Turkey has it’s own regulations and procedures regarding the real estate trade in Turkey and there have recently been some changes to the law.
Fethiye Times went along to talk with Serdar Oğuz, Chairman of the Real Estate Agents Association in Fethiye, for an update.
The regulations were reviewed and updated by the Ministry of Customs and Trade on 5th June 2018*
The aims of the review are to regulate the property market and minimise the negative impact of fraud, money loss and tax evasion.
Real estate buyers, property sellers and real estate agents are protected by these regulations.
Real estate trading and brokerage activities are recorded by the Government.
What are the new regulations?
Sellers and buyers are advised to use an “Authorisation Certificated” estate agent (You can still sell your property yourself however, it is recommended you use an agent).
Real estate consultants will not be able to provide real estate consultancy and brokerage, sales and leasing activities without the “Professional Qualification Certificate” (which can be obtained from institutions authorized by the Vocational Qualifications Authority) and without the “Authorisation Certificate” given by the Commercial Provincial Directorates.
The Authorisation Certificate can be cancelled for up to two years if real estate offices do not comply with the regulations.
Under the new regulations, real estate businesses must have an office of at least 30m2 with a fixed address. No other type of business will be permitted to operate from the same office.
Concepts such as mobile real estate, barman, shoe shiners and waiters selling property and home office will no longer be legal.
What do you have to do?
The property owner authorises the estate agent by signing a three-month sales contract with their chosen estate agent who must hold an authorisation certificate.
You can still try to sell your property yourself, but it is recommended you use a reliable estate agent in the area.
The chosen real estate agent can authorise other real estate agents by signing the “Sales Brokerage Agreement”, collaborating to sell the property quicker if it has been agreed on the sales contract with the property owner.
At the end of the three-month contract you have the option to renew with the same estate agent or change to a different one.
Take care not to trade with estate agents who do not have a certificate of authority or an office as per the regulations as they do not engage legally in real estate business.
*The government have given 18 months notice to all legal real estate agents to update their conditions according to the new law.
The goverment will start to give Authorisation Certificates to legal estate agents at the end of 90 days from the new regulation announcement on 5th June 2018, (3rd September 2018)
All advertisements (including the website and internet adverts) will have to display the “Authorisation Certificate Number”.
With the implementation of these regulations, real estate consultants are empowered in matters relating to their business. At the same time they are held more responsible for the carrying out of the professional and legal practices laid out in the regulations.
If you have any questions, please contact Serdar Oğuz at firstname.lastname@example.org