New Property Valuation Report
02.22.2019
If you want to buy an apartment in Turkey, we recommend that you read this article.
Assessment Report in Turkey
Circular published by TKGM (February 15, 2019). This must be approved. “Https://tkgm.gov.tr”
The Turkish government seeks to protect foreign buyers from fraud. This report will be protected from overpriced property sales. The action plan was created in accordance with a successful pilot scheme. The new department at TKGM will process all evaluations and reports.
About Real Estate Valuation Steps
The cost of the approved appraisal report of the SEC will be from 1,000 to 2,000 Turkish liras, and buyers will pay this fee directly to the real estate appraiser. Foreign buyers should give up doing business.
Evaluation reports will be valid for three months from the date of approval. If the sale is canceled, if the seller finds another buyer, he can use the same evaluation report. The cost will be estimated at the time of completion. An evaluation report will also be displayed in the title.
After Tapu is signed, the information system must be added to its system before returning it to the buyer. The expected completion time is three days for Istanbul and six days for other provinces.
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Possible tax consequences
The new law aims to exclude the possibility of paying taxes as a result of the announcement of smaller amounts of ownership of tapas. Although sellers in Istanbul usually set the right selling price, in many other provinces.
This can lead to the fact that violations of addresses will be noted in the system.
Foreigners who have already signed tax levy contracts also receive tax levy.
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Land Cadastre Real Estate Valuation Department
In January 2019, a new Real Estate Appraisal Department (Taşınmaz Değerleme Daire Başkanlığı) was created as part of the Land Register and Cadastre. The Turkish government wants to take the exact amount of the transportation tax. Generally, the cost of the sale. Property tax and other related property taxes. The new department, which is responsible for the assessment of real estate, a certain value, using a wide range of methods, and collected all the information in one system. They will also publish statistics. The methods used for the assessment will be consistent with international practice.
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SPK – proven experts
SPK is the abbreviation for Sermaye Piyasası Kurulu in Turkish, which means Capital Market Council. This is the Turkish power of stock exchanges and banks. They control and regulate the movement of capital in Turkey. Valuation companies are professional institutions that will adhere to the rules of the capital market. To prevent conflicts of interest, appraisal companies and employees cannot work as real estate agents or for them.
Evaluation reports contain the following information:
– All documents confirming legal status
– Location of the object on the map with coordinates
– Property Photos
– Prices for equivalent property
– Price confirmation
– Current state of property debt
– Confirmation of acceptance of the land book and cadastre to the Main Directorate
