6 forms of real estate fraud in Turkey and how to deal with it

real estate fraud

What is real estate fraud?

It is the exploitation of the inexperience of those who wish to buy the property by some weak-minded people, to fall into the trap of fraud, as they communicate with him from a distance and make illogical offers for prices that do not match the real property value and in the event that the buyer does not have sufficient experience and is not familiar with the legal procedures that must be completed before the purchase process, he falls victim to this fraud.

real estate fraud
real estate fraud

What are the forms of real estate fraud in Turkey?

There are many forms of real estate fraud, the most prominent of which remain:

1.     Impersonation of the property owner:

One of the most common methods of real estate fraud, where the fraudster exploits the absence of the property owner or the official real estate agent and impersonates his identity and falsifies papers and documents and presents them to the buyer as real official papers.

Therefore, it is recommended to buy real estate through official real estate companies that have legal licenses, since they are approved by official government departments, which can legally follow the progress of the sale process, ensure the validity of documents and the integrity of all transactions related to the purchase process, and complete the purchase process Safe and legal.

2.     Unreasonable Prices:

The official real estate companies offer prices commensurate with the value of the property, and these companies usually announce offers on real estate to encourage the sale process so that they offer lower prices, but they still fit the real value of the property. In fraud operations, the fraudster can do one of two things: An exorbitant price that does not match the real value of the property, or it offers a price within your budget for a property whose real value is much higher.

Therefore, the buyer must be fully aware of the prices of the area in which he wants to buy the property, and it is preferable to make the purchase through one of the official real estate agencies in Turkey.

3.     Overrated ROI or Resale:

Real estate investment profit rates range between 10-25% annually and can increase slightly in important cities, especially vital areas. Exaggeration in mentioning irrational profits and temptations for imaginary returns from investment in the future is a form of real estate fraud.

4.     Announcing suitable properties for obtaining Turkish citizenship at less than the legal price:

Turkish law provides for the granting of Turkish citizenship to those who own a property or a group of real estate with a total value of 250 thousand dollars as a minimum, and stresses that not selling it for a period of three years is a prerequisite for obtaining citizenship.

Therefore, the buyer should not trust anyone who promotes a property as suitable for obtaining Turkish citizenship at less than the legal price.

5.     Illegal Marketing:

There are many methods of real estate marketing, most notably e-marketing, which gives the marketer and buyer many privileges and the ability to communicate remotely, which is a very good advantage for those who do not have enough time to visit and stay in Turkey for the duration of the search for a property and complete the purchase process, so that they can The buyer is allowed to search for a suitable property for his desire and review its features and price from his home, but in this case it is worth making sure that the real estate company or the agent who deals with him and is marketing real estate to him is a legal agent and has a permit that gives him the right to engage in marketing and real estate sale Legally.

6.     Selling Real Estate That Doesn’t Exist:

Some real estate buyers resort to buying real estate on the scheme to get the best possible price for the property, but in such a case it is necessary to purchase through a reliable and reputable company in the field of real estate so that it is ensured that it does not violate the standards and legal conditions and that the property will not He is exposed to any problems after the completion of the construction process, for example, a decision may be taken to demolish the property if it does not meet the legal conditions of the Turkish government.

forms of real estate fraud in Turkey
forms of real estate fraud in Turkey

How to avoid real estate fraud in Turkey?

It is advised to hire a lawyer to follow up on the purchase process and to verify all legal documents and the true identity of the owner of the property. Read more about hiring a lawyer in Turkey.

And consult an engineer who can verify the specifications of the property if it matches the terms agreed upon in the event the purchase was made on the scheme, and the buyer has the right to demand modifications to the property and fixing the gaps in the event that it discovers a defect in the agreed standards before receiving the property.

How can real estate fraud cases be dealt with in Turkey?

In the event of a real estate fraud incident in Turkey, it is certain that a specialized lawyer should be hired to solve such cases, to follow up on the case and present all documents and contracts, and the method of purchase and payment, so that the real estate fraud process is dealt with in Turkish law.

Join The Discussion

Compare listings

Compare