What to Consider When Buying Land or a Plot?
1) The owner or seller of the plot or land should be asked to show the title deed. If this is not possible, the title deed information should be requested. The seller should be asked to present and prove their identity. This information should be verified by going to the land registry office. It should be verified whether the seller is the same person as the owner listed in the title deed registry. Otherwise, it may be susceptible to fraud.
2) Another aspect that should be checked in the title deed registry is the encumbrances section. In other words, it should be determined whether there are any liens, mortgages, usufruct, or preemptive rights on the land or property. This is because these rights are superior rights by nature. For example, if there is a lien on the land after it is purchased, the lien holder can sell the land and collect their debt.
3) The land registry also states the square footage of the land or property. The square footage stated by the seller should be compared to the square footage measurement in the land registry.
4) Whether the owner of the land is a single person or multiple persons can also be determined from the land registry. If a ratio is specified in the land registry, the land belongs to more than one person. Such “shared parcels” of land and real estate have a lower value than independent plots. This is because the consent of the other owners may be required to dispose of the property independently in certain transactions.
5) You should find out whether the land shown to you is actually the same land as the one registered in the land registry. To obtain this information, you need to apply to the cadastral office. However, as there are points that require expertise, it would be beneficial to seek professional help.
6) Another important consideration when purchasing land is its zoning status. The zoning plan for the land should be obtained. The zoning plan can be obtained from the municipality or the public works and housing directorate responsible for the land. For example, the seller may state that the land is zoned for a 10-story building. However, in reality, the land may only be suitable for a 2-story building, it may be a protected site, or it may be forested land. The zoning plan of the land’s surroundings is also important. It may be an industrial area, a commercial area, or an area where a transportation network will be built… These factors play a role in increasing or decreasing the value of the land.
7) It should be noted that the word “land” in the title deed does not mean that the land has been zoned. For this, it is again necessary to apply to the municipality or the public works and housing directorate. For example, it may be agricultural land. This may conflict with your investment. According to the provisions of the Soil Protection and Land Use Law, agricultural lands cannot be divided into very small plots. In other words, it has almost ceased to be an investment vehicle. This should also be taken into consideration.
8) Whether the plot or land is sold with 2B rights should be checked with the Highways Authority. The 2B right, which indicates whether the land is included in the road expansion plan, may not appear on the title deed. In this case, the Highways Authority should be consulted.
9) One of the things to consider when purchasing land is the situation where a foreign national purchases land. There is a special condition for foreign nationals who are natural persons or for legal entities established in foreign countries in accordance with the laws of those countries. These individuals must submit their projects to the relevant ministry for approval within two years of purchasing the land or real estate. Otherwise, the state may reclaim the land or real estate without compensation.
10) In addition to these considerations when purchasing land, other factors to consider include the topography of the parcel (slope, etc.), the ground, whether the parcel is angular or not, the social environment of the land, its proximity to services such as hospitals and schools, its access to streets, and the construction area permitted in accordance with the zoning plan (taks and kaks) are among the countless factors that should be taken into consideration.
The Importance of Consulting When Buying Land
As can be understood from the 10 points summarized above regarding what to consider when buying land or real estate, the purchase and sale of land or real estate requires expertise. Whether the land or plot is being purchased for investment purposes or because it is of high value, working with a law firm or lawyer specializing in real estate during the process will prevent you from being defrauded and suffering significant losses in the future. Rather than losing large sums of money, this situation can be prevented with a relatively low consulting fee.