FAQs About Contracts in Turkey
Named contract: It is the one organized by the legislator and distinguished by special provisions from other contracts (such as sales contracts).
As for the unnamed contract: it is the one that the legislator did not distinguish from others, and did not give it special provisions for it, as it remains left to the will of the contracting parties (the contracting parties), and the general provisions of contracts apply to it.
It is a contract that recognizes reciprocal obligations in the receivables of the contracting parties, and it has multiple faces and cases:
For example, in terms of obligations and their order: the contract is binding on one side only, for example, the gift contract without compensation.
In terms of rescission of contracts: Rescission is only available in contracts binding on both parties, in the event that one of the parties to the contract does not fulfill its obligations, then the other party may request the termination of the contract.
In terms of bearing the liability of perishing: in contracts binding on both sides, the debtor bears the risk of perishing. As for contracts binding on one side, the crediting party bears the responsibility for this loss.
Turkish law prohibits the transfer of ownership of the property to the buyer in the Land Registry Department before the construction of the property is completed and the full price is paid.
Therefore, the initial contracts for the sale of real estate (promise-to-sale contracts) do not have any real legal character unless they are completed and duly confirmed by the notary.
The investor is supposed to be careful and attentive at this stage to confirm this contract concluded with the Noter, and to prove the delivered payments by paying them through bank transfers with annotated details, to guarantee his rights in the event of a conflict.