What you should know about the necessity of appraisal report when buying real estate for foreigners
Is the appraisal report mandatory for real estate purchase?
Firstly, according to the Circular no. 2019/1 dated 15.02.2019 published by the Directorate General of Land Registry and Cadastre (TKGM), it is not only for citizenship applications for foreign nationals but also for all sales transactions that they are parties to as buyers or sellers obligation of appraisal report was introduced.
From where or who you can get this report?
Secondly, the appraisal reports should be prepared by the Independent Real Estate Appraisal Company authorized by BRSA (Banking Regulation and Supervision Agency). These companies are registered on the BRSA website and also, the reports of the companies that are not authorized by individuals and also, jurisdictions are not accepted.
When should we receive the appraisal report, the reports of the immovables previously prepared in the appraisal report are valid?
Valuation reports shall be valid for three months from the date of issue. If the said real estate is subject to a new sale transaction within three months, the valuation report will remain valid.
How is the valuation report prepared?
Appraisal reports valid for international valuation standards and other legislation and also, application principles issued by the TDUB with the approval of the Authorized Real Estate Appraisers
1. REPORTING INFORMATION
2. TITLE DEED REGISTRATION INFORMATION
3. LOCATION, TRANSPORTATION AND ENVIRONMENTAL INFORMATION
4. LEGAL INVESTIGATIONS REGARDING REAL ESTATE
5. PHYSICAL, STRUCTURAL AND ALSO, TECHNICAL CHARACTERISTICS OF MAIN CARRYING
6. FACTORS AFFECTING THE VALUATION
8. DETERMINED VALUE APPROACH
9. MARKET RESEARCH
12. RESTRICTIONS AND ALSO, LIMITATIONS
Consists of departments.
How many days does it take for the report to be ready?
Although the real estate appraisal report has variable delivery days considering the location of the real estate, the inspection days and also, hours of the official institutions of the region, an appraisal report is prepared within an average of 2 to 3 working days. However, delivery time of delivery vehicles does NOT cover the delivery of the wet signed version of this appraisal report. (Shipping- Courier- Mail ye etc.)
How much does the valuation report cost?
In the appraisal reports, the service fees vary due to the factors such as the nature, the nature of the immovable property, the location where the immovable property is located, and also, the official institution fees paid for the official institutions’ investigations (each province has different official institution fees in the district municipality). However, this service fee, as determined each year by the Republic of Turkey can not be below the minimum wage tariff valuation.. Deed information should be given for the most healthy report service fee.
What is Intended by this practice?
Finally, within the scope of the necessity of valuation report;
* Real estate valuation system can be created
* Provide safe and also, real value data for foreign investors
* Ensuring that the real estate values covering quite different analyzes are produced by the experts of the sector as valuation experts (experts)
* Protecting the legal right of the investor and also, the buyer, preventing the fraud by reaching the right value with the healthy report
* Prevent the loss of tax by avoiding the unregistered economy in the construction market