Legal Processes of Buying Real Estate by Auction and Tender

Legal Processes of Buying Real Estate by Auction and Tender
Auction and auction are among the preferred methods of those who want to buy real estate. Dec. These processes are carried out legally and are carried out by properly designated organizations. An auction is a method in which participants compete with each other to raise the price of a certain real estate. Auctions are usually open to the public and it is possible for anyone to participate.

Tender, on the other hand, is a method usually used by public institutions in the purchase of real estate. Public institutions collect bids for the purchase of real estate through the tender process and carry out sales transactions to the most suitable bidder. While the open tender process is a process that everyone can participate in, only invited people can participate in the closed tender process.

These processes are regulated and carried out in a certain way by laws and rules. People who want to buy real estate should be familiar with these processes and prepare the necessary information and documents. In addition, real estate appraisal and land registry transactions are also important steps, and it would be useful to consult expert opinions on these issues as well.

What is an Auction?
An auction is a method by which the sale of a good or service is carried out. In this method, the price determined by the seller is indicated at the beginning of the auction and raised with bids from buyers. The sale is made to the buyer who made the last offer. The auction process usually has a legal basis and is mostly used by public institutions and private sector firms.

At the auction, anyone can bid and the transaction takes place in front of everyone's eyes. Thanks to this, the transaction is carried out in a transparent manner and everyone can bid on the same terms. At the same time, it is also easier for the seller to determine the price because the offers given by the buyers can be seen.

Auction processes can be conducted in different ways. In some auctions, a sale is made to the buyer who bids the highest within a certain period of time, while in some auctions a sale is made to the buyer who bids the lowest.

What is a Tender?
A tender is an official call for the purchase of a specific good or service. Public institutions are obliged to follow certain legal procedures when purchasing goods or services through tenders. The tender process usually consists of the following stages:

Publication of the tender announcement
Application of the companies that will participate in the tender
Realization of the tender and opening of bids
Determination of the winning company and signing of the contract
The documents determined for the tender usually include an offer letter, company information, tax returns, financial Deciency report, references and bank reference letters.

What is an Open Tender?
Open tender is one of the tender methods performed by public institutions. In this method, the participant who makes the highest bid by placing bids above the announced price for the goods or services to be purchased wins the tender. The open tender process starts with the tender announcement and continues with the collection of bids. Those who want to participate in the tender must provide the requested documents and meet the specified conditions by the announcement date Jul. When the bidding deadline arrives for the tender, the bids are announced and the highest bidder wins the tender. This process is carried out in a transparent and fair manner and the tender result is disclosed to the public.

The right to participate in an open tender is considered a legal right that any person or institution has. Anyone who provides identification information and necessary documents can participate in the open tender. Since those who want to participate in the tender must meet certain requirements, the transaction is usually carried out only by expert candidates. In addition, certain obligations are imposed on public institutions and participants in the open tender process, and these obligations are aimed at ensuring that the tender process is carried out in a fair and transparent manner.

What is a Closed Tender?
It is known that tenders made by public institutions according to the procedures determined by law are called closed tenders. During the closed tender process, a limited number of invited bidders are entitled to submit the bid that is awarded the contract. In this process, it is known that since the number of bidding firms is limited, the bids are usually higher due to the low competition. Public institutions may prefer the closed tender method due to the fact that there is less competition than the open tender.

Companies wishing to participate in the closed tender are invited by the relevant institution. Invited companies submit their proposals by submitting their suitability for the goods or services subject to tender and the necessary documents. After the bids are reviewed, the most suitable bidder company is selected and the contract is signed. The closed tender method is a method used to Decouple the competition between a limited number of bidders and to improve the quality of the bids.

The Real Estate Purchase Process
The real estate purchase process can be carried out in two different ways. These can be done by auction and auction methods. The auction process is a method of sale in which citizens bid for a certain property. There is a set date and place for this procedure. The property is sold to the highest bidder. The tender method, on the other hand, is a method that allows public institutions to get rid of the real estate they own. In this method, citizens participate in the tender and the highest bidder buys the real estate.

Some documents are required for real estate purchase transactions. Dec paid documents include identification document, tax identification number, address information, application form, payment document and guarantee document. It is necessary to fill out the documents completely and correctly.

There are also some issues that should be taken into consideration during the real estate purchase process. Dec paid loans are among the details such as the title deed status of the real estate, the value of the real estate, the payment terms, the use of credit. Having knowledge about these issues will help to make the purchase process run smoothly.

What is a Real Estate Appraisal?
Real estate assessment is a process for determining the fee of a real estate. The real estate appraisal process is used to determine the actual value of the real estate. During this process, the location, region, building quality, Sunday demand and other factors are taken into account.

The property evaluation process is carried out by an evaluation specialist. The specialist prepares a report and assigns a value for the property, taking into account the physical condition of the property, its territory, characteristics and Sunday demand. This value is determined according to the market value of the real estate.

Why is evaluation important when buying a property? Real estate appraisal is important to determine an accurate price related to the real estate to be purchased. If a price is paid below the property value, the buyer may suffer a loss of value. Also, banks usually set a credit limit based on the property value when making a mortgage loan, so an accurate property assessment report is an important factor in determining an appropriate credit limit.

Real Estate Title Deeds Transactions
After the purchase of the property, the title deed transactions are carried out. A title deed is a document that officially and legally certifies the owner of a property. In order for the land registry transactions to be performed, the seller and buyer must first apply to the land registry directorate. The land registry directorate will request the necessary documents to perform the transactions.

Among the documents required in the process of land registry transactions, there are land registry Decalogue, new land registry decalogue, land registry declaration, land registry copy, official promissory notes, petitions to be submitted to the land registry directorate and other documents. The land registry directorate examines all documents in a complete and accurate manner and gives the necessary approvals.

Land registry transactions also require paying a number of taxes and fees. These taxes and fees must be paid within a certain period of time after the purchase of the property. After the land registry transactions are completed, a new land registry deed is issued and the buyer proves that the real estate he owns belongs to him completely.

As a result, the title deed transactions after the property purchase are very important and should be carried out correctly. In these transactions, it is important to submit the necessary documents to the land registry directorate in full and to pay taxes / fees. After the title deed transactions are completed, the buyer proves that the real estate he owns belongs to him completely.