Real estate housing bond in Turkey… What is it and how to obtain it?
The Turkish state witnessed a high demand for investment and purchase of real estate, due to the profits and gains that investing in this field ensures in record time and in a safe and risk-free capital,
and data on real estate records indicate that more than 600,000 commercial records were organized in the first half of 2017 alone .
Therefore, due to the great demand for buying properties in Turkey, the Turkish government has issued many laws with the aim of easing the bureaucratic procedures that the investor suffers from in the real estate registry offices.
It also provided many facilities with regard to purchase and ownership transfer procedures, including activating the role of the state’s website, which guarantees quick and reliable access to real estate records information with the possibility of investigating the information recorded, the Turkish government has also worked to launch the single window application.
If you want to own a property in Turkey, we advise you to read this article, where you will learn about all the papers needed to transfer ownership. In addition to a detailed explanation of the most important types of real estate deeds, which is the real estate housing bond.
What is a real estate housing bond?
It is a document that is issued by the municipality of the city in which the property is located and it is necessary for all the properties that are implemented within it and according to specific conditions and standards. A municipality in any Turkish city is responsible for making sure that the fees incurred on the property are paid before the start of construction and after the completion of the construction, the municipality is responsible for auditing the building’s technical aspects, and supervising these buildings before they are occupied by the residents
The real estate housing bond is also known as the housing approval. It is the approval that is obtained by the municipality to which the property is affiliated and is obtained only according to specific conditions that the property must meet, which are:
- The presence of fire escape and emergency exits.
- The building shall be earthquake resistant.
- Availability of adequate equipment against fire within the building, such as fire cylinders and others.
Who is responsible for the issuance of the real estate housing bond?
It is the responsibility of the construction company executing the building to obtain the real estate housing bond in Turkey, and after obtaining this document, buyers can convert the easement bonds into full title deeds. For example, when buying apartments in Istanbul, the real estate housing bond is among the pre-existing papers in order to complete the process Selling the property and extracting the title deed.
Why is it important to obtain a real estate housing bond when buying a property in Turkey?
The housing bond in Turkey attached to the property contract is a strong guarantee for the owner in Turkey,
as it proves that he owns the plot of land that has the same area as the apartment he owns, regardless of the number of floors in the facility, so if you want to buy any property in Turkey, you must make sure to obtain a real estate housing bond.