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Low Market Value Court Yields – Lost Both Your Home and Your Money

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Turkey changes hands every day in thousands of properties in general. In many transfers, the property value is shown to be low in order to pay lower fees. Another mistake made in this process is that the payment is made by hand rather than by bank.

This situation can open the door to the sale of the properties acquired in the future, even if it is for the seller’s business. The experiences of Onur Gökalp (38) and his brother Orçun Gökalp (36), who work as senior executives in two different international companies, are of a type that can happen to many people in similar situations.

According to information from Hürriyet, the Gökalp brothers decided to buy an apartment in Kadıköy Suadiye 6 years ago. The apartment belonged to Önder Ragıp Bağrıaçık, a businessman living in Konya. A real estate agent negotiated the sale of the apartment. Since Bağrıaçık was in Konya, all sales negotiations were carried out with his uncle N. Bağrıaçık, who lives in Istanbul, and his cousin S. Bağrıaçık. After the negotiations, an agreement was reached for the sale of the apartment for 900 thousand lire.

MONEY GIVEN BY HAND

The Gökalp brothers opened it for the bag full of money they brought with them. 887 thousand liras that passed through the money counting machine were delivered to the accountant M. Ç. The present value of 360 thousand lire received from the Kadıköy municipality was shown as the value of the house on the property title.

The transfer transaction between the parties was completed on June 24, 2015. However, the Gökalp brothers faced a shocking case a few months later. The lawsuit was filed on behalf of a private bank unit in Konya. That bank initiated an enforcement procedure when Önder Bağrıaçık was unable to collect the loan it granted to the furniture company.

Apart from the aforementioned bank, there were around 70 different enforcement proceedings against Bağrıaçık. The bank, which was unable to collect its loan from Bağrıaçık, this time removed all property titles, as well as its current property titles, which it had recently transferred. Information has also been obtained on the transfer of title to the property to the Gökalp brothers.

THE BANK MAY SELL AS AN EXECUTIVE

In his petition, the bank’s lawyer alleged that the referred period was for property smuggling. In the defenses made on behalf of the Gökalp brothers, it was stated that “this sale is a real sale”. In the case at the 4th Konya Civil Court of First Instance, the court rejected the bank’s request. However, the appeals court overturned the local court’s decision, this time accepting the bank’s request.

The court, which accepted the lawsuit filed by the bank with the request for ‘cancellation of savings’, also decided to sell the house by the bank by foreclosure. The court held the Gökalp brothers responsible for paying the trial and legal fees, which amounted to 100,000 lire.

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