Purchasing property in Turkey share ownership is also possible. Buying share property is a new direction, which Turkish companies develop. You become the legal owner, saving considerably. This way is for those who want to use property periodically just for holidays.
Buying property in shared ownership, you get the same rights as when buying property entirely:
- you are given a TAPU;
- the title deed is registered at the cadastral registry office;
- if desired, you can get a residence permit;
- you will be able to rent your share of the real estate out, sell it or pass by inheritance.
In case of the joint purchase of real estate it is common practice in Turkey to divide it among five owners. You can team up with relatives or friends, or can participate in the purchase alone, and then the remaining share of the property will be owned by the construction company. Perhaps, later it will be sold the same way as to you, to other shareholders.
You should not worry about the division of property and the rights for it. Each of the five owners will have equal rights under the contract. As a rule, it prescribes the following:
- the period of property use (10 weeks per year for each participant with a clear indication of the dates). If you cannot use the property on a set schedule, you can always rent it out and make a profit. The remaining two weeks are reserved for technical and maintenance works (repairs, cleaning, etc.);
- maintenance costs are also divided into five respectively.
Besides saving on purchase and after-sales service, this option of acquiring property gives you the opportunity to buy a high quality housing in a prestigious area of the country.