co operative land

mnoone · #1 14-04-2008, 11:31 AM

we are considering buying house in bodrum area. also in deal is small piece of land which belongs to co operative. As this is a private sale the seller is not sure of the legals regarding this land. Can any one give me advice re co operatives in Turkey. Thanks

New Home in Turkey · #2 17-04-2008, 03:51 PM

Quote:

Originally Posted by mnoone

we are considering buying house in bodrum area. also in deal is small piece of land which belongs to co operative. As this is a private sale the seller is not sure of the legals regarding this land. Can any one give me advice re co operatives in Turkey. Thanks

Hi,

As a friendly advise, I would strongly suggest you to stay AWAY from any coop land in Turkey. I have worked for a time on a deal for a UK based company, and we were interested in a huge coop land (in a location close to Bodrum). I can tell you, we soon realise that it was a massively complicated situation.
The appealing side of it, is, of course, the price, but all the work to do to get it is absolutely a nightmare.
Obviously, I am making a comparison with our case, and dont know what the land you are talking is about. You may be looking to a relatively smaller and less complicated deal, but be sure to have a VERY VERY good lawyer specialised in coops in TURKEY, and conduct a very strict due diligence before spending a penny...

mnoone · #3 17-04-2008, 04:43 PM

thanks for your help.

TH4S · #4 17-04-2008, 05:19 PM

Mnoone Did'nt Lynne who deals in all areas of turkey not tell you,?

A Constitutional Court ruling that annuls a law regulating property sales to foreigners went into effect wednesday,temporarily freezing all sales to foreigners,

See full post here,http://www.totallyproperty.com/turke...erty-sale.html

mnoone · #5 17-04-2008, 06:03 PM

TH4S why do you have to be so smart. I asked a question and got an answer. Why don't you leave it at that.

TH4S · #6 17-04-2008, 07:27 PM

mnoone you asked.

Quote:

I am considering buying house in bodrum area.?As this is a private sale the seller is not sure of the legals regarding this land.?

Can you please explain, why i am being smart giving members information that is very important,to you anyone else who is considering buying a Turkish Property,

I honestly thought your friend would be aware of this information.

Quote:

Property sales to foreigners have come to a halt, due to inaction in amending relevant laws after a damning Constitutional Court ruling last year. The government had three months to alter legislation, but could not act in time. Experts say not only real estate but construction and even tourism will be hit, noting that foreign currency inflow may decrease

Following a ruling by the Constitutional Court to ban the sale of immovable property to foreigners residing in Turkey, property sales to foreigners came to a halt as of yesterday since the government has not made the necessary amendments to the relevant law.

We prepared the necessary regulations last month and sent them to the Prime Ministry; however, it was late,” said Zeki Adlı, deputy director of the Turkish Land Registry Directorate. “Thus, property sales to foreigners will stop across the country until new regulations are enforced.”

Finance Minister Kemal Unakıtan told reporters that a new regulation to lift the ban is underway. Unakıtan said he has already signed it together with other ministers.

Missed deadline: The decree of annulment regarding two regulations of the Deeds Law, which regulates property sales to foreigners, was first published in the Official Gazette on Jan. 16.

The Constitutional Court rejected revisions to Turkey's Land Registry Law last year after a legal appeal was brought forward by the main opposition Republican People's Party (CHP).

The act increases the legal limit – which is 2.5 hectares – 12-fold, thus the law is immoderate enough to liquidate the effectiveness of the limitation,” according to the legal basis of the law.

The government missed a three-month deadline to alter the legislation after the court's ruling was published. The Turkish Land Registry Directorate prepared a new bill and sent it to the government, but the bill could not be enacted before the deadline.

The bill entitled the cabinet to be the authority for property sales between 2.5 and 30 hectares. Now this authority has been annulled. We sent the new regulation to the Prime Ministry on March 3," said Adlı.

Unfortunately, it could not be enacted and the issue was out of their control, Adlı said, "A political enactment will reach a final decision about the property limits set to be sold to the foreigners in every city.”

January data indicates that a total of 60,351 immovable properties on an area of 37,125,330 square meters were sold to 70,336 foreign nationals in Turkey. British citizens topped the list, owning 4,867,676 square meters of land, daily Milliyet reported yesterday.

Foreign companies founded in Turkey and people with dual citizenship will be exempt from the act. The new regulations will assess the building plan, instead of the city area, on the basis of which a certain limit will be determined, the Anatolia News Agency said yesterday.

Johan Vos, partner in Antalya, said he wasn't surprised. "Every year something seems to disturb our business… every year there's something,” We had the same problem two years ago… and only the strong real estate businesses survived.”.turkishdailynews..17.april 2008

And yes this information is up to date, you was obviously not aware of it,

cece · #7 02-07-2008, 03:16 PM

I think foreign investors don't need to worry about buying properties an %100 legal situations. Property owner can be a person, company, co operative, government or municipality. It doesn't matter. If you are getting the title deed in your hand exactly what you are buying, you can buy every property in Turkey.
Just be sure that you are buying same property that it writes on the title deed.