The concept of real estate fraud in Turkey and ways to avoid it, and the concept of agency in Türkiye and its types

The concept of agency in Türkiye and its types

Many people work as an agency in Turkey when buying a property, as it is the only legal means, not only in Turkey, but in all countries of the world, that allows the purchase to be made without the presence of either party, the seller or the buyer.

What is a power of attorney or agency in Türkiye?

An official legal document through which the authorized person can act, fully or partially, on behalf of the person who blocked the power of attorney in all legal matters and official issues, including (purchasing real estate in Turkey)

Types of agencies in Türkiye

General agency

A comprehensive power of attorney grants the attorney of the agency holder all the powers and rights possessed by the client

Permanent official agency

It is granting a person a power of attorney in Turkey for a full year or several years, but it is limited in scope. The official power of attorney remains in effect until it is cancelled. Given the broad authority granted by this power of attorney, it must be avoided and resorted to when necessary.

AGENCY LIMITED

A power of attorney enables you to grant a specific person the authority to act on your behalf in specific transactions

Conditional official agency

An official power of attorney, but it is conditional upon the occurrence of a disability, for example, and it does not become effective unless that conditional disability occurs. It is assumed that a specific criterion for disability is set to start the official power of attorney in the document itself.

Procedures required to complete agencies in Türkiye

The person must be over 18 years of age

You must be present in person during the power of attorney, whether the power of attorney is inside or outside Turkey (i.e. at the Turkish consulate).

Extract a tax number from the agency paper granted to the agent. It can also be obtained on your behalf through the agent you have chosen

Pay the fees for obtaining the agency. These fees are paid at the consulate or embassy of the person assigned

 Documents required for the General Agency in Türkiye?

1- A passport valid for a period of not less than 3 months

2- The passport must be translated into Turkish by a sworn translator and notarized by a notary public.

3- Two (2) personal photos of the agent

4- Two personal photos of the agency owner with a white background, and they must be recent and no less than 6 months old.

The concept of real estate fraud in Türkiye and ways to avoid it

Real estate investment in Turkey is considered one of the safest investments in the world, and Turkey is considered one of the appropriate and fertile investment data, as Turkey has a developed infrastructure and a wonderful geographical location. As a result of these advantages, investors have become a target for exploiters and fraudsters who try to find many ways to try to deceive investors, especially when buying real estate in Turkey.

 What is real estate fraud in Türkiye?

A group of illegal methods and methods followed by fraudsters to lure the investor or property owner into the trap of manipulation and fraud. This process occurs as a result of investors’ lack of knowledge of the Turkish real estate market and real estate prices in Turkey, which makes them vulnerable to fraud.

Real estate fraud methods in Türkiye.

1- Impersonating the property owner

2- Asking for unreasonable prices

3-Selling real estate off the plan

A4- Obtaining a large return on investment

5- Selling the property as suitable for obtaining Turkish citizenship

A6- Selling the seized or mortgaged property

How do I avoid real estate fraud in Türkiye?

Complete knowledge and study of the Turkish real estate market and real estate investment laws

Verifying the identity of the real estate marketer and his official identification papers

Visit the property personally on the ground to ensure that its specifications match what was mentioned about the property

Ensure that the property number matches its title deed paper

Beware of unreasonable offers that offer the property at a price lower than its real price or higher than its real price

Do not share personal information with untrusted people, such as bank account numbers or identification papers

 Seeking help from a real estate company, such as Zain Real Estate Company, as it has a lot of information related to the Turkish real estate market and also has a consulting and legal team with extensive experience that helps the investor choose the appropriate property and directs him to the best option for him.

https://en.wikipedia.org/wiki/Mortgage_fraud

https://en.wikipedia.org/wiki/Crime_in_the_United_Arab_Emirates

https://en.wikipedia.org/wiki/Gaddafi_Farag