Please note, not all Property for sale in Turkey can be bought by foreign nationals.
Turkish Property buying procedure and the costs you are likely to incur.
Buying a property in Turkey is a straight forward transaction, and very often easier than in other European countries.
Foreigners may purchase land and property in Turkey in their own names provided that properties are located in towns (i.e. there must be municipality in the area where the property is located and the property must be situated within the boundaries of that municipality, not in villages or rural areas and close to military zones) It is advisable to stick those rules. In order to acquire the title of a property, an application has to be submitted to the local Land Registry Office. After carrying out necessary searches and checks for the above mentioned requirements, the transfer of the title is done by the Land Registry Office. In Turkey , it is legally compulsory for both sides (the seller and the buyer) to be present at the entry in the property register unless one of them has given somebody else the power of attorney to attend on their behalf (for example the solicitor) A purchase tax of 3% is collected from the purchaser during the transaction. All properties are subject to revaluation every year for tax purposes. On newly built properties, within 3 months of construction finishing, the buyer must complete an affidavit and submit it to the municipality (Belediye) for tax valuation purposes. A Typical purchase procedure Some agents may differ in their procedures but they still have to follow certain steps. Deposits and legal costs are non-refundable before you sign any contracts or hand out any money it is vital to ensure that the property complies with all legal planning and other building restrictions and that there are no problems (eg debts, mortgages or encumbrances) on the vendor's side. All these should checked by your solicitor. Stage 1 Estate Agents will draw up a contract with the buyer detailing the agreed terms and conditions of the purchase. Unless you speak fluent Turkish you will need an official translator to be present at all stages. Some solicitors and agents may be qualified to act as legal translators. Stage 2 The passport(s) have to be taken to the Notary for translation. This is necessary for the security and property location checks mentioned earlier. This could take up to half an hour, after which the passport(s) will be returned to the buyer. Stage 3 Estate Agents and the buyer will then take the contract to the local solicitor. The solicitor will check a copy of the property deed to ensure that the information on the contract corresponds with the information on the deed. Then all parties will sign the contract witnessed by the solicitor, the legal translator and one other witness. Stage 4 Once the application has been approved by the Land Registry Office (it takes 6-10 weeks for the security and property location checks to be made and approved), Estate Agents will sign over the deed of the property to the buyer (assuming all outstanding payments have been received). It is at the point of deed transfer that the purchase tax will be paid. |