Power of Attorney
Power of Attorney in Turkey
Power of attorney
One of the most frequently heard concepts by foreign investors who want to buy real estate in Turkey is the power of attorney. So what is a power of attorney? What kind of convenience does this concept provide for investors? Let’s take a closer look!
A power of attorney is a document used when a person authorizes another person to act on his behalf under certain conditions with a written document. Thanks to the power of attorney, in which general and limited powers can be entrusted, it is possible to act on behalf of the person giving the power of attorney even though he is physically in another place.
It should be mentioned that the power of attorney, which is accepted as a contract in accordance with the Code of Obligations of the Republic of Turkey, imposes responsibilities on both parties. For this reason, it is expected that the person taking the power of attorney is a debtor and fulfills his debt. The contract must be made in the presence of a notary public and signed by the parties. Otherwise, a proxy relationship will not be considered established.
What Are the Elements of a Power of Attorney?
While it is known that foreign investors manage their real estate purchasing processes by giving a power of attorney, it is essential for foreigners to master this process. Otherwise, it should be mentioned that erroneous actions related to the power of attorney will disrupt the real estate purchase process. The powers of attorney listed below are matters that must be taken into account for foreigners!
- The person who has the title of attorney incurs debt for the purpose of fulfilling the job,
- The transaction to be carried out must be carried out depending on the interest and will of the power of attorney,
- Whether or not a fee will be charged for the attorney should be determined in advance and the process should be completed as agreed.
Under these conditions, it is possible for the investor to purchase real estate through the proxy process.
Attorney’s Power of Attorney
The most important issue in real estate purchasing processes is to manage the purchasing process with the issuance of power of attorney. Although Real Estate Consultants aim to provide support in this regard, it may be healthier to manage the proxy process through lawyers.
Giving a power of attorney to a lawyer operating in Turkey is important both for the faster completion of the legal procedures and the elimination of the language problem. We support you to overcome all the problems that may arise by collaborating with reputable lawyers who have been serving in this field for many years in Turkey.
What Transactions Can You Perform by Giving Power of Attorney to the Lawyer?
Following transactions are possible after foreign investors give a power of attorney to manage their investments in Turkey. You can also perform the following actions through a lawyer.
- Buying, renting or selling a house,
- Making tax payments,
- Managing legal processes related to real estate,
- Making investments,
- Making official applications.
You can perform the above transactions and much more with a lawyer’s power of attorney. In this context, it is possible to draw the boundaries of the power of attorney you will give to your lawyer. By means of a power of attorney, you can specify that the lawyer can only buy or sell or purchase a certain real estate. You can make the power of attorney through a notary public or through the Turkish Consulate of the country where the foreign investor resides.
Annulment of the power of attorney given to the lawyer is also the right of the person giving the power of attorney. In this case, a fixed-term power of attorney is also among the options. It is important for the foreign investor not to give a power of attorney without having extensive information about the power of attorney for the process to continue in a healthy way.
What are the Power of Attorney Types?
It is possible for foreigners to benefit from proxy processes in order to purchase real estate in Turkey. So, what types of power of attorney can you use regarding the proxy processes?
General Power of Attorney
General power of attorney means that the person who will represent you represents you regarding all kinds of business and actions. Although it is possible to act as a proxy for all kinds of transactions in this power of attorney, you may need to sign in some special cases.
Special Power of Attorney
A special power of attorney means applying a power of attorney for certain situations, unlike a general power of attorney. The type of power of attorney preferred by those who want to buy real estate in Turkey is usually a private power of attorney.
How Much are Power of Attorney Fees?
While it is possible to finalize real estate processes for foreigners by giving power of attorney to a lawyer. One of the important details to consider in this regard is attorney fees. In order to make the most accurate assessments about power of attorney, which is a service offered with varying amounts every year, you should get information about attorney fees from notary public offices or your real estate consultant.
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