Urgent: legal advice on off-plan project

[Zara1600]

Hi all,

I need an urgent advice: I am planning to invest in an off-plan project (completion date is end of this year). I have seen the project and it is already quite advanced. All the documents are fine but there is still an issue with the contract:

This is what was agreed with the developer:
I will pay a refundable fee to reserve the unit (an agreement will be signed).
I will transfer 30% of the value to my solicitor's account till we get the military clearance then this amount will be transfered to the developer.
Once the project is completed, I will pay the remaining balance and get the title deed transfered under my name. Then only we will go the the notary office to sign the final contract

My solicitor is saying that the contract should be signed from beggining at the notary office but the developer says that it cant be done till the project is completed.

What is the normal process for an off-plan project??

Thanks in advance for your help.

 

[v6cod]

1. I would as your solicitor suggests get the contract signed at the Notary office prior to any money changing hands. If the developer refused this then I would be concerned about his motives as I can see no reason why he wouldn't agree to it.

2. When we had ours built we paid in 4 stages, 25% up front, 25% when building completed, 25% when internal fittings etc completed and 25% upon completion.

3. I would not pay the final amount until you have the Tapu and Habitation Certificate in your hand.

Hope all goes well.

 

[Can]

i am always for what you see is what you get so, i wouldnt buy of plan. But good luck.

 

[Lucky 7]

Do it now. A "Contract" is only a Sales Agreement until it has been notarised, it has no legal value at all. Even being notarised will not protect you if the Builder goes Bankrupt.

Ask your Solicitor to make the Tapu Office aware that you have an interest in the property, to prevent the Builder (or anyone else) borrowing money against the deed.

If someone puts a charge on your property and does not repay the debt you will lose everything.

Do you have to buy offplan? There are lots of ready built bargains out there.

 

[juco]

I will pay a refundable fee to reserve the unit (an agreement will be signed).
I will transfer 30% of the value to my solicitor's account till we get the military clearance

I dont see why the soilicitor should hold your money its easily transferred when required.
The biggest % should be held back until tapu & habitation is in your name.

Dont dwell on the guarantees as they would cost you more to get them enforced, legal costs are horrendous.

Personally I wouldnt go down the off plan route but your choice.

 

[beyazbayan]

Don't let a solicitor hold your money leave it in your bank and only release the final payment when you have the Tapu and Habitation Cert in your hands and you must check that the Tapu is debt free before you pay - you buy the debt with the property here and until you have it in your hands money can be raised against it. Again İ would advise against off plan too many have had very serious problems.

 

[Helenm150]

At the very least, ask the builder/developer to accept an ipotek on the property for the full value - if he refuses walk away. Does he own the land, have you seen the land tapu and also the build permission? Was the solicitor recommended to you by him - if so find your own. A good solicitor will be able to check him out and the land tapu and the build permission, place the ipotek and draw up staged payment plan protocol all of which must be notarised. Is he in business alone or does he have business partners - often the land is owned by somebody else for e.g. in which case they need to give the same undertakings to you regarding what you will be getting for your money and everything should be noted in any notarised protocol. Have you looked into which other developments he has built, did everyone get tapu and habitation certificates, did he put a damp proof course, standard of build, happy home owners etc ..... It is a brave thing to do to buy off plan in Turkey - if you are determined to do so, you need to make yourself as safe as possible.

 

[parrot]

Don't touch off plan so many have been robbed through this process and don't trust a lawyer many of them are in on the scams.
Oh and by the way,many off plan projects,if completed become ghost towns.If say you have a project of some 25 properties and only 10 or 15 sell,those who buy are left to pay the site bills ie maintenance,site electrics and water,regardless of what the developer tells you.

 

[spanabridge]

Sounds like financial suicide to me....................wouldn't touch it with a barge pole!

 

[LauraB]

Agree totally about not buying off-plan. What I certainly don't understand is why you would need a final contract after the exchange of Tapu. Am I missing something vital??

 

[PASH]

Just a quick note of caution - I transferred a lot of money into my lawyers account on a similar basis. My lawyer was never seen again - i believe my lawyer held quite a few peoples funds and is now rather well off somewhere in Turkey! Transfer the money directly at the time, can be done fast and efficiently. Remember, once the money leaves your account and is given to your lawyer or developer, its not yours anymore - Tapu equals funds!!!

 

[kemerkid]

If you must have this house don't let the money leave your bank. Have the 30% deposit ringfenced in your account in favour of the developer in the form of a blocker cheque. The arrangement with your bank should be that the money will only be released on satisfactory proof that the Tapu and Hab cert is available and that military clearance is achievable. If that is not acceptable to them, prepare yourself to become another victim relaying your sad tale on here. Solicitors are not needed in Turkey to purchase property under any circumstances. No matter how good this property looks on paper, it's no gaurantee of what will be produced. If all this sounds like don't do it, it's because it's supposed to.

 

[kale]

My advice don,t even think about it ,


OFF PLAN Noooooooooooooooooo




Cheers. Kale Yvonne x

 

[Scotty]

My advice also - don't do it! Turkey is awash with beautiful resales with all paperwork in place. What you see, is what you get and it is often just a piece of undeveloped land.

 

[Briand]

We did buy off plan 6 years ago and luckily for us everything went smoothly with no problems at all, but after hearing and reading about all the horror stories about people getting ripped off we was very lucky but having said that there are some good emlaks who are genuine.
We have now sold our place and are now renting for us its the best thing we have done and would we buy again off plan the answer is No.
Buy a property with all paper work in place, all the problems that come with a new build should be sorted out causing less worry and stress so you can enjoy your new home.

Briand.

 

[kemerkid]

Zara I was confusing you with another member on here with a similar name and so was surprised at the question. However my answer to you remains the same.

In the present climate it is unlikely that the developer will sell all these properties before the whole complex is finished. That being the case there could be problems with the final paperwork anyway. Even if everything went to plan you would still not be able to occupy the property until the end of the year. If you are keen on the place hold onto your money until such times that the job is finished. Many projects don't get finished because the developers are working on a shoestring budjet and you would be living on an incomplete site that would be an eyesore. At the moment Turkey is a buyers market and there are no end of nice places available. Your developer has probably told you that you need to get in quick before they all go. Don't believe a word of it!

 

[Akasya]

Off plan = you shouldering the risk , not the builder.

Can you afford to lose the money ?

We deliberately went for a resale that had all it's paperwork in place and , still had problems so exercise caution.

Steve.

 

[G&L]

Please Please dont do this, unfortunately it is almost guaranteed not to work out at all. If you really still want to buy, then buy one that is already established and paperwork in place at least then you will be aware of damp or other problems that arise further down the line and can be fixed. Rent instead for a while before buying but please please do not hand over any money at all for something that is not built. There are so many places for sale as others said, you will be supporting this solicitor and builder and their friends for a long time and we will be biting our tongues from saying 'I told you so@!! Yes there are some great success stories but please trust us that we do know what we are talking about. So do not let yourself be 'bullied' into this. Go home and think about it there.
Discounts are always available esp when the place is not even built. Dare we ask who the builder and solicitor are? Good luck but please take your time and think long and hard.

 

[Esther Mofet]

Do not buy off plan.

Look at Golden Beach Complex thread for guidance!!

Hi all,

I need an urgent advice: I am planning to invest in an off-plan project (completion date is end of this year). I have seen the project and it is already quite advanced. All the documents are fine but there is still an issue with the contract:

This is what was agreed with the developer:
I will pay a refundable fee to reserve the unit (an agreement will be signed).
I will transfer 30% of the value to my solicitor's account till we get the military clearance then this amount will be transfered to the developer.
Once the project is completed, I will pay the remaining balance and get the title deed transfered under my name. Then only we will go the the notary office to sign the final contract

My solicitor is saying that the contract should be signed from beggining at the notary office but the developer says that it cant be done till the project is completed.

What is the normal process for an off-plan project??

Thanks in advance for your help.

 

[Saoirse]

Either buy one with everything already in place or like we did build your own