Turkish Ministry of Finance Warns of Real Estate Violations!

The Ministry of Finance published a series of warnings for 2018 for those interested in real estate in Turkey, especially with regard to the price of the property being purchased. The ministry explained that it is necessary to state the real price of the property and prevent the registration of a price below the agreed price, In order to evade high property taxes, as this may cause higher financial penalties, which will be imposed on the investor in the future.

The ministry asked real estate investors to obtain bills for buying and selling the property, to be presented as a formal proof when necessary.

The Ministry has identified several points that should be taken into consideration:

1. Real estate fees that are charged during the sale process must be paid in full, according to the real selling price.
2. The real price of the property must be recorded, and no price should be mentioned.
3. Those who are registered with a price lower than the real price of the property shall be fined.
4. A sale invoice must be received from the real estate broker, the contractor or the construction company.
5. Unauthorized persons should not be hired during the sale and purchase process.
6. Those who carry out actions contrary to the laws during the sale and purchase.
7. The sale and purchase procedures can be implemented in an area other than the real estate location, since the title deed system is linked to a central system, and there is no need to go to the location of the property.
8. It is now possible to register buying and selling procedures outside the country as well, within some Turkish embassies and consulates.
9. It is necessary to register the investor's telephone number on the e-Government website in order to obtain notices regarding the property he owns.
10. The profit tax should be paid if the property is sold within 5 years from the date of purchase.

Source: Emlak Kulasi