Buying Property in Turkey - The Process
Buying property in Turkey is a straight forward process, often easier than in other European countries.
1. Once you have identified a property in Turkey that you would like to invest in, an initial deposit is required to reserve the property at the agreed purchase price and is payable by cash or credit card.
We advise that you have access to a minimum of £2,000 ready available prior to any inspection trip.
The exact figure will be confirmed individually with the house owner at the time of purchase. When this is paid a receipt is provided detailing the amount received and this is written into the contract.
2. You will need to have your passport with you which is photo copied and translated into Turkish and filed as part of your purchase application together with photographs of each buyer wanting to be registered on the title deed.
3. An appointment with a Solicitor is now required, who will prepare the purchase contact.
The solicitor is there there to help you, as you are paying for their services please use this time to ask any questions that you may have.
4. Should you not be present in Turkey for the actual purchase of your property, you will need to go (your agent will accompany you) to the Notary's office (similar to the Notary public in the UK) to sign a document giving your agent Power of Attorney for the property, not for money. This enables the agent to act on your behalf and continue with obtaining the Title Deeds in your absence.
You will be given the original contract and copy of the power of Attorney to take back home with you.
Your purchase application is then forwarded to the Land Registry office for all documentation relating to the purchase where everything is checked. Your title deeds (TAPU) are issued in the your name and forwarded back to the local Land Registration office who, in turn contacts the agent. This process usually takes 6-8 weeks.
The agent will advise you of this when it happens. At this time you will need to pay the final balance plus the 3% property tax in exchange for the title deeds of your new property in Turkey.
Explanation of purchase fees payable
• 3% stamp duty (In some cases the property vendor will agree to pay 1.5% of the transfer tax). This is a one off payment and is due once the TAPU is received.
• The solicitor's fee. Prices will vary depending on which solicitor you choose to use.
• An approximate £100 Notaries Charge for issuing the Power of Attorney.
• A 3% agency fee that covers all agents commission and charges. This is usually payable at the time that the contract is signed, together with the initial deposit payment on the property.
• It is compulsory to have earthquake insurance and we recommend that you take Full insurance home and contents cover as soon as the house is registered in your name.(the cost of this varies depending on the value of the property, it's contents for the number of months it will be occupied.) Approximately £150
• The connection of Water and Electricity into your name so the bills will come directly to your house.
Below is an example of the estimated costs involved for the purchase of a investment costing £50,000
Once you have received your TAPU there are ongoing costs which need to be paid. We estimate annual costs per property to be as follows:
It is not necessary to pay anyone to pay bills. Electric can be paid by automatic standing order once you have a bank account.
Water bills are intermittent and likewise your council tax can be paid when you visit annually.
The costs are correct at time of writing but are always subject to change. Variations will always occur due to location of purchase and other factors beyond the control of Waterfront Real Estate Ltd. This is intended as a guide only.
Buying Guide Turkey
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