey, definitely request a building permit from the opposite party.
2. Work with a Lawyer/ Counselor
Real estate investment is an investment that requires high amounts of money. Every signature that will be made in this process is very important and can have serious consequences. A mistake will result in you losing thousands of pounds. Therefore, when you are going to make a large real estate investment, you can contact a lawyer to follow the contracts and official procedures. Signing up with a lawyer frees you from great responsibilities.
3. Do the Paperwork Right
Paperwork is very important. There are too many bureaucratic processes in Turkey. These operations should be performed directly and quickly. All necessary documents in the legal process must be completed in full. It is extremely useful to get a consultation from your realtor for paperwork. In order not to encounter any problems later, get help for this consultation from a trusted institution.
4. Don’t Believe The Fake Real Estate Photos
One of the most common methods used in scams is to trick people with fake home photos. You should see the house you are interested in face to face if you can. If there is none, you should visit the house by video calling instead of photos. You should expect photos that are directly proportional to the value of the house. Otherwise, you should be suspicious. Do not pay after seeing only photos of the house.
5. Prefer Reliable Real Estate Companies
Real estate companies and real estate agents in Turkey must have a license. When contacting a real estate agency, you should first know whether they have this license or not. In addition, when choosing your real estate agent, you should do business with agents who have customer satisfaction, you already know how they do their job. Otherwise, they can destroy your trust and deceive you. Realty Group is a company that has been providing services in the field of real estate in Turkey for many years. The company provides services in many languages. Realty Group is on the side of its customers in all legal processes in Turkey. To meet the requirement of Turkish citizenship, it presents the appropriate advertisements to its customers and provides reliable service by making field visits.
6. Know the Conditions of Obtaining Citizenship from Turkey Well
If you want to invest to obtain the right to Turkish citizenship, you need to invest in real estate suitable for this purpose. To take a safe path in this matter, you should contact real estate agents who have a good knowledge of this issue. Real estate agents not only find suitable homes, but they also give you confidence by being with you in the legal processes. For further information about Turkish citizenship, you can check our article.
What is the Penalty for Real Estate Fraud in Turkey?
The penalty for real estate fraud is imprisonment. Real estate fraud, which is a serious crime, requires a fine in addition to imprisonment. These sentences vary depending on the situation and can reach up to several decades in prison.
Is it Safe to Invest in Property in Turkey?
As long as you take into account the above warnings, it is safe to invest in Turkey. In Turkey, where the construction sector is very developed, investing provides serious profits to the investor. Consulting services should be obtained from a lawyer or real estate agent for formal processes when investing in real estate. In particular, some real estate agencies specialize in it for investors abroad. And these agencies provide services in different languages. It would be advantageous for you to partner with these agencies.
Types of Real Estate Scam
Real estate fraud is the act of using deceptive practices in connection with the buying, selling, leasing, or financing of real property, with the intent to defraud. This can include fraudulently overvaluing a property, falsifying documents, or misrepresenting information about a property.
There are many different types of real estate fraud, including:
- Mortgage fraud: This occurs when someone intentionally misrepresents information on a mortgage loan application to obtain a loan that they would not otherwise be eligible for.
- Title fraud: This involves forging or altering the title to a piece of real estate, or using a fraudulent title to sell a property.
- Property flipping: This is a type of fraud in which a property is purchased, quickly renovated, or repaired, and then sold at an inflated price. The seller may use false or misleading information to make the property seem more valuable than it is.
- Deed fraud: This involves creating or altering a deed to a property without the knowledge or consent of the owner.
- Landlord fraud: This can include things like collecting rent for a property that is not owned by the landlord, or failing to make necessary repairs and then collecting rent for a property that is not habitable.
- Timeshare fraud: This can involve selling a timeshare using deceptive practices, such as misrepresenting the benefits or costs of owning a timeshare, or using high-pressure sales tactics to convince someone to buy a timeshare they do not want or cannot afford.