Every co-operative has a foundation text. I advise you to read it carefully before investing.

IMO you don't need to worry about the ownership or legal status of your property (unless foundation text has any remarks to concern you such as "after completion villas will be distributed to owners by drawing lots" etc.

However you should know that co-operatives in Turkey is known to be a bit infamous. They usually deliver late and ask for more money than promised in the begining. I don't want to generalize this, nor blame the co-operative that you are about to get involved with but just for your information..

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