The First American Corp. on Monday announced the formation of First Title Istanbul Inc. in the Republic of Turkey, which will provide title insurance for foreign investors and title guarantee programs for Turkish banks and consumers.
The Republic of Turkey is expected to introduce the development of a conventional mortgage market in the next several months, according to a press statement. Turkey’s State Minister and Deputy Prime Minister Abdullatif Sener said a bill regulating the implementation of Turkey’s new mortgage system is one of the top priorities on the agenda during the 2006 parliamentary year. Currently, individuals seeking to finance a purchase of real estate in Turkey only have short-term loans available. Consequently, only a small amount of property acquisitions are financed. Pending legislation will enable financial institutions to offer mortgage loans with maturities of up to 30 years and for the securitization of mortgage loans.
“The new regulatory environment will foster new and significant real estate activity in Turkey by residents and foreign purchasers and lenders,” said Phillip Oldcorn, European Underwriting director of First Title, plc, a wholly owned subsidiary of The First American Corp. “With the expertise of First Title and its local partners, First Title Istanbul is uniquely positioned to provide the title underwriting and warranty services necessary to encourage and expand the Turkish real estate market.”
First Title Istanbul was formed by the association of First Title plc, Barbaros Mühendislik Ticari Danismanlik San. Tic.Limited, and Trans-Euro Asia Services LLC.
With more than 1,000 title employees in Canada, Australia, Europe and Asia, First American continues to grow beyond the United States by adapting its product offerings to meet the regulatory guidelines and land conveyancing policies of international markets.