The Real Estate Appraisal Document and its Role in the Purchase of Real Estate

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The Real Estate Appraisal Document and its Role in the Purchase of Real Estate

What is a real estate appraisal document? And why is it important to buy real estate and invest in Turkey?

The Real Estate Appraisal Document and its Role in the Purchase of Real Estate
31st August 2022
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In this article, the editorial team at Binaa Real Estate Company will share with you the most important information and details related to this document, and your various questions will be answered.

 

What is meant by the real estate appraisal document in Turkey?

A real estate appraisal document is a report that provides an estimate of the value of a property, usually prior to sale or financing. Appraisals are usually requested by buyers who are looking to purchase real estate and need to know its value. Banks also use the report to determine whether or not to approve a loan to a potential buyer.

 

When was the law on the necessity of obtaining a real estate appraisal document issued?

A law on the necessity of obtaining a real estate appraisal document was issued at the beginning of 2019. The law requires that when buying a property in Turkey, the buyer must obtain an appraisal document from a specialist who has a license from the Turkish government.

One of the important information that must be mentioned in this context is that, earlier, this document was obligatory only for those who wanted to obtain Turkish citizenship through real estate investment, but with the increasing demand for buying and owning real estate in Turkey, the Turkish government was forced to impose it on everyone without exception to prevent the buyer from being a victim of real estate fraud or scam.

 

Information contained in the real estate appraisal report:

The Turkey real estate appraisal report contains information about the property being appraised, including its location, size, age, condition, and any features or amenities. The report also includes an estimate of the property's value, as well as a comparison of similar properties in the area, and the valuation report will also include a description of the property, as well as photographs.

 

Advantages of a real estate appraisal document:

Here is the most important information and advantages that the real estate appraisal report provides to real estate buyers in Turkey:

1 - An appraisal can help you determine if you are paying a fair price for the property and can also be used to negotiate a lower purchase price. If you are selling your property, an appraisal can help you determine a realistic price.

2 - The real estate appraisal report will help you in obtaining a mortgage from the bank. Because banks usually require this document before they can give you the loan.

3- This report prompted real estate investors around the world to turn to Turkey without any other country in the world, and the reason for this is that it is a safety instrument for them that protects them from paying money in the wrong place.

4 - Real estate owners in Turkey can no longer evade or reduce their taxes. 

 

What is the cost of obtaining a real estate appraisal document in Turkey?

The cost of real estate appraisal in Turkey varies according to the type and size of the property being evaluated. In general, smaller properties cost less for appraisal than larger properties. The average cost of valuing real estate in Turkey ranges between 200$ and 400$.

 

Documents required to obtain a real estate appraisal document:

To obtain a real estate valuation document in Turkey, you will need to submit the following documents:

-A copy of the Turkish passport or ID.

-A copy of the title deed.

-A copy of the building permit.

-A copy of the land registry.

-A copy of the buyer's passport.

 

The most important criteria adopted in extracting the evaluation document:

The most important criterion for obtaining a real estate valuation document is that the document must be from a reliable and reputable source. The document must also be current, as real estate prices can change quickly. Also, the document must be comprehensive, and detailed information is available about the property in question, as mentioned above.

In the context of talking about this document, it must be noted that it can be extracted quickly and within only 3 days, and a maximum of it will take a week. Also, it is valid for a period of three months from the date of its issuance, and if you need it after that period, you will then need to extract a new one.

 

Frequently asked questions about obtaining a real estate appraisal report:

Now, through the following paragraph, you will be able to view the most common questions asked about the real estate appraisal report:

1- How long does it take to obtain a real estate valuation document in Turkey?

The process of obtaining a real estate valuation document in Turkey can take up to a week, but often it only takes a few days.

2 - What is the cost of obtaining a real estate valuation document in Turkey?

The cost of obtaining a real estate valuation document in Turkey varies according to the location, size and type of the property, but in general it is considered appropriate.

3 - What information is required in order to obtain a real estate valuation document in Turkey?

In order to obtain a real estate valuation document in Turkey, you will need to provide the following information:

The address, features, age and type of the property; the name and contact information of the property owner; the name and contact information of the specialist who will be assessed.

4-What is the importance of buying real estate in Turkey?

Here are the main reasons that encourage foreigners to buy real estate in Turkey, see them:

1 - Turkey has a fast-growing economy. It has been one of the fastest growing economies in the world over the past decade and it is expected to continue growing at a similar rate in the near future. This makes the current period a great time to invest in Turkish real estate, as your investment is likely to grow along with the economy.

2 - Real estate prices are still relatively low in Turkey. Although it has been increasing in recent years, it is still much lower than in many other European countries. This means that there is potential for good returns if you buy now.

3 - Turkey is a unique country located at the crossroads of Europe and Asia. This unique strategic location gave it high value and importance.

4 - The Turkish government offers a number of incentives to foreign investors, including tax cuts.

 

BINAA REAL ESTATE COMPANY OFFERS YOU:


-Free consultations and important tips you need on your journey to buy a property in Turkey
 -A competent team directs your attention towards the right choice.
Field tours to see the most important real estate projects in the Turkish real estate market.
-Virtual tours as if you were there.
-Offers of luxury real estate for sale in Turkey and apartments in Istanbul that are suitable for Turkish citizenship or real estate residence.

 

These are the most important details that interest you about the real estate appraisal document in Turkey. If you have more inquiries, you can follow our website because we monitor everything new and important for you.

 

Related articles :
The guide of real estate investment in Turkey 2022
Latest updates on Turkish citizenship and real estate residence
Luxury apartments for sale in Istanbul
How to obtain a Turkish passport?
The journey of looking for apartments for sale in Istanbul
Houses for sale in Turkey in installments
Villas for sale in Istanbul
Best offers for apartments for sale in Turkey 2022
How to obtain Turkish citizenship by real estate investment?
Steps to buying an apartment in Istanbul
Tourist Residency and Real Estate Residency in Turkey
The best real estate investment areas in Istanbul
#Binaa_investment    #real_estate   #Turkish_citizenship
#Istanbul_apartments    #real_estate_investment

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