More Information
Buying property in Turkey is a lot simpler now. The procedure is often far simpler than in most other European countries. Foreigners may purchase land and property in Turkey under their own names and when the time comes to sell, the proceeds of the sale may be transferred out of Turkey. A lawyer/solicitor is not needed in Turkey although it makes sense to consult one for your own peace of mind which costs 1% of the property value.
Title deed tax costs 1%. Real estate agent's fee is 3%. These are standard terms offered by all Turkish estate agencies. Our team is offering additional services which are included in the 3% fee.
When you have expressed an interest to buy a property we will give you a photocopy of the property deeds and we will undertake the necessary checks to ensure that the area map and parcel numbers correspond to your property. All we require from you at this stage is a copy of your passport.
The Seller and the Estate Agent will then prepare the necessary paperwork to enable the buying process to commence. You will be given a copy of this draft agreement.
At this stage, you will be required to pay a symbolic deposit of the purchase price. In addition, you will be required to pay legal taxes, expenses and Agents fee. You should budget around 5-6% of the purchase price for this expenditure. A full breakdown of these costs will be given to you.
We will prepare a letter, a copy of the legal papers, together with a copy of your passport and send them to the authorities.
Before leaving for Europe, it is advisable to open a bank account with a Turkish or HSCB bank (to enable you to transfer the remaining value). You do not have to stay in Turkey as we will contact you as soon as the necessary paperwork has been received back from the authorities.
When all the checks have been conducted and the papers returned to us, we will contact your lawyer in Turkey so that he can arrange all the rest for you.
On the day of transfer, the Buyers lawyer, Seller and Estate Agent will go to the Title Deeds Office and complete the paperwork. The paperwork consists of all the legal issues (title deeds, land registry etc) and financial issues. Financial affairs are concluded, signatures exchanged and the title deed of your property are registered under your name.
We have tried to simplify the process here, but when you have made a decision to buy, we will talk you through, in detail, each step. When we are working together and have full knowledge of what is right for you, we can give advice regarding a solicitor, property survey (if required), insurance, annual property tax, etc.