How to Get a Real Estate Valuation Report

The first step is the application: you send a request stating the property's address, type, block and parcel details if available, and the purpose of the report. In the second step, the firm reviews the request, clarifies the scope, lists the required documents and gets back to you with an estimated timeline and fee. The questions asked at this stage are not a formality; the type of report depends on your answers.

The third step is the on-site inspection. The expert sees the property's location, physical condition, use and surroundings, and checks whether the information in the title deed (tapu) matches the actual situation. For example, an extension added later to a building that appears as single-storey in the title deed, or an area built differently from the approved project, will be noticed at this stage and noted in the report.

The fourth step is analysis. Sales and rental data for similar properties nearby are collected, the market conditions of the area are assessed and the valuation approach suited to the property is chosen. In the final step, the report is prepared, checked within the firm and sent to you. When you receive it, it is a good habit to read the valuation date, the method used and the purpose of the report on the first pages and confirm them.

Usually the title deed or title deed record, the zoning status (imar durumu), the occupancy permit (iskân), the architectural project if there is one, and the full address of the property are requested. For an apartment under condominium ownership, the condominium easement or condominium ownership details are useful; for land and plots, the block and parcel details and any plan notes help. If you apply through a representative, a power of attorney and identity documents are required.

For commercial properties, a lease agreement, a business licence and income and expense information may be requested; for buildings under construction, the building permit and progress information. You can submit a request even if you do not have some of the documents; missing documents can be completed together with the firm. Still, it matters that the documents are up to date, because an old zoning status letter may not reflect current building conditions.

The timeline varies with the type and size of the property, how complete the documents are, how easy it is to access the property and the scope of the report. A simple residential valuation is not completed in the same time as a large facility, a multi-parcel piece of land or a commercial property that requires an income analysis. The best approach is to ask the firm for an estimated delivery time at the application stage and compare it with your own schedule.

The factors that most often extend the timeline are missing documents, not being able to reach the person who will open the door, and a change in the purpose of the report later on. If work begun for a bank loan is later also meant to be used for another institution, the scope may have to be reassessed.

The most common mistake is not stating the purpose of the report, because reports prepared for purposes such as loans, taxes and sales can differ in scope. Another is not finding out the requirements of the receiving institution beforehand; some institutions accept reports only from certain firms or look for a specific format.

Choosing an unlicensed firm on price alone can also lead to the report being treated as invalid by banks and official bodies. We cover what to look for when choosing a firm in detail in our article What Should You Look for When Choosing a Valuation Firm?

The third mistake is ordering the report too early and missing its validity period. If the report is obtained long before the sale or loan transaction, it may have expired by the day of the transaction. Finally, if there are changes to the property that are not reflected in the title deed (extensions, added floors, use contrary to its designated purpose), telling the expert about them from the start prevents the report from causing problems later.

When the report reaches you, first check the identification details: the property's address, block and parcel number, unit number and area must match your title deed record exactly. Even a small typo can cause problems for the report at the bank or institution. The valuation date and the purpose of the report should also be clearly written on the first pages.

Second, read how the conclusion was reached. Are the method used, the comparables selected and the adjustments made explained clearly? A valuation report does not give just a figure; it also shows the basis for that figure. If there is a section you do not understand, you can ask the firm for an explanation; this is a natural part of the service.

Third, look at the assumptions and limiting conditions stated in the report. For example, how a section with missing documents is reflected in the valuation, or an assumption made because of an entry in the title deed, is written in these sections. Knowing these notes before you meet the institution you will submit the report to helps you prepare for possible questions. When storing the report, we recommend keeping both a digital and a printed copy together with the attachments.

To speed up the process, gather the following before you apply: the property's province, district, neighbourhood, block, parcel and unit details; the current title deed record; the zoning status and occupancy documents; the architectural project or floor plan if there is one; and the lease agreement for rented properties. This information is mostly found on the title deed or on the title deed record that can be obtained through e-Devlet, so you do not need a long paper chase to prepare.

Plan access to the property as well. So that the expert can carry out the on-site inspection, the name and phone number of the person who will open the door should be sent in advance, and if there is a tenant, they should be told the visit time. An expert who arrives without the tenant's knowledge may not be able to get in; this leads to the appointment being postponed and the delivery date being extended.

Clarify from the start the purpose of the report (loan, sale, tax, inheritance, corporate reporting and so on) and the institution it will be submitted to. Reports prepared for different purposes for the same property can differ in scope, format and sometimes assumptions; if the purpose is not clear, the report may later be found insufficient.

When you receive the report, first check the identification details: do the address, province and district, block and parcel, unit number and area match the title deed record? Then confirm that the valuation date and the purpose of the report are written, that the method used and the comparables are explained, and that the details of the expert and the firm that prepared the report are included.

In the conclusion section, you should see not just a figure but also the reasons by which that figure was reached. If the choice of comparables, the adjustments made and the assumptions are not explained in language you can follow, ask the firm for an explanation. A well-prepared report is transparent enough to answer your questions.

If you notice incorrect information, tell the firm so it can be corrected before you submit the report to the institution. If an erroneous report is not accepted by institutions, the process may have to start over.

In everyday language, "ekspertiz" (appraisal), valuation and expert witness report (bilirkişi raporu) are often used interchangeably, but they are used in different places. Ekspertiz is the name given especially to valuation reports that banks commission as loan collateral. A valuation report is a broader umbrella: it can be prepared for many purposes such as loans, sales, taxes, inheritance and investment. An expert witness report is one prepared for a case file by an expert appointed by the court.

This distinction matters in practice. A valuation report you commission in your own name often cannot be used directly in the bank's loan process, because banks rely on the report of the firm they have appointed themselves. Similarly, a court relies on the report of the expert it has appointed in the file; a report you commissioned may be treated as a supporting document. Telling the firm at the outset what purpose you need the report for lets you choose the right type of report.