Understanding the Different Types of Title Deeds in Istanbul Real Estate Transactions
Introduction
A title deed is a document that shows that you own something. It can also be used to identify your property and its boundaries. Title deeds are important for many real estate transactions, like buying or selling property, getting a mortgage or refinancing your home. The type of title deed you need depends on the type of transaction you want to complete and what stage it’s currently at: pre-closing or post-closing. In this article we’ll explain how different types of title deeds work in Istanbul real estate transactions so that you always know exactly what’s happening with your money!
The Deed of Sale
The deed of sale is the most common type of title deed. It’s used to transfer ownership of a property and is a written document that transfers ownership. The deed includes:
- The name of your seller and yourself (the buyer).
- A description of your property, including its location, size, and plot number if applicable.
- An official stamp or seal from your municipality indicating that the document has been registered there with them as well–this helps prevent fraud because you can easily verify this information if someone tries to sell you something without telling you about its legal status first!
The Private Deed
A private deed is a legal document that transfers ownership of property. It is usually prepared by a lawyer and signed by both parties involved in the transaction, who are known as “grantors” and “grantees.”
The Public Deed in General
The public deed is a legal document that is registered with the Land Registry. The deed is recorded in the Land Registry and becomes a public record, meaning anyone can access it. It’s important to note that this type of title deed doesn’t mean anything until you have purchased property from someone and signed their public deed as well as your own (which we’ll get into later).
In addition to being a legal document and contract between two parties, there are some other things you should know about public deeds:
- They’re valid for only five years after they’re created. If you don’t transfer ownership within that time frame, then your ownership rights will be lost forever! So keep track!
- Anyone who wants access must pay an annual fee for viewing rights ($4 per year).
Know what you’re signing!
Before you sign on the dotted line, it’s important to know what you’re signing. The deed of sale is the main document in a real estate transaction and serves as proof of ownership. It conveys title from seller to buyer, contains all terms and conditions of the transaction, and describes everything about your property–from its location to any restrictions placed upon it by local laws or covenants.
Conclusion
In conclusion, it is important to know what type of deed you are signing and understand the difference between private and public deeds. You can also contact a lawyer before signing any documents so that they can help guide you through the process of buying or selling real estate in Istanbul.
