▲Buying real estate can be not just problematic; it can even spell financial disaster. Imagine a luxury villa owner who, having paid for his property, is awaiting receipt of the title deed while using the property for some two years. Now, instead of a title deed he gets a notice of sequestration due to the default on a mortgage placed on the whole development by the development contractor against a bank loan for a project in Istanbul. There are 98 such villa owners in a Bitez development called Aktur Sarnıç Evleri who paid for their properties against what is known as “Sözleşme” (Contract of Sale), with the Land Office title deed to be delivered later. The contractor, Yapı Endustrisi A.Ş., then mortgaged the land against a bank loan for some other project in Istanbul. Due to the default on the loan, the bank has placed a writ of sequestration on the properties which are to be sold off to repay the loan. The hapless owners will – at the very least – be greatly inconvenienced while the law courts decide their fate.

☻If all goes as advertised folk dance groups from Bulgaria, Algeria, Lithuania, Macedonia, Nigeria, Romania and Slovakia will join the local Ortakent Yalı Municipality Folk Dance Group on Thursday, 18 Sept.’08 at 20:30 hrs on the Erdal Çerçi Square in Ortakent Yalı in a display of colorful folk dances of their countries. (Inset: the Algerian participant, “Ballet Etoile d’Algerie”). A Bulgarian “Majorette” performance is especially noted in the program. For info phone (+90)252-358-6200.

▼Bodrum Milta Marina will be the scene of more nautical activity with “The Maserati Marina Yacht Club Cup” sailing races held on 20-21 Sept ’08. For details and registration go to www.marinayachtclub.com and www.bayk.net.