What Is New About New Real Estate Law?

Istanbul Chamber of Real Estate Brokerage Vice President, Nizamettin Asa states that they are preparing a law proposal. New “real estate law” which has become the main topic of conversation of industry commission in parliament brings novelty:

  • According to the law, in which vested rights will be protected, those who want to enter the sector will have to be graduated from 2 or 4 years universities from related (real estate management or deed) and pass the record examination. A 3-month internship will be necessary in order to become a real estate agent. Anomalous workers will be condemned to prison sentence starts from 3 years, and criminal penalty starts from 30.000 TL.
  • Real estate business will be possible in two different classification: brokerage and consultancy. For brokerage, it is required to have minimum high school diploma and for consultancy, it is required to have minimum bachelor diploma.
  • Beside 6 months of intensive theoretical lecture, 6 months of practical training before a consultant or broker and sucessful passing of an examination before Ministry of Education observers.
  • Those who have graduated from related departments of Land Registry Cadastre Vocational School of Higher Education and from 2 years associate degree programmes named as “Real Estate and Property Management” in universities will automatically have right to enter labour market with “broker/consultant” award.
  • Those who have blotted their copybook because of charlatanry will not be able to be a real estate agent. As soon as the law comes into force, those who can provide certificate of trade register and education will be able to continue their business. Those who are not registered will not be able to take advantage of this right.
  • With the coming of new law, the actions which can be continued by license are divided into three branches: Licensed Property Consultant, Licensed Property Consultancy Company and Licensed Property Brokers. Only university graduates will be able to become a “consultant”.
  • There will be a Licensed Property Consultancy and Brokerage Commission connected to the Ministry of Public Works and Settlement. Commission will be responsible for management, supervision and administration of licensed property consultans and licensed property consultancy companies.
  • It is estimated that commission will be responsible for licensing, registration and certification.
  • While it is forbidden for licensed property consultants and brokers to open up more than one business on their behalf, it is also forbidden for licensed property consultants or brokers who do their own business alone or as a company to work for another employer.

There are also regulations for foreigners about doing real estate business in Turkey. It is estimated that minimum two licensed property consultant must be co-founder in case a foreigner establishes a company.

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    fatma Written by:

    Fatma Şahin fatmasahin@istanbulinvestments.com

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