Power of attorney

One of the most common concepts for foreign investors looking to buy property in Turkey is the power of attorney. So what is a power of attorney? What 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 through a written document. With a power of attorney, which can convey both general and limited powers, you can act on behalf of the trustee even if that trustee is physically located in another location.

It should be noted that a power of attorney accepted as a contract in accordance with the Law of Obligations Code of the Republic of Turkey imposes obligations on both parties. For this reason, the person accepting the power of attorney is expected to be a debtor and perform his duty. The agreement must be drawn up in the presence of a notary and signed by the parties. Otherwise, the proxy relationship will not be considered established.

What are the elements of a power of attorney?

While foreign investors are known to manage their property buying processes by issuing a power of attorney, it is important for foreigners to master the process. Otherwise, it should be noted that erroneous actions related to the power of attorney will disrupt the real estate purchase process. The powers of attorney listed below are issues that foreigners need to consider!

A person holding the title of attorney undertakes a duty for the purpose of performing work,

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 lawyer's fee will be charged must be determined in advance and the process must be completed as agreed.

In these circumstances, the investor can purchase the property through the power of attorney process.

Power of attorney from a lawyer

The most important issue in real estate purchase processes is the management of the purchase process with the issuance of a power of attorney. While estate consultants are keen to provide support in this regard, it may be more useful to manage the power of attorney process through lawyers.

Providing a power of attorney to a lawyer working in Turkey is important both for speedier completion of legal procedures and for eliminating language problems. We support you in overcoming all the problems that may arise by collaborating with reputable lawyers who have been working in this field for many years in Turkey.

What transactions can be carried out with a power of attorney for a lawyer??

The following transactions are possible after foreign investors provide a power of attorney to manage their investments in Turkey. You can also take the following steps through a lawyer.

Buying, renting or selling a home,

Making tax payments,

Conducting legal processes related to real estate,

Making investments,

Creation of official applications.

You can carry out the above transactions and much more with the power of attorney of a lawyer. In this context, you can draw the boundaries of the power of attorney you give to your lawyer. With a power of attorney, you can specify that the attorney can only buy or sell or purchase certain real property. The power of attorney can be issued through a notary or through the Turkish consulate in the country of residence of the foreign investor.

Cancellation of a power of attorney issued to a lawyer is also the right of the person who issued the power of attorney. In this case, an urgent power of attorney is also an option. It is important for a foreign investor not to give a power of attorney without having extensive information about the power of attorney to ensure that the process proceeds in a healthy manner.

What types of powers of attorney are there?

Foreigners can use proxy processes to purchase real estate in Turkey. So what types of powers of attorney can you use for proxy processes?

General power of attorney

A general power of attorney means that the person who will represent you represents you in all types of business and activities. Although this power of attorney allows you to act as the trustee for all types of transactions, there are some special cases where you may be required to sign.

Special power of attorney

A special power of attorney refers to the use of a power of attorney for certain situations, as opposed to a general power of attorney. The type of power of attorney preferred by those who want to buy property in Turkey is usually a private power of attorney.

How much do powers of attorney cost?

While for foreigners it is possible to formalize real estate transactions by issuing a power of attorney to a lawyer. One important detail to consider in this regard is attorney fees. To make the most accurate estimate of a power of attorney, which is a service offered for varying amounts each year, you should obtain information about legal fees from a notary or your real estate advisor.