Turkey toughens rules on property selling
Baku, Azerbaijan, May 31
By Rufiz Hafizoglu - Trend
The amendment to the law on consumer protection has entered into force in Turkey.
According to the amendment, the sale of property without insurance and the bill of sales, from now on is banned in the country, Turkish newspaper "Milliyet" reported on May 28.
In this regard, the sale of property in a number of Turkish cities such as Ankara and Istanbul, has been stopped.
The newspaper claims that construction companies have already criticized the ban on property sale without insurance and the bill of sales.
Citing the country's Association of Real Estate and Real Estate Investment Companies (GYODER), the newspaper reports that obtaining the bill of sales on real property takes more than five months, which will affect Turkey's property market.
According to the other changes in the law, the contracts with consumers should consist of not less than 12 items, and the contract's terms can't be changed to consumer's detriment. Expiration date on goods must be written in Turkish language.
Also, the companies that mislead consumers about possible discounts on goods, will be sanctioned.
The new contracts to consumers will not have any additional requirements.
Earlier, in November 2013, the law 'On Protection of Consumer Rights' in Turkey has undergone changes, according to which, the banks were no longer receiving compensations for paying the credit prior to the agreed terms.
In accordance with such changes, Turkish banks should also cut down the interest rates on credits of such consumers who pay credits before the agreed term.
Furthermore, if the credit's insurance was previously a mandatory procedure, now it is voluntary.