Real Estate Valuation Report When Registering Real Estate
Everyone who decides to buy a property in Turkey knows that one of the necessary documents for obtaining a certificate of ownership in Turkey (TAPU) is a report on the evaluation of the acquired property.
The requirement for mandatory real estate valuation was introduced on March 4, 2019. This document is very important, because the estimated value indicated in it is the real market value of the object, which forms the amount of tax when making a TAPU and the amount of the annual property tax.
The main objectives pursued by the Turkish Government when introducing the assessment are:
To streamline and systematize the real estate market in the country so that it complies with all international norms and standards. And one of the important points is to gradually align the cadastral value of real estate and the real price.
To protect homeowners from unscrupulous agents who often try to make a deal, operating with a value that does not correspond to the real market. Such "specialists" do not care about their clients or their own reputation, preferring a quick momentary benefit. With the introduction of mandatory valuation, foreign buyers of real estate are fully protected, since the cost is officially fixed, that is, the purchase and sale transaction takes place under the control of the state.
Have real statistics on sales and real estate prices throughout Turkey and in each region in particular.
Mandatory assessment of real estate can be carried out only by independent experts who have received a state license to carry out this activity. This approach eliminates the possibility of collusion between the real estate agent and the appraiser and reliably protects the interests of the buyer.
The real estate valuation report contains all the data about the property, namely:
The location of the property, including the coordinates on the map of the land plot on which the object is built.
Photos of the apartments.
The cost of analogues on the market, for the possibility of determining the optimal price.
Confirmation of the cost.
Information about existing utility bill arrears or their absence.
Confirmation that this report has been accepted by the General Directorate of the Land Register and Cadastre
The real estate appraisal report is submitted together with a package of documents to TAPU. After entering all the necessary data into the register database, the document is returned to the new owner of the property. The cost of real estate valuation on average is 1000-2000 Turkish liras. The validity period of the document is 3 months from the date of receipt.