Is It Mandatory To Get An Appraisal Report When Selling A House?
Currently, there are two cases in which the appraisal report, also called the real estate appraisal report, must be obtained:
- People who sell homes to foreigners are required to obtain an appraisal report.
- The bank, which is applying for a housing loan, makes obtaining the evaluation report mandatory for granting a loan. This report is prepared by an independent appraisal expert appointed by the Bank.
After implementing the real estate appraisal system that will be implemented by the Ministry of Environment and Urbanization, everyone who wants to sell a house must now obtain this document. The obligation to obtain a valuation report when selling a home will take effect in the coming years. Until the date when it becomes mandatory, the relevant ministry will conduct studies on determining the true value of homes throughout Turkey.
Why get a real estate valuation report?
This document, also known as Non-Transferable Appraisal Report, has been prepared with the aim of protecting the rights of the parties who will buy, sell and give loans. The real price of the house is evaluated by impartial experts and the purchase and sale transactions are made according to the price found in this report. The importance of obtaining a real estate appraisal report for the property owner, the person who will buy the house, and the bank or official institutions is highlighted as follows:
- Ensures that the person who will buy the home is properly informed of the value of the home, its title deed, and whether there is a mortgage on the home or housing condition.
- Banks grant home loans at 80% of the estimated value. For this reason, the real estate appraisal report must be prepared first in order for the bank to approve the loan.
- Transfer transactions can be made at the real price of the house. This ensures that the title deed and property tax payments are made on true values.
The evaluation report is prepared by independent persons and organizations on individual request or for use in the Bank’s applications. The value is calculated on the date of submitting the application to value the property. The report is valid for 3 months. However, the real estate appraisal report must be obtained again when it is sold bearing in mind that its value changes over time. While preparing the report, the value of a home is determined by considering several issues such as location, environmental conditions, and size of the home. .
Is it necessary to obtain a valuation report in the sale of a house to foreigners?
The real estate appraisal report must be declared in the title deed transactions that foreigners who want to sell or buy a house in Turkey have to carry out. The real estate appraisal report is valid for 3 months from the date of issue. The report should indicate the value on the date of appraisal of the buildings that have been completed and the value that will occur on the day of completion for the buildings under construction. In addition to delivering the real estate appraisal report to the relevant institution, it must also be registered in the TAKBİS system of the General Directorate of Land Registry and Cadastre.
