Real estate experts issue warnings on mortgage and insurance risks

Legal and administrative precautions are critical for individuals purchasing residential properties, particularly those involving mortgages or mandatory insurance requirements.

When buying a home with an existing mortgage, buyers are warned against paying off the seller's debt before the title deed is officially transferred. Real estate lawyer Murat Tezcan notes that such arrangements carry significant risk, as the buyer may lose large sums of money if the sale fails to finalize or if new liens are placed on the property. It is essential to verify the exact amount of the debt, as some mortgages may cover more than just the housing loan.

Additionally, buyers must carefully verify Compulsory Earthquake Insurance (DASK) policies. It is not enough to simply confirm that insurance exists; the address, building details, and address code on the policy must strictly match the specific unit being purchased. While a seller's policy may assist in verification, it expires on the day of the transfer, and the buyer must have a valid policy in their own name ready before the title deed process begins.