Buying property in Turkey is not as complicated as you might imagine. The
procedure is often far simpler than in most other European countries. Foreigners
may purchase land and property in Turkey under their own names provided that
properties are not located close to a military airport, station etc. We are
ready to help you with all the procedures.
Buying Property in Turkey - The Process
After you have selected your ideal property and the deal has been agreed
upon, we draw up a contract between you and the seller, confirming the price and
dates of transfer. (A lawyer/solicitor is not needed in Turkey, but if you want
to consult one, we will arrange the appointment. Then the Solicitor will prepare
the purchase contract).
You have to pay the deposit of 10-20 % of the property price. This is payable
by cash or credit card. The easiest way is to open a bank account in Kemer and
request by fax a money transfer to this account (takes 3-5 working days). When
the deposit is paid a receipt is given, the amount received is written into the
contract.
After an agreed sale, in order to acquire the title of a property (TAPU), an
application has to be made to the local Land Registry Office. For that we need
some passport sized photos and a photocopy of your passport. Then the papers are
forwarded to the Land Registration Office in Izmir, where everything is checked
and then the title deeds (TAPU) are re-issued in the new owners name and
forwarded back to the local Land Registration office who in turn contacts us.
This process usually takes 6-8 weeks.
If you can not be present in Turkey for the actual purchase of your property,
we have to go to the Notary's office to sign a document giving us Power of
Attorney for the property, not for money. This enables us to continue with
obtaining the Title Deeds in your absence. You will be given the original
contract and copy of the power of Attorney.
We will advise you when the papers are ready and then you have to pay the
final balance. Upon receipt of this we can collect your TAPU from the Land
Registration Office on your behalf. It will be held in our office pending your
next visit and collection.
Costs
There are some extra costs on top the purchase price.
If you want to consult a lawyer, the solicitor's fee.
Notaries Charge for giving us the Power of Attorney to handle the documents
relating to the property in your absence.
A 3 % duty of the purchase must be paid. There is also annual tax which is
0.1% for a house and 0.3% for developed land; this is collected by the local
government.
A 3% agency fee. This is paid at the time that the contract is made, together
with the initial deposit payment on the property.
Connection of Water and Electricity into your name.
It is compulsory to have earthquake insurance. We recommend also you to take
full house insurance as soon as the house is registered in your name (the cost
of this varies depending on the value of the property and the number of months
it will be occupied).
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