Property type is a general phrase that refers to everything over which a person or corporation has legal title, granting owners certain enforceable rights. Automobiles, industrial equipment, furniture, and real estate are all examples of property that may be physical or immaterial. The majority of properties have present or potential monetary worth and are thus classified as assets. However, in some circumstances, properties might double as liabilities.
Different property types can be classified into:
- Personal and Real Property
- Corporeal and Incorporeal Property
- Movable and Immovable Property
- Tangible and Intangible Property
- Private and Public Property
1. Personal and Real Property
Personal property type is anything tangible or intangible that an individual owns. The mobility of an individual’s possessions, such as furniture, drapes, kitchenware, automobile, artworks, and so on, is the essential element of personal property. Chattels encompass all tangibles and transportables. Chattels can be sensed, touched, and moved without inflicting damage. Even after becoming a fixture, equipment like a furnace may be considered personal property. Because the tenant can erase it. Intangibles include securities, bonds, franchises, patents, copyright, trademarks, bank accounts, and so on.
Real property, however, is a far wider term that includes land, anything attached to it, and any construction or improvement made to it. It’s called “real property” when people talk about the rights that come with owning land, like being able to sell, rent, or lease land. Real estate that can be used for anything, from residential to commercial to farmland or industrial, is in the general user group. It’s important to know what your property rights are so that you can figure out if you can legally sell your house.
2. Corporeal and Incorporeal Property
Corporeal property type is the right to own tangible objects. This property category contains all visible and touchable elements. A house, a parcel of land, a vehicle, a bicycle, etc.
It is further divided into two categories as movable and immovable property and personal and real property.
Incorporeal property type is the right to own non-material goods. Legally protected intangibles or interests that cannot be touched or felt but have a definite value. It is also called traditional and intellectual property.
For example, patents, copyrights, trademarks, etc.
The incorporeal property type is also classified into two types. They are Jura in re propria Over Material things (patents, copyrights, trademarks, etc.) and whether tangible or immaterial, such as leases, mortgages and servitudes, among others.
3. Movable and Immovable Property
The term “movable property” refers to anything that isn’t permanently affixed to the ground, regardless of its size, quality, or quantity. Items in this category are subject to sales tax, central sales tax, and various limits and requirements imposed by the respective state’s General Sales Tax Act and the Central Sales Tax Act of 1956.
Movable property types examples are vehicles, electrical items, jewelry, literature, wood, and so forth. Also, mango trees that have been chopped and sold for timber are likewise categorized as moveable property. Crop and grass cultivation, royalty, a court order determining the amount of rent payable, and government departments issuing promissory notes are other examples. Stock shares are any machinery equipment that is not linked to the soil and nature’s scientifically regulated forces.
As the name implies, immovable property type is defined as any property having ownership rights that cannot be moved. Revisions were made to Article 35 of the Land Registry Law No. 2644 on May 18, 2012, by Law No. 6302. For foreigners who want to buy real estate in Turkey, reciprocity is no longer a factor. There are several countries whose citizens are allowed to purchase real estate in Turkey under specific conditions acknowledged by the President. Section 3 (26) of the General Clause Act, 1847 states Immovable property is defined as “land, benefits derived from the land, and anything connected to the earth, or permanently fastened to anything related to the earth.
Immovable property type examples are houses, land, trees linked to the ground, and factory structures, as well as a contract for bamboo cutting for a set period, machines and receptacles designed for commercial use and statues, paintings, or other ornamental works, are considered immovable if they are put to remain permanently attached to the tenement.
4. Tangible and Intangible Property
The phrase “tangible property type” refers to everything that has a physical presence and is capable of being touched or felt, such as jewelry, furniture, automobiles, books, and silverware. These tangible personal belongings can be attached to real estate, but only if they can be removed without causing any harm.
On the other hand, the intangible property type has no physical presence and hence cannot be touched or felt. However, it represents something valuable. Securities, bonds, patent rights, intellectual property rights, copyright, trademarks, brand names, franchises, computer software, and other intangible property will be included. The ownership of any intangible property grants the owner the right to do something or utilize something.
5. Private and Public Property
Private property type is owned by a legal and non-governmental body. This might be personal or capital commodities. The political structure of a country supports and enforces private property rights. Aside from that, a property is deemed private when it is owned by an individual or a legal entity for personal use and advantage. Any tangible or intangible asset that an individual or business owns, such as land, buildings, copyrights, and patents.
As the name implies, public property type is held by the state. As a result, the land belongs wholly to the public and not to an individual or a business, for example, parks, hospitals, and public restrooms. All such amenities or sites controlled by the government or agricultural community for the public’s convenience are considered public property.
How to Buy Property?
These nine stages can make the home-buying process more manageable and assist you in making the best selections possible.
- Step 1: Start Your Research Early: As soon as you can, begin perusing real estate listings on websites, newspapers, and publications. Note the length of time a particular house has been on the market if you are considering it. In addition, keep an eye out for pricing adjustments. This will give you an idea of the current housing market trends in certain locations.
- Step 2: Specify How Much You Can Pay: Homebuyers who expect to put 20% down and have a moderate amount of additional debt should seek for properties types that cost no more than three to five times their yearly household income. It’s up to you to decide based on your financial circumstances, though. See how much housing you can afford by using our affordability calculator.
- Step 3: Get Approval for Mortgage: Before you’re searching for a property type, you must first determine how much money you have available. Getting prequalified for a mortgage is the best method to do it. To get prequalified, just supply your mortgage banker with certain financial information, such as your salary and the amount of savings and assets you have. Your lender will go through this information with you and tell you how much money they can lend you. This will give you an idea of the pricing range of the properties you should look at. Later, you may be preapproved for credit by submitting your financial documentation (W-2 statements, paycheck stubs, bank account statements, and so on) so your lender can verify your financial condition and credit.
- Step 4: Find the Right Real Estate Agent: When it comes to purchasing or selling a house, real estate agents are invaluable resources. Real estate brokers can supply you with information on houses and communities that the general public does not have easy access to. Their understanding of the home-buying process, bargaining abilities, and familiarity with the region in which you wish to live may be highly beneficial. In addition, using an agent is free of charge because they are paid a commission by the seller of the home.
- Step 5: Make an Offer: Begin by looking at properties in your price range. It may be useful to take notes on all of the properties you see (using this handy checklist). There will be a lot of dwellings. It might be difficult to remember everything about each home, so you may want to shoot images or videos to assist you to remember.
- Step 6: Get a Home Inspection: Typically, purchase offers are contingent on a home inspection of the property to look for structural issues or anything that may need to be repaired. This contingency protects you by allowing you to renegotiate or withdraw your offer without penalty if the examination shows serious material damage. A report on the house inspector’s findings will be provided both to you and the seller. You can next decide whether or not to ask the seller to make any repairs to the property before finalizing the deal. Before the transaction is finalized, you will be allowed to see the property and ensure that any agreed-upon repairs have been completed.
- Step 7: Corporate with Bank to Choose Your Loan: Lenders provide a variety of reasonably priced loan packages and have a reputation for providing great customer service. When buying a property, you likely have numerous questions and having skilled, responsive mortgage bankers assist you will make the process much easier. When it comes to picking a mortgage, every house buyer has their own set of considerations. Others are concerned with ensuring that their monthly payments never rise. Others choose a loan based on the fact that they will be relocating again in a few years.
- Step 8: Have the Home Appraised: Lenders will hire an appraiser to offer an unbiased assessment of the worth of the home you are purchasing. The appraiser works for a third-party firm and is not directly related to the lender. The assessment will inform all parties involved that you are paying a reasonable amount for the house.
- Step 9: Coordinate the Paperwork: Homebuying comes with an abundance of paperwork, so be prepared for that. Your lender will hire a title firm to handle all of the paperwork and ensure that the seller is the legal owner of the home you are purchasing.
How to Buy Property in Turkey?
Due to Realty Group Real Estate’s significant expertise and understanding of the Turkish real estate market, purchasing a house in Turkey for foreigners is a relatively simple procedure. Realty Group Real Estate is here to support and guide you through the entire process of investment in Turkey.
Our step-by-step guide to purchasing property in Turkey will walk you through the whole process, from searching for the perfect house to ensuring all paperwork is done to finalize the sale. Here we explain everything you need to know before, during, and after purchasing a home in Turkey.
Decide where you want to live and what you want to accomplish. After deciding on a location, make a list of the primary attributes of the property you wish to acquire. We require a comprehensive grasp of your wish list to find the best match for your needs.
When a customer sends an inquiry through our ads, website, property portals, sales partners, and so on, Realty Group Real Estate assigns a sales agent. All of our real estate agents are highly experienced multi-lingual experts with extensive real estate industry expertise. Throughout the purchasing process, you will be in contact with the same sales representative.
Our estate agents pick up customers from their hotels or other accommodations and take them to the houses they want to see. Our estate agents are always available to accompany customers in our comfortable automobiles if they so want.
A sales contract is produced based on the details of your property and your requests, with the consent of the property developer or construction business, when you and the developer or owner reach an agreement to acquire a property.
After a thorough review of the contract by our attorneys, we will all sign it together, and we’ll go over every section of it to make sure everyone understands what they’re agreeing to. The buyer, the construction business, and we will all sign the contract (Realty Group Real Estate).
An initial payment of 10-15% of the agreed-upon purchase price must be made by the buyer after signing the contract to reserve the property. Depending on the vendor and the status of the construction, the price may vary.
To finish the purchase process, you must get a tax identification number, create a bank account, and obtain a power of attorney to handle any legal processes that may be required.
You’ll need a Turkish Tax Number before you can purchase real estate in Turkey. If you need assistance obtaining a Turkish Tax Identification Number from the Tax Administration Office, please contact one of our sales representatives. To send money, pay taxes, and take care of other financial obligations in Turkey, you’ll need a bank account. Your real estate agent will assist you in obtaining a Turkish bank account.
“You may act on my behalf for these abilities” is what a power of attorney signifies. The Power of Attorney will include your name and image. An ISKAN report and water/electric subscriptions, as well as other legal processes, can be obtained by us with the buyer’s consent through a Notary Public power of attorney. To complete this process, the buyer and a sworn translator must both be present at the Public Notary Office. It is possible to avoid many trips to Turkey solely to deal with paperwork by signing a power of attorney.
A payment schedule may be worked up between buyer and developer once a sales contract has been signed, and funds can be sent to the developer’s bank account as needed. After the takeover, the remaining balance of the property’s purchase price is paid. We can approach the developer on behalf of the buyer to provide a reasonable payment plan.
Obtaining your title deed is the final step in finalizing your Turkish real estate acquisition. Tapu is a legal document issued by the Land Registry Office that demonstrates your ownership of the land. It is the most crucial document since it is proof of property ownership.
For the transfer of the property’s title deed, all remaining property costs, taxes, and legal expenses must be paid. Upon signing a title deed at The Land Registry Office, you become the legal owner of your property.
You’re all set to move into your new home if you just purchased it. The developer will be asked to make any improvements to a previously used, second-hand, or so-called resale property that you want after signing the contract. Those points will be included in the sales agreement during buying a house in Turkey.
Can Foreigners Buy Property in Turkey?
Yes, foreigners can buy property in Turkey.
As long as properties are located in towns (i.e. within the boundaries of a municipality or borough), not villages or rural areas, and outside of military zones, foreigners can purchase land in Turkey in their names. However, homes in villages or rural regions cannot be bought.
What are the Reliable Real Estate Companies for Buying Property in Turkey?
Realty Group has been the most professional real estate agency based in Turkey since 2009. We have the experience, knowledge, and, most importantly, the passion to help you through the process of purchasing, selling, investing, property management, finance, and after-sale services necessary to get Turkish Citizenship.
Realty Group is a community of motivated, enthusiastic, and highly qualified sales professionals dedicated to surpassing our clients’ expectations. We can increase our serviceability and marketing alternatives for our customers due to our independence and strong participation in the real estate business.
What Should be Considered While Buying Property in Turkey?
People from all over the world like to invest in Turkey. In the last few years, there has been a big rise in investment, especially in housing. You can either rent out or live in the vacation home you bought. If you want to learn about history or enjoy nature, Turkey is a great place for you. Before you buy or invest in Turkey, there are a few things to keep in mind.
- Budget: When you know how much money you’re willing to spend on a house, you can start to narrow down your options. To double-check your builder’s price, compare it to comparable nearby houses built by different builders. There are many ways to compare properties in the area you want to buy.
- Bank financing: Check with your bank to see if they may lend you money at a certain period.
- Builder and the Purchaser Agreement: After deciding on a home, you may reserve it by paying a small fee and receiving an allocation notice in return. Before signing this agreement, make sure you read and understand it well.
- Location of the house: Determine the area where you plan on settling before moving in. It is important to consider the facilities, physical infrastructure, and accessibility to all places. The presence of such amenities in your house will contribute to the creation of a more tranquil environment.
How to Manage Property in Turkey?
Making a deal with a professional real estate firm makes it simple to invest in Turkish real estate.
Turkish reforms have catapulted Turkey to the OECD’s second-largest reformer since 1997, providing a business-friendly environment. Because of the business’s competitive character, a fair playing field is created for investors from all over the world. Furthermore, as a result of life-oriented property, it is possible to acquire financial assistance from the Turkish government, as well as Turkish citizenship and residency rights.
You may quickly discover what you are looking for in your real estate and commercial investments in Turkey while recruiting employees or searching for renters. This is because Turkey has a considerable number of workers and a younger population than most other countries in the world. It is important to know the basics of property management and make a comprehensive search about property management in Turkey before you decide on your investment.