How to buy a property in Turkey?
Buy a property in Turkey?
You should know before buying a property in Turkey,Alanya.
From the documents you need to understanding what you’re looking for, here is a simple guide on where to start,how to buy Turkish real estate?
Prepare your wish List step 1
Come for viewing tour step 2
Visit selected Properties step 3
Negotiate Terms step 4
Pay deposit step 5
Sign Contract step 6
Get Tax number step 7
Open a Bank Acount step 8
Get the Appraisal Report step 9
Get your title deed
Tapu step 10 If you are looking to buy a house in Turkey as a nonresident, there are a few things you should keep in mind when it comes to legal matters.
How to buy a property in Turkey? Foreign citizens are increasingly drawn to purchasing property in Turkey, particularly in the southern Mediterranean region.With a stunning, unspoilt coastline and a climate that offers 300 days of sunshine a year, it is fast becoming established as a second home destination.
The property market
Turkey offers an excellent opportunity for those that are considering overseas property investment – many compare the current market potential to that offered in Spain some 15 years ago.
Even at the resort hot-spots that are most in demand, property prices remain low when compared to most other popular overseas destinations.
Comparatively speaking, however, the Turkish second home market is still in its infancy and the majority of potential buyers have limited knowledge about property purchasing procedures, with many assuming these are complex and time consuming.
The fact is, whilst the process is different for non-residents, it is relatively straightforward – the following information is a step by step guide to understanding this process:
1 – The Buying Process
2 – Residency and Citizenship
3 – Mortgage Issues
4 – Inheritance Law
THE BUYING PROCESS
The purchase of a property begins once a verbal agreement has been made between the Seller and the Buyer (sometimes through an agent acting as an intermediary).
The property is then taken off the market, subject to payment of a reservation fee (normally between 1000 – 2000 Euros depending on purchase price).
The Seller will then submit the Title Deed (Tapu) to the Land Registry in order that preliminary land and title searches can be made.property buying guide in turkey.
These searches will determine that:
1-The Seller owns and has the legal right to sell the property.
2-The property is not located within a restricted or military zone.
3-There are no outstanding debts on the property.
The reservation fee is refundable if the Seller withdraws from the sale. It is normally non- refundable if the Buyer withdraws from the sale.
Copies of the Buyer/s passport will be presented to the local Tax Office in order that the Buyer/s can be issued with a Tax Number (this number has no taxation implications – it is a personal identification number issued for security purposes.
It is not compulsory to have a bank account in Turkey – it does, however, have its advantages: for example, it will allow for international money transfers, setting up of direct debits to pay utility bills, proof of funds when applying for residency and as a deposit facility for rental income (if applicable).property buying guide in turkey
A sales contract will be prepared relating to all interested parties – the Seller, Buyer and intermediary (if there is one). The contract will include all relevant property information, Seller, Buyer and intermediary information and the appropriate payment plan,The contract will be in both Turkish and English (or alternative native language) – English or native language only contracts are not recognised in Turkish property law.
All residential property in Turkey is freehold – for apartments, the owner will own the apartment and a proportionate percentage of the land on which the apartment building is located.
The Tapu (Title Deed) is a document that denotes legal ownership of a property, The information shown on this is the exact same as that recorded at the Land Registry office, including Property Address, Size (m2), Land Plot (on which the property is situated), Current Owners etc.
Iskan (Habitation Certificate)
For all newly built properties, the Iskan is issued after satisfactory inspection by the Building Inspections authority, this inspection is to ensure that the property has been constructed in accordance with both the submitted plans and the current building regulations and that it is fit for habitation.
Tapu Transfer and Power of Attorney
The Land Registry will normally give around 2 weeks notice of the appointed Tapu transfer date – both the Seller and the Buyer should be in attendance and the actual transfer process takes around 15 minutes (a registered translator will also be appointed on behalf of the Buyer).
In those cases where the Buyer is unable to be present, it is normal practice for that Buyer to give Power of Attorney (POA) to the Seller – this POA authorizes the Seller to transfer the Tapu (to the Buyer) in that Buyer’s absence.