How to Buy Land & what should we pay attention to While buying Land?
In this article, many people wonder “how to buy land?” We have compiled short information about the answer to the question.
In this article, many people wonder “How to buy land? We have compiled short information about the answer to the question”. Recently, the area preferred by those who want to invest is a land investment. Before embarking on an investment, it is useful to discuss how the land will be purchased from the beginning. There are certain conditions that must be met before purchasing government land. These conditions are listed below:
- Having a legal residence address,
- To show an address in Turkey for future correspondence and notifications,
- Document the identification number if it is a private person, and the tax identification number if it is a legal person,
- Paying the bid bond required by the tender for the state land,
- To provide the documents of the lands approved by the Revenue Office or the Property Directorate.
After collecting all this paperwork, you can enter a tender to buy government land. If you make the highest bid, you can buy the land. The next step will be to get the deed. For the title deed, either the whole or a quarter of the installments of the land in question must be deposited within the first two weeks. The rest of the installments can be paid within the next two years. After the cash or installment payment is completed, you can have the title deed of the land you purchased.
How to Make the Right Land Investment?
Although investing in land is a logical option, good research is required to make the right investment. The first thing to consider before measuring parameters when choosing a plot is your goals for the land. Depending on your purpose, you can decide whether the area or the soil type is more important. For example, if the land is to be used for commercial purposes, the proximity of the land to any road becomes important. If you want to build a house, it would be logical to pay attention to the distance from the city. Of course, you should also check the zoning status you should before making any investment. You can learn this from the internet, or you can easily get information from the Land Registry and Cadastre Office.
What are the Land Types?
When choosing the land to make the right land investment, looking at the type is one of the first things to do. Lands are generally divided according to property types. These are grouped into three categories as village/grassland/pasture lands, private lands, and treasury (state) lands. Treasury lands are for public benefit and, as the other name suggests, are owned by the state. Private lands are owned and managed by a specific person. Village/grassland/pasture lands, on the other hand, indicate the common use area of the village.
Investing by buying land for sale has always been among the most popular investment tools, but the recent participation of young people and white-collar investors among investors has increased the interest even more. Not to mention that it is the investment instrument that provides the highest return in the long run. However, like every investment instrument, there are some critical points to be considered while purchasing land. You will find these points in this article.
- Is the land for sale in the place shown to you?
Are you buying the land for sale shown to you? The way to be sure of this is to examine the island, layout, and parcel information. You can get support from the relevant Land Registry Directorate, or you can also use the internet parcel query system of the General Directorate of Land Registry and Cadastre: https://parselsorgu.tkgm.gov.tr/
- Is the zoned land really zoned?
Does the land you will buy have a zoning permit, that is, is it open for construction, or is it impossible to even nail? The Real Estate Tax Law defines the land as follows: “The land parceled out by the municipality within the boundaries of the municipality is considered a land.” In short, not all land is land. The land is a piece of land with a zoning plan and permission to build a house on it. The lands that do not qualify as land are not open for development.
The first place you need to look to understand whether there is a zoning permit is the title deed. If “land” is written in the title deed, it means the zoned land, if it says “field”, it means either unzoned land or the current title deed has not been received.
In some cases, since the zoning plan can be canceled later, it may be necessary to check the zoning status from the relevant municipality as well as the Land Registry Directorate.
Some large municipalities provide the opportunity to review the land zoning status of the lands on the internet. If this is not possible, you can request a ‘zoning status document’ from the municipality. In the zoning status document, information such as how much of the building can be built on the land, how many floors the building can be, and what kind of structure can be built on the land.
- Is the land for sale open for construction?
Green area, hospital, religious facility, school, hospital, park, etc. No construction is allowed on lands designated to be able to build, the land must be in residential, industrial, commercial, and tourism regions according to the zoning plan.
- Has it been abandoned?
Within the framework of the zoning plan of a certain part of the land, parks, green areas, playgrounds, etc. Leaving the facilities for the establishment of public interest is called “leaving the road” or “leaving to the public”. According to the Zoning Law, up to 45 percent of the land can be abandoned. Has the land you will buy been abandoned before, or is there an area that needs to be abandoned again? Be sure to check it out.
- Is there a mortgage or lien on the land for sale?
One of the points you need to check in the deed is whether there is any annotation on the land, such as a mortgage or lien.
If a mortgage has been placed in the past but the debt has not been removed from the title deed even though the debt has been paid, it is the person who sells the land who must do this.
- Is the land for sale shareable?
One of the most critical points about the land for sale is whether it has been shared or not. If the land belongs to more than one person, this situation is expressed in the title deed with share ratios such as 1/20, and 1/10. It is not clear exactly which piece belongs to whom in the shared plots. Therefore, there is a possibility of problems in trading.
Another annoyance is that when one of the owners decides to sell his share, he must ask the other shareholders first. This is called preemption right (preemption right). In the case of preemption, another shareholder may purchase the share at the price shown as a sale in the title deed.
Due to these and similar problems, it is useful to stay away from shared lands. If a full or 1/1 ratio is written in the owner section, the title deed is detached.
- Are there any illegal structures on the land?
If there is an unlicensed building on the land, you may have to pay the fine to be imposed by the municipality. Even if the building was built before you!
- Is the ground of the land solid?
When investing in land for sale, it is necessary to pay attention to its geological structure. Close to the landslide area, soil sliding, etc. lands do not easily make a premium. It is also necessary to stay away from places such as stream beds that may be exposed to flood disasters.
- Does the land for sale have tax debt?
The buyer and the seller are jointly and severally liable for the unpaid property tax for the year the land was sold and for the previous years. You also need to check whether you have property tax debts from previous years.