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Old 15th December 2014, 15:10   #1 (permalink)
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New Off Plan Law

In the first two parts of this series I gave the definitions and basic rules introduced with the new communiqué. If I may briefly summarize the basics, the communiqué is based on articles 46 and 84 of the law on the protection of consumers dated Nov. 7, 2013. Therefore this regulation outlines in one way the details of a master law which introduced new rules in general.

The basics I mentioned in the first part are: those who are acting for commercial purposes will not be considered as consumers under this law; the information obligations of the seller towards the buyer regarding residential property; the form requirements; the fact that no prepaid residential property sales agreement can be executed without obtaining a construction license; and the ability of buyers to step back and walk away without any obligations within 14 days following the signing of an agreement.

Buyers have the right to terminate the agreement until the delivery of the property. In this case the obligations of the consumer have been reduced when compared to former regulations.

Some of the other changes include the fact that the delivery of units must be completed within 36 months of the date of contract for off plan sales. The units will be deemed to have been delivered to the buyers if the unit is registered with the buyer in the land registry office with flat ownership-type title deed and/or if the unit is delivered to the consumer with an initial title deed.

Projects with more than 30 units will be subjected to tougher rules such as sellers are obliged to have insurance for the completion of the projects. This is to avoid any incomplete projects. However the details of this issue have not yet been regulated but they should be their way to being legislated soon.
The communiqué introduced new rules on the financing of such projects and these rules make things more difficult for construction companies. For instance one of these rules states that banks will only pay the seller upon the completion of works at every stage. One of the first questions in my mind is: who decides if the work is acceptable? A project management company probably. Who will pay for this service? The bank, of course, and the bank will get this money from the seller in its financing cost. The seller will not pay this from its own pocket and will deflect the cost to buyers.

Another rule is about the burdens of letters of guarantee, which will be very difficult to implement in real life. In the end, buyers will be paying more, not for better quality but for the services provided. Is the thinking bad? No, but most construction companies are doing good and honest work. There are bad companies, and these regulations are introduced to protect consumers from bad companies. As usual, the more complicated it gets, the more costs will increase. I believe most companies will reduce their relations with banks in order to avoid these rules or will find other ways to be competitive.

Most of the new rules are good to have and are very well designed but some of the rules in the communiqué are very difficult to meet by construction companies and this will result in price increases.

Those who need further details please do not hesitate to send me an e-mail and ask questions about this matter.

BERK ÇEKT?R - New communiqué regulating off plan sales in Turkey (3)

Part 2
BERK ÇEKT?R - New communiqué regulating off plan sales in Turkey

Part 1
BERK ÇEKT?R - New communiqué about off plan sales
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Old 15th December 2014, 22:19   #2 (permalink)
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Re: New Off Plan Law

Invaluable information, Suzy, for anyone considering buying offplan in Turkey. I hope that this doesn't get buried under all the threads about food and politics.
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Old 15th December 2014, 22:46   #3 (permalink)
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Re: New Off Plan Law

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Invaluable information, Suzy, for anyone considering buying offplan in Turkey. I hope that this doesn't get buried under all the threads about food and politics.
Cant see it getting lost, its in the correct forum and I've made it a sticky.

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Old 15th December 2014, 23:26   #4 (permalink)
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Re: New Off Plan Law

Sounds good Martin, although terms like "Sticky" are lost on me, along with any threads that don't show up on the Home page.
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Old 16th December 2014, 06:25   #5 (permalink)
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Re: New Off Plan Law

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Sounds good Martin, although terms like "Sticky" are lost on me, along with any threads that don't show up on the Home page.
Instead of clicking on Home on the left try clicking on Forums and you will find an Index of sub forums, the stickys will always sit at the top of the relevant sub forum.

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Old 16th December 2014, 08:17   #6 (permalink)
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Re: New Off Plan Law

Thanks Martin. I think that somewhere in the back of my mind I knew how stickies worked. Must have had yet another senior moment.
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Old 16th December 2014, 22:58   #7 (permalink)
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Re: New Off Plan Law

Good info Susyq

Lira on the move again.....the Russian buyers being encouraged to keep money at home with higher interest rates announced at 0130hrs today.....the price of oil almost down to half its value from its all time high....cannot see to many wanting to buy off plan at the moment.

But glad the rules are tightening up.
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