Real Estate Ownership
Principles of ownership of immovable objects are in general indentified in the Property Law section of the Civil Code. Property law includes not only ownership, but also acquiring and transfer of ownership, leasing the property and factors limiting property rights.
Ownership Law in Turkey
According to the provisions of the Civil Code, every piece of real estate will be recorded in the title deed register of the place where it is located. The title deed is the official document which shows who has ownership rights over the real estate and upon which the owner's name and photograph appears. Any restrictions which were placed on the real estate while it belonged to previous owner may be applied to the new owner after the transfer.
Turkish Parliament passed a bill on July 5, 2008 regulating property sales to foreigners in Turkey after it was re-arranged bearing in mind the Constitutional Court's annulment of previous legislation.
Purchase by Foreigners Law in Turkey
Ownership of real estate by foreigners in Turkey is governed in general by the principles of political and de facto reciprocity. According to the provisions of Title Deed Law no.2664, enacted 22 December 1934, a foreigner may purchase real estate in Turkey in keeping with the restricting provisions of this law and on condition of reciprocity between Turkey and his country of origin. It is also necessary to obtain permission from the General Directorate of Title Deeds, Cadaster and Military.
Owners Liability Law in Turkey
A building owner is liable for any injury which results from poor construction, negligence, or misuse. If a building of faulty and unsound construction collapses, and if any injury or damage results, compensation will be sought from the owner. the period for a contactor's liability is five years.
Title Deed law in Turkey
The name title deed is given to the official document which shows who has ownership rights over a piece of real estate and upon which the owner's name appears. Rights over real estate are recorded on official registers kept by the Office of the Conservator of Title Deeds. Such Offices also issue title deeds.
Since article 928 of the Civil Code embodies the principle of public registration of title deeds, no one may claim ignorance of the privileges and restrictions recorded in the deed register. Mortgages and other restricted privileges will also be recorded in the title deed register.
Turkish Real Estate & Property Sales Law
According to the provisions of the Civil Code, every piece of real estate will be recorded in the title deed register of the place where it is located and a real estate sale will be legalized only by being recorded in this register. The title deed, which is issued in the new owner's name, will show that the property has changed hands. Any restrictions which were placed on the real estate while it belonged to the previous owner may be applied to the new owner after the transfer.
Sales by Foreigners Law in Turkey
In order for foreign nonresidents to sell real estate which they own in Turkey, the sale price of such real estate must first be calculated by the tax assessment commission. The actual sale price must not be lower than this value nor more than a predetermined per cent higher. Monies received as a result of a sale are subject to taxes and blocking. However, provisions, brought on by the Foreign Capital Promotion Law, are reserved.