Buying a property in Turkey is a simple process but it takes a while for foreigners due to military checks. After everything has been agreed, a property transaction can be completed in a couple of hours. For a foreign buyer is takes slightly longer since the need for official permission from the military authorities. We will be responsible for all aspects of the buying procedure and all the legal documentation required. Below is an outline of the main steps of the buying process.
- Property search
- Power of attorney
- Military approval
- Sales contract
- Title deed transfer (Tapu)
Initially we will listen to you to understand your requirements, gather a number of properties that we feel suit your needs and arrange a viewing. This part should be enjoyable, informative and ultimately satisfying. We will sign a contract between you and us to secure rights of both parties.
Once you have found a suitable property you will need to put down a deposit in order to secure it. This fee is can be more than 20% of the purchase price but the exact figure will be confirmed with the house owner or builder at the time of purchase. When the deposit paid, a receipt is given and this amount gets written into the sales contract.
At this point a sales contract is drawn up between you and the seller. This will include information such as deposit paid, sales price, date of transfer. Two passport size photographs of the person whose name will be on the property deeds plus a full photocopy of your passport will be necessary.
Power of Attorney
It is not necessary for you to be in Turkey for the actual purchase of your property. We can help you at this stage but you should go to the notary and sign a document to give courtesy for the just property buying, not for selling and not for Money or others. This enables the agent to continue with obtaining the Title Deeds in your absence.
Details of the property and the purchasers get forwarded to the Land Registry Office. An official transfer application is made and all documentations get sent to the regional autorized Army branch for approval. Approval normally takes 1 – 2 months. There has not been any transaction restricted by military office.
Title Deed Transfer (Tapu)
After military approval, the title deeds are re-issued into the new owners name. And forwarded to the local Land Registration office. At this point that the last payment gets paid to the vendor/builder and the deeds are collected. Your agent or lawyer can pick up your deeds on your behalf if you have given them power of attorney. Your title deed will be kept in a safe place pending your next visit.
- Purchase tax: 4% on the ‘declared’ value of the property to be paid to the government. As house prices are set by the City Council for taxing purposes, their valuation is much lower than the actual purchase price. This is a one off payment and it is due once the TAPU is received.
- The solicitor’s fee (should you require one): Prices start from about 800 USD and will vary depending on the solicitor.
- Notary charge: Approximately 200-300 USD notary charge for the power of attorney and the translation of your passport.
- For each day of our consultance, we charge you $300 and after purchase, we will charge you 3% of property costs as commision.
- Utility Registrations (Water,Gas and Electricity) – approx. 1500 USD
- Compulsory Building Insurance (DASK): This insurance is compulsory and costs approx. 200 USD a year depending on property size.
- Home and Contents insurance: This is not mandatory.
- Real estate tax: An annual property tax is collected by the municipalities at the rate of 0.3% for land and 0.1% for a house.
Who Can Buy?
Citizen of many countries including KSA, UAE, Azerbaijan, UK and Qatar can buy property in Turkey