Professional Step By Step Guide To Buying Property in Turkey
Step 1. Property Search
Initially we will talk through your requirements and budget, based on this will shall select a few property options that we feel suit your needs best and shall prepare a private portfolio and viewing schedule to visit together with the FULL support and guidance of our local office team. We want this part of the process to be enjoyable, informative and ultimately satisfying!
Step 2. Reservation/Deposit
Once we have found you the perfect property / investment you will need to put down a small deposit in order to secure it. This fee is usually 10% of the purchase price but an exact figure will be confirmed at that time of purchase. When the deposit is paid, you shall be issued with a receipt and the amount is written into the sales contract and deducted from the final purchase price.
Step 3. Sales Contract
At this point a sales & purchase agreement is drawn up between yourselves and the seller this will include information such as deposit paid, agreed sale price, any installment terms agreed, date of delivery (if off plan). At this stage our legal team shall require two passport size photographs of the person whose name will be on the ‘Property Deeds’ plus a full photocopy of your passport. Our office team will take you to get your photos and photocopies.
Step 4. Power of Attorney
Should you not be present in Turkey for the actual exchange and title deed transfer, we can take you to the local Notary’s Office prior (normally done when you are in Turkey after signing sales & purchase agreement) to sign a document giving our legal associate or your nominated solicitor, the power of Attorney for signing paperwork on your behalf regarding the transfer of ownership into your name. This authorization basically enables our legal team or your solicitor to continue all paperwork to obtain the Title Deeds (Tapu) in your absence.
Step 5. Approvals
Details regarding the property you are buying and you (the purchasers) are forwarded to the Land registry Office. An official title deed transfer application is made, and all documents get sent to the Head Army Office for authorization. This is standard procedure for foreign purchasers to check the Property is not located in a restricted zone for foreign purchase etc. Approval takes 1 month. The cost is for this mandatory procedure is approx. 1,250 Turkish Lira (£250). However, if the Property you are purchasing has already been granted military approval after May 2011 or if the development you are buying in has previous foreigner owners with granted approval you can also gain this approval within a matter of days.
Step 6. Title Deed Transfer (Tapu)
Once the approval has been granted, the title deeds are re-issued into the new owner’s name (yours) and forwarded back to the local Land registration Office who, in turn contact us. It is at this point the last payments to the seller or builder. The purchase Tax is paid, and your agent or solicitor can pick up your deeds on your behalf if you have given them power of attorney. Your title deed can be kept in our safe pending your next visit.
Comments