How To Avoid Getting Caught In A Turkey Property Scam

Just like any other industry, real estate is not immune from scams and other anomalies that can leave the prospective buyers or renters at the losing end. Because Turkey is now attracting more foreign and local investors in this industry, it is not surprising that the number of scammers is also rising. It is best, therefore, that extra precaution should be made before you buy or sell a property. Yes, these scams work both ways, so anyone can end up a victim.  To avoid getting caught in that unfortunate situation, here are some tips that may be able to help you.

Know the Law

If you are a foreigner who is planning to buy a Turkey property, consult with a lawyer first to know if you are actually allowed to own a property this country. Foreigners are subjected to legal restrictions regarding owning any form of property. If you do meet the necessary conditions, you would still need the help of the lawyer in submitting your application in the Land Registry. You can do this on your own, but to be properly guided, avoid mistakes, and hasten the process, hiring a lawyer would be the best decision.

Find a Reputable Developer

Admit it or not, prospective homebuyers easily fall into the traps of a scam mainly because they got lured by affordable prices and tricky marketing strategies. Developers only have to show them brochures of how the project would look like once finished or offer flexible payment terms and people will readily pay for a down payment. Three or five years later, the property is still not built or it could turn out to be far different from what you saw in the brochures. Therefore, it is still best to buy a property that has already been constructed. Yes, pre-buying can let you in on a good deal, but only do this if you are dealing with a reputable developer that has already built and sold numerous projects.

Verify the Identity of Your Agent 

Anyone can pretend to be the authorized representative of any reputable company. They only have to create a forged ID and arm themselves with information about the property to win your trust. At the end, you will find yourself robbed of your hard-earned money without a square-foot of land under your name. Therefore, when an agent approaches you, make sure that you call up the developer to verify his or her authenticity. In addition, do your transaction in the business office of the developer, not in any public place. 

Read News Related to Property Scams

Most scams have been going on for years. The people involved sometimes change their names to avoid being caught, but some are not that smart so it is possible that you can connect an old case with a new one by comparing the tactics used and the contact information that they provide. Awareness can make you become street-smart when shopping for a Turkey property. 

Put Everything in Writing

The importance of a contract can never be more emphasized when buying or renting a property. The contract should contain all the terms that both parties have agreed on in utmost detail. This is why hiring a lawyer is very important in property deals because he can protect your investment and he can check if the documents presented to you are authentic. As mentioned, this goes both ways. If you are a landlord, your tenant should sign in a contract too so that you can legally carry out an eviction if your tenant fails to meet the terms of the contract.

Protect Your Financial Information

Do not give away details of your bank accounts nor authorize anyone to do financial transactions for you. Even if you are able to avoid a scam, these swindlers may later use your information to do transactions in your behalf. If you think that some of your data have been compromised, change your accounts right away and be on the lookout for irregular transactions.

Owning a Turkey property is a wise investment as long as you do it wisely too. If you are offered deals that are too good to be true or if you are being forced to commit hastily to a property purchase, back off a little and analyze the situation. Swindlers will use every tactic in their books to make you pay or entrap you in a contract that will make you the owner of a bad property. Should you notice anything off, quit the transaction and save yourself from any trouble.