PROPERTY ISSUE IN TURKEY
Please take my advice and avoid Cooperatives , Not exactly my favourites, they can be a big pain in the arse, do your homework well before you purchase any, check out the neigbours and the mangement. Simply dont purchase any. Due to its complexty you will not have much control over your own property. Over the years I have heard so many unplesant stories happen to buyers which ended in tears litterrally.
Cooperative Housing can be inexpensive but to be perfectly honest with you; one does need hell of a luck. If you are planning to purchase a flat, house or villa on a complex, as a part of a cooperative, you are strictly advised to search for all important and relevant aspects. You can hire a professional to do this on behalf of you. In case you need professional help, please be sure that you assign the professional in question through a sound Power of Attorney.
Below are some information which I have gathered from the net for your information bare in mind rules and regulations keep changing.
Housing Cooperatives are legal entities established in line with Law No. 1163 and aim at providing their partners (or participants) with residential flats or houses.These entities are one of the most favourable methods of acquiring a property among Turkish citizens, who are generally at the middle income levels.
Tax advantages and relatively cheaper loans provided by State organizations, great potential for economies of scale, and convenient financing requirements evenly distributed to a time scale extending to a couple of years are some of the appealing features of these entities.
The following information briefly explains how cooperative mechanism works. Cooperative has to have at least 7 partners (or participants or members). The Articles of Association (AA) has to be stamped by a notary public and to be registered to the Trade Registry. The followings are to be clearly stated in an AA.
Cooperatives have to arrange partnership notes in the name of each partners and these documents have to be signed by participants and the Representatives of the cooperatives. These notes are delivered to the partners and indicate that the note holder has a legal partnership in the cooperative.
Main decisions regarding cooperative activities are made by the General Assembly, composed of partners. Usual General Assembly meeting has to be held within a period up to 3 years following the previous meeting. Participants are officially invited to General Assembly meetings by the people authorised to represent the cooperative. These representatives are selected by the General Assembly.
Bringing the partnership to an end is allowed by the Law. In some cases, there might be some special time restriction clauses in the AA. AA may envisage that partnership cannot be brought to an end within a period up to 5 years following the date of partnership. If any force majeure conditions are specified in the AA and a participant falls in a force majeure, then he is exempt from such time restriction. Partnership rights can be transferred to others or sold out.According to the regulations,Any partner is allowed to ask the Board of a Cooperative to provide him/her with the information about the financial status of the cooperative.
A Cooperative dissolves when/if :
All works envisaged by the AA have been materialized and the properties have been registered in the names of the participants.
The General Assembly decides upon that the Cooperative will no longer continue.
Bankruptcy is declared.
Relevant Courts have made a decision to dissolve the cooperative.
Another cooperative takes over or purchases it.
Usual General Assembly meeting has not been held for at least 3 years.
The relevant ministry finds out that the cooperative can no longer attain the designated targets.
DO YOU REALLY WANT TO BUY AN APARTMENT
I like to ask you to re-consider before you decide on a Apartment in Turkey
The looks of Apartments in the South West of Turkey can have a luxury look with its designs an layout in general. The reality can be far from it when it comes to living within a mixed community where you will have almost no control what so ever in most things and stuff you do get annoyed about.
Issues or occurring problems can vary from Garden maintenance to noisy neighbours, certain things no matter how small can be irritating and can result in enormous stress, which the last thing you wish to have happened in your Holiday Home. The answer lies in getting yourself a detached House to avoid all possible nuisance.
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