Author Topic: outstanding debts against property  (Read 10750 times)

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Offline sue mac

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outstanding debts against property
« on: October 13, 2015, 14:59:34 PM »
We are owners on a complex in Ovacik.  We have heard recently of two properties on our complex that have had debts outstanding against them and the properties have been taken off the owners by the banks as the loans are outstanding and unpaid.  It is with much worry that we have now heard of a third property that has a debt outstanding against it. The current owners had no idea, and had not had any problems until they decided to check their tapu out. When the Tapu was checked, and the loan verified, the official in question stated that it was probable that most of the properties on the complex would have loans against them!  However, we are aware of at least 8 or 9 properties that have sold and changed hands over the past ten years....how would it be possible to sell a property if there was an outstanding loan against it? Is this possible in Turkey!!??? I know anything goes out there but surely this is not possible.  Thank you for any advice. Its a worrying time.  We are visiting the area on Thursday and will be taking our Tapu out with us to have it checked at the "deeds offices" in Fethiye...



Offline JohnF

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Re: outstanding debts against property
« Reply #1 on: October 13, 2015, 15:32:46 PM »
However, we are aware of at least 8 or 9 properties that have sold and changed hands over the past ten years....how would it be possible to sell a property if there was an outstanding loan against it? Is this possible in Turkey!!???

Yes it is - the debt stays with the property.  Saying that, a decent emlak or solicitor should pick up the fact there are debts at the time of purchase and notify the buyer accordingly.  The buyer can them decide to either a) back off b) take on the debt or c) reduce the purchase price by the relevant amount.

The problem is when folks buy direct from a builder and allow the builders "solicitor" to handle the conveyancing.  Its more common further round the coast in places like Altinkum where folks have found that the builder took out loans against their property, without their knowledge, and these debts ended up being transferred along with the property.

Until recently, the lengthy time between getting Military Permission and actually getting the deeds also allowed the unscrupulous to borrow against properties, very often after the customer had paid for it in full.

JF

Offline littlereddevil

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Re: outstanding debts against property
« Reply #2 on: October 13, 2015, 15:58:52 PM »
If buying a resale this is something your solicitor should check

Offline Scunner

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Re: outstanding debts against property
« Reply #3 on: October 13, 2015, 16:30:04 PM »
It is possible to sell with a huge debt on a property and it was one of the things that Cenk and I highlighted when people came up with the old "cut out the agent, go direct to the builder and save the 3%" - mind you, those people generally didn't listen and saved the 3%. Some subsequently lost their property but hey, 3% is 3%.

So how does it work...

1. Buyers go direct to developer (to save 3% wasted paying estate agent)
2. Contracts are agreed and builder takes power of attorney for purchaser to save them having to come over all the time
3. Builder takes out huge loan secured on the property he just sold, prior to changing ownership to purchaser's names
4. At deed office, deed man says "It is my duty to inform you that there is a humungous fecking debt secured on the property you are about to sign for on behalf of those British people.
5. Builder says "Yeah I know, it was me who got the loan - where do I sign the property out of my ownership and my life"
6. The property, and loan, transfer into the ownership and responsibility of the purchasers

So there you have it. If you buy through an independent agent this is pretty much impossible.

By the same token, if you didn't go direct to the builder without an agent - and give the builder PoA, you should be fine.



Offline Dutchie

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Re: outstanding debts against property
« Reply #4 on: October 13, 2015, 16:44:25 PM »
By any chance a house built by the former mayor or his brother?

Offline Scunner

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Re: outstanding debts against property
« Reply #5 on: October 13, 2015, 16:51:31 PM »
The question I thought too :o

Offline lissa

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Re: outstanding debts against property
« Reply #6 on: October 13, 2015, 19:12:34 PM »
I noticed some English people leaving a bank in Fethiye today and get into a car that had NG on the side. Supposedly New Generation, but maybe Nicholas Group? Think so....... So they are still operating, albeit under a different name, though same initials. You have to hand it to them, quite clever.

Offline sue mac

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Re: outstanding debts against property
« Reply #7 on: October 13, 2015, 20:39:44 PM »
yes, unfortunately...properties built by Nicholas.:(

Offline Scunner

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Re: outstanding debts against property
« Reply #8 on: October 13, 2015, 20:43:06 PM »
Did you buy direct from Nicholas - and who (if anyone) held your Power of Attorney?

Offline sue mac

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Re: outstanding debts against property
« Reply #9 on: October 14, 2015, 09:52:41 AM »
Yes we did...and their solicitor, somebody called Selva held our POA as far as I can remember. We received our tapu approx. 12 - 16 months later.  The property completed on 25th September, 2005, ten years ago.  Nicholas ceased to trade a number of years ago. Would this make the POA nul and void? (not that that would matter if they took the loan our prior to them ceasing to trade)  Im flying out tomorrow, so will take my TAPU to the deeds office in Fethiye, which I understand is next to Migros.  I will hopefully find out one way or another if there is a debt registered against the tapu or not.  Thanks for help...any further information or advice greatly appreciated, if not for myself for anybody else who may also be about to find themselves in a similar predicament.




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