Important Considerations and Legal Rights When Renting Out Your Property
Property owners should pay attention to many issues when agreeing with their tenants. If you cannot agree with your tenant, review these terms! One of the opportunities to crown your real estate future with investment is to rent out your property. In this way, you will be able to generate income and have a regular income. Sometimes you may want to rent out your property for a while, and after a while, you may want to live in it yourself. You can have opportunities to own property for many purposes.
You should pay attention to many issues when renting out your property. During the Republican era, the Turkish Code of Obligations evaluates these processes with legal regulations to protect the rights of both parties. You can protect your rights with any problems you may have with your tenant. You can guarantee your investments by arranging the terms of the agreement between you and your tenant by the law.
In the process of renting out your property, you can apply to Realtor Global. You can safely rent out your property by getting support from us. Before renting out your property, you will find a lot of information together in this blog. You can manage this process correctly with the rental process, your legal rights, official documents, what to do in case of disagreement with your tenant, and much more.
Why Rent Out Your Property? Advantages Of Being A Property Owner
You can find the advantages of investing in real estate as a property owner. You can crown your living standards in Türkiye with a secure future. You can rent out your apartment, detached villa, residence or office, or commercial areas. According to the Condominium Law, you can utilize your usage areas in various ways. You can turn being a property owner into a profit by evaluating your rights over the tenant. By acting by Türkiye's real estate market, you have the right to determine the income you want to generate.
Owning property is very advantageous in every respect. In this way, you can secure your future while earning income. When you own property;
- Regular income: You may be entitled to receive rental income in different currencies. You can evaluate current market conditions. By turning this into a regular income, you can profit from your real estate.
- Tenant Preferences: If you decide to rent out your property, property, you can choose people who will fit your budget and conditions.
- Legal Rights: You can maintain, rent out and live on your property by the law. You can benefit from facilities such as lease agreements, tax, and security deposit.
- Condominium Ownership: If your property is used following the Condominium Law, you can also earn commercial income. You have the right to use different types of space.
- Reliable Real Estate Company: When renting out your property, you can benefit from the services of a reliable real estate company and follow the renting processes and legal grounds together.
- Right to Life: You can take advantage of living opportunities within your residence and have location advantages. At the same time, you can run your office or commercial enterprises.
You can turn your investments into earnings when renting out your property. You can earn income and have many opportunities at the same time. With Realtor Global, you can easily rent out your property. You can make sure that all conditions are met and protect your legal rights. You can benefit from the privileges of owning a property in Türkiye from the preparation of agreements such as lease agreements to all processes.
What Are The Documents Required When Renting Out Your Property?
As property owners in Türkiye, you can choose the rental method. You can realize these processes within legal regulations while gaining many advantages through investment. The requirements for tenants and property owners are as follows:
Requirements for property owners in Türkiye:
- Address of the property
- TCIP certificate
- Bank account details
- Electricity, water, natural gas bills, etc.
- List of fixtures and fittings of the rented property (office supplies, documents, etc.)
- Residence address
These documents will enable you to rent out your property. Additionally, you can request certain documents from your tenant.
Documents required for tenants in Türkiye:
- Eviction undertaking
- Guarantor information
You can make an agreement with people who may prefer rental properties in Türkiye. You can evaluate many property options such as this villa, apartment, office, and residence. You can sign a contract with your tenant regarding these documents. You can benefit from the rights of property owners in Türkiye. You can make a trust agreement with your tenant both verbally and legally.
Property Owners' Agreements with Tenants and Current Rent Increases in Türkiye
Property owners sign a lease with the tenant. They can demand a deposit in accordance with the suitability of the property and legal requirements. They may also ask for a rent increase at the end of the contract. To own property in Türkiye, you need to consider a number of issues.
1- Rental Agreement
299 of the Turkish Code of Obligations No. 6098. According to Article 299 of the Turkish Code of Obligations No. 6098; a lease agreement is a contract in which the lessor undertakes to leave the use of the property or the use and enjoyment of the property to the lessee, and the lessee undertakes to pay the agreed rental price in return. The lease agreement is one of the contracts that give rise to mutual obligations. With the lease agreement, the rights of the landlord and the tenant are mutually determined. It is also known as a lease contract.
Tenants in Türkiye secure themselves just like the property owner. With the lease contract, the right of use passes to the tenant. According to the agreement with the property owner, a certain amount of payment terms arise. Lease agreements for properties vary according to their type. The lease agreement is signed between the property owner and the tenant. The tenant is obliged to pay bills such as electricity, water, and dues. At the same time, the rent determined in the contract is paid monthly to the property owner.
Click Here for Sample Lease Agreement!
According to the Ministry of Treasury and Finance's Informal Economy Plan, the Revenue Administration and the General Directorate of Land Registry and Cadastre will prepare the legal and administrative infrastructure with relevant institutions. The work will be completed by the end of 2024. From now on, lease agreements will be realized through E-government. Thus, contracts will be standardized, unregistered documents will be prevented, and the rights of property owners and tenants will be protected.
A security deposit is a guarantee that the rented property will not be damaged. It is a certain amount that the tenant pays to the landlord. It is a security that the lease will be realized. It is one of the important clauses included in lease agreements. According to the law, the landlord can demand a deposit from the tenant. According to the amount within the framework of the Turkish Code of Obligations, the deposit is taken from the tenant.
The deposit amount for tenants in Türkiye varies depending on the demand of the property owner. The property owner may request a maximum of 3 months' rent as a deposit. In general, this amount is preferred as one or two rental fees.
3- Rent Increase
According to the latest TUIK data, CPI figures were determined. According to the inflation increase, the current rent increase was announced as 25%. Accordingly, there is a 1-year increase in lease agreements when calculated from the previous year's rent. The 25 percent increase limit is only valid for housing. There is no such limit for workplace rents.
What are the Legal Rights of Property Owners in Türkiye?
The property owner can make real estate investments in Türkiye through leasing. A lease contract is signed between the property owner and the tenant. In accordance with the Turkish Code of Obligations, the rights of both the property owner and the tenant are protected. Property owners in Türkiye can use their legal rights to the fullest in order to secure themselves and also what they need to know when making real estate investments. In each new lease agreement, it has the right to increase the amount determined according to the law.
- The landlord has the right to evict the tenant who does not accept the rent increase.
- If the rented property is necessary for the tenant, his/her spouse, spouse, descendants, ascendants, or other persons who are legally dependent on him/her, the landlord may notify the tenant of this situation and request him/her to leave the house.
- The property owner may sell the rented apartment.
- In cases where the tenant fails to pay the rent, the landlord may serve a notice and demand payment within 30 days.
- The landlord has the right to ask the tenant for a deposit not exceeding 3 rents.
- Condominium owners have the right to use their property in different ways.
- The landlord may demand rent payment in different currencies (dollar, euro, etc.) depending on the property.
- It can remove the tenant in cases of real estate renovation, the property owner's need for the house, or a change of property owner.
Disputes and Solutions between Landlords and Tenants
While a harmonious process takes place between tenants and property owners, in some cases, incompatibilities may arise. One of the main reasons is that the landlord has the right to remove the tenant in cases such as the tenant not wanting the rent increase, or damaging the property.
The lease agreement is terminated if the property owner sells the apartment to someone else and the person he sells it to requests the tenant to leave within 6 months.
In case of disputes between the tenant and the landlord, the landlord gives the tenant 30 days to evict. In the meantime, solving the problems in a legal way will provide a solution. You can protect your right to own property in accordance with the Turkish Code of Obligations
The Trusted Address For Property Ownership Opportunities: Realtor Global
You can evaluate property ownership opportunities with Realtor Global. You can get help from our professional team about these processes. You can apply for your real estate investments, lease agreements, and legal needs. We can manage a reliable and profitable investment process together.
Contact us now for your future!