The importance of floor altitude and condominium in real estate investments

That is, they become “independent partition”. In fact, the deed we received earlier do not belong to the built parts of the property, but to their virtual partitions, which are planned to be built. If you acquire a property with the deed of the floor altitude of an unbuilt construction, then you are purchasing the area that is “planned to be done” on a certain floor, but the current situation is air gap.

Condominium Altitude, What Does Condominium Mean?

According to our civil law, floor altitude is made on a plot or will be made in the future on separate and individually usable parts of one or more structures such as floors, apartments, business bureaus, shops, shops, salons and warehouses, based on the condominium ownership that will be passed after the construction is completed, the real share or share of the said land Established depending on the share of the plot by the fellows is called the right of altitude. The person who has this right is defined as the “owner of the floor altitude”. The floor altitude can be installed immediately after the project of the building has been confirmed and the construction permit is obtained and even before construction begins.

The same civil law defines condominium. Accordingly, after the completion of the structure, they are defined as sections favorable to use on their own, and by maliki these sections are subject to purchase and sale, can be transferred, pledged, registered with a right, as well as intimate to heirs. The most important distinction between the concepts of floor altitude and condominium is the principle that the “structure is completed”. After the completion of structures in our country, the municipalities are issued a “building permit certificate” indicating the completion of the structure. This permit document, which is popularly called “inhalations”, in fact, this permit document, called in accordance with the project of the structure, is the document that proves that it was actually made in accordance with the project of the structure and that it is now available. When deed with this document after the construction of the structure, it is possible to translate the previously established floor altitude into condominium.

Can Property with Floor Altitude Deed Be Sold?

Since obtaining a building permit document is a very laborious, very bureaucratic, costly and laborious business, as there is no problem in buying and selling, renting and lending of properties in our country by floor altitude, properties are mostly bought and sold with the title of “floor altitude”. If a property has been settled and not transferred to condominium, you need to stop and think if you are not buying the entire property. The transfer of a property that has acquired a settlement to condominium is a very simple process. If it is a shared property and cannot be transferred to condominium, then you should definitely not invest without consultation with the other shareholder of the property. Because this could be pointing to a problem. There is no problem or expense in moving to the floor altitude after the dwell is taken, so why not pass.

Another reason why the builders do not prefer condominium is that they want to perceive the floor altitude value as a share of the land during the sale and to save on both corporations and income taxes and property taxes by showing their declared values low. After finishing and delivering the buildings, it is also almost impossible to form unity among the floor mauls and complete the required documents for the dwelling. Because inside the documents required for the dwell there are important items that the contractor must provide. Therefore, in a building after the contractor has gone, the owners come together and come to a consensus, manage to collect the necessary documents and move to condominium, although in theory it is not impossible, it is close to impossible in practice.

Does a Condominium Building Mean a Licensing Building?

The fact that the condominium is not established does not mean that the structure in question is a bad building. Essentially, there are no differences between them regarding the structure of the building. But you will not know if the building has a legal problem without conducting the necessary research on whether it is eligible for the license. However, in buildings that have been resided, you can rely more on it. Nevertheless, do not think that every residential building is made in accordance with the project. The undone is also quite a lot.

Can a Housing Loan Be Taken With Floor Altitude?

Today banks do not require condominium ownership for housing loans and can issue loans with floor altitude. If they had not already done so, they would have greatly reduced its potential for the number of properties to be credited.

You can find our previous post at https://www.endeksa.com/tr/blog/yazi/tapu-islemlerinde-degerlemenin-onemi link.

*EVA Real Estate Valuation Consultancy has been prepared with contributions.