Real estate appraisal document in Turkey
There has been a lot of talk recently about the importance of obtaining a “real estate appraisal report” when buying or selling real estate. In this article, Aya Türk Real Estate Investment and Legal Consultation will provide you with some important information regarding this document, with details and why it is important. What are the basics of real estate valuation? Who is authorized to extract this document? The purpose of this document is all that and more, which you can find below.
- A property valuation document is a report that calculates the value of your home. It helps you know how much it is worth so you can sell or buy a new home.
- Who is authorized to extract this document?
- What are the criteria and basics on which real estate appraisal companies are based?
- What is included in the real estate valuation document?
What is a real estate valuation document and why is it used? The document provides information about the property, including the history of changes and additions to the building. It also gives an estimate of the value of a piece of property.
Real estate appraisal is a detailed document about the condition of the property to be sold. The price of the property is described in this document. This document has been prepared by some companies specialized in valuing real estate in Turkey and have a license to do so. This document is also called the real estate valuation document in Turkey.
In mortgage-based collateral and loan transactions, there are many transactions that require this document. Such as the value of collateral in loan transactions, determining the value in mortgage-based collateral and loan transactions, and evaluating lease contracts when they need to be valued for a real estate investment. And the.
What is important for foreigners who buy real estate in Turkey is that this document determines the market value of the property when buying and selling, and people who want to buy or sell real estate are obligated to obtain this document. When our government implemented the law allowing Turkish citizenship by purchasing a property, it required the evaluation of all purchase and sale transactions.
Who is allowed to take this document?
In the beginning, we note that it has become one of the most difficult tasks at the present time, especially that there is a large presence of these companies in the market and secondly, their non-compliance with the standards and laws set by the state.
Therefore, the Turkish government has obligated these companies with many standards, licenses and certifications, such as SPK Expert certification, and certification by the Banking Regulation and Supervision Agency BDDK, in order to engage in the work of document extraction and real estate appraisals. Citizens of the Turkish state are specifically entitled to graduates from professional disciplines such as engineering. You have some experience in the field of economics, architecture, business or architecture.
How do real estate valuation companies work? What are their standards and basics?
The use of global technologies during the evaluation process.
Any claim or legal action regarding the condition of the property must be reported.
Supply, demand and competition factors in the market in which the property is located.
External factors and economic prospects.
• Land history and construction capacity.
Building plans are reviewed by the municipal archives.
There are other methods of evaluation as well. These include ‘performance measurement’ and ‘cost’. They all involve calculating the price difference between a property and similar properties for comparison purposes. The valuation method also involves comparing the property’s value to the market price of similar properties in an effort to determine whether the property is overvalued or undervalued. Open, subject to required prices and offers.
What is included in the evaluation document?
Report information (property title – applicant name – appraiser name)
real estate history document with audit.
The buildings are listed in the Land Registry and the municipality.
• Certificate of Settlement of Building Use Permit
• Real Estate Project or Construction
Document of division and area with pictures Property value database with influencing factors
Some of the attached papers are copies of the title deed and evaluations.
The evaluation document is extracted within three days to a week, and the cost of this document is estimated between one thousand to two thousand Turkish liras, and the goal of this document is to determine the true value of the property you own or want to own. Thus, when you want to sell your house or buy a new one, you can find out its true value. and setting prices.
Our goal in this article is to give you a quick introduction to evaluation and its importance. When choosing your preferred property, use the special rates and options.