Buying property in Turkey is different from buying in the UK but is nevertheless a relatively straightforward procedure and is far less complicated than in some European countries. Our representatives are on hand to assist and to guide you every step of the way.
It is not necessary to instruct a solicitor / lawyer although we strongly recommend that you do so even if merely to check out title of the property, to ascertain that there are not any debts attached to it (as in common with most European countries unpaid debts can pass down the line from one property owner to the next) and to ensure that all necessary planning and building regulations have been complied with.
To reserve a property usually a 10% deposit is required. The easiest way to proceed is to open a Turkish bank account and arrange for funds to be transferred from your bank in the UK. If you have already notified your bank of your likely intentions then an IBAN transfer can be carried out quickly and easily within a few days. Our representative will organize a visit to the local tax office to obtain your tax number prior to opening the bank account. This is a very important document and should be kept in a safe place.
A contract will then be drawn up by the Estate Agent or Developer outlining the terms and conditions of the purchase, the date payment in full should be made, or in the case of an off-plan property the dates that the various stage payments are due.
It is necessary for a military check to be carried out on the property as, although foreigners are able to buy land and property in Turkey they are prohibited from doing so close to military airports or establishments.
Once these checks have been carried out and the property meets all necessary requirements an application can be made to the local Land Registry Office for transfer of the title deeds (Tapu). Both parties need to be present for the transfer of title although it is possible to appoint someone with power of attorney to act on your behalf. This procedure is carried out in the presence of the Notary, a public official whose role is to certify that the title deeds have been exchanged and understood by all concerned. The vendor makes a declaration that he/she has received payment in full of the agreed purchase price and the new title deed is registered with the government Land Registry.
Purchase tax of 1.5% of purchase price is payable by both the vendor and purchaser.
The standard rate in Turkey for Estate Agents fees is 3% of the agreed purchase price payable by both purchaser and vendor.
One of the easiest ways to fully finance the purchase of a Turkish property is to re-mortgage a UK property. For further information please click on the link below:
