Statcounter

Thursday, 8 July 2010

Buying a property in Turkey – the nitty gritty

The process of buying a property in Turkey isn’t as hard as you think – as long as you know what you’re doing. And that’s why we’re here. If you have any questions please contact us.



Who can buy property in Turkey?

Most foreign nationals can buy property in Turkey, providing:
  • There is a reciprocal agreement between Turkey’s government and the puchaser’s government. These countries include the UK, European Union countries, the USA and Russia.
  • The property lies within the boundaries of a municipal area with more than 2000 registered inhabitants.
  • -The property does not lie within a military zone.


Negotiating the sale

Having found your ideal property, you will need a contract between yourself and the seller, agreeing the price and the dates of transfer. Your agent can take care of this for you. You will then need to take two passport sized photos of the person whose name is to go on the property deed, and a photocopy of your passport. Then, you can go to the title deed (tapu) office to make your application. 

Once the deposit is paid to the seller, the tapu is sent to the local municipality, who will in turn send it to the Army Office in Izmir, since in Turkey, the Army Office must give their permission before the sale can be completed. This may take up to eight weeks.

The remaining balance will be paid at a date negotiated between yourself and the seller, usually when the tapu has been transferred. Again, your agent can take care of all this for you.


Laws

Different properties are subject to different laws, depending on the location. This advice is general, so it’s best to talk to an expert if you want to find out about the laws of your particular area.


Costs

As well as the purchase price of your property, expect to incur the following costs. These costs are approximate and subject to change, please ask us for more information.

  • Estate agency fee: check with your agents. Usually around 3 to 4 per cent of the purchase price.
  • Legal Notary Office: 132 €
  • Sworn Translator: $38 €)
  • Photographs: 15 €)
  • Purchase Tax: 132 €
  • Land Registration: 659 €
  • Earthquake Insurance (compulsory): 52 €


Property registration and delivery

In Turkey, a Property Registry Department official must enter your property details into the register. Both the seller and the buyer must be present, unless you have authorised someone to stand on your behalf (see Power of attorney, below). 

Transferring property deeds is the next step, and a rather crucial one, as this will prove the property belongs to you. Title deed (tapu) transfers may only happen once the property is completed (if it’s a new build) and the full amount has been paid. You and the seller will need to both sign the title deed and have an official at your local tapu office also sign and stamp the document.



Power of attorney

As the buyer it may not be convenient for you to travel to Turkey just to complete some paperwork. You may authorise a power of attorney to sign necessary documents and carry out procedures on the Turkish side for you. Make sure this person is trustworthy and qualified – you’re trusting them with your finances!

If you have any questions about this process or about buying property in Turkey, please contact us or check out our buyer's guide.

2 comments:

  1. The place looks really beautiful. I'd like to acquire a property in Turkey. What are the documents needed? I am a Canadian citizen. Do I have to be an immigrant to but a property in Turkey? Please advise.


    property in turkey

    ReplyDelete
  2. Looks interesting, ill be sure to check it out. Cheap property in Turkey

    ReplyDelete