Real Estate Valuation in Turkey
Real Estate valuation and appraisal
The services that we provide consist of the following
1. REVIEW OF LAND REGISTRY RECORDS
Each property and real estate in Turkey is registered with the local land registry office and all transactions relating to proprietary rights must be recorded at this registry. For example, if owner would like to sell its property to a buyer, this transaction must be registered at the land registry office. After the entry of this transfer, the land registry office issues a certificate of ownership (so-called tapu belgesi or simply tapu) in the name of the new owner. Transactions (e.g. mortgage contracts) or encumbrances (e.g. attachment, injunction) that restrict proprietary rights, court decisions or administrative orders affecting proprietary rights over a property are also registered with the land registry office.
For example, if ownership of a property is made subject to a lawsuit, the court may have decided to place a so-called annotation with the land registry records of the property that the property is subject to an ongoing case. This kind of an annotation may have legal implications on the rights of the buyer who acquired the property despite such annotation. As the first step of the valuation process, our valuers review the land registry records of the property. We analyze whether there are encumbrances, annotations or statements on the property records that affect the ownership on the property or may otherwise have legal implications.
2. REVIEW OF RELEVANT GOVERNMENT OFFICES RECORDS
From municipal records one can review zoning and usage rights, approved design project, building license, occupancy permit and relevant administrative orders (such as cease and desist letters). Other than municipals records, some properties may require review of other government offices’ records. Typical example would be valuation of a historical property, in which case records held with the local office of the Cultural and Natural Heritage Conservation Board may have significant impact on the property rights. In valuation process, our valuers review relevant government offices’ records.
3. SITE VISIT
Site visit is an important part of the valuation services. By inspecting the property, valuer can see the property, location, condition and surroundings, and is therefore able to make a well-informed valuation. Valuer further inspects the conformity of the building structure with its design project approved by the municipality, particularly in terms of its layout and size.
4. VALUATION REPORT
All information gathered through the above steps are then evaluated by certified valuer to come to a value by using the appropriate valuation methodology. Valuation report provides extensive analysis of the valued property in an easy-to-read format.