Turkey is one of the most popular destinations for foreign nationals who would like to spend their summer in beautifulweather. Summer houses are quite affordable primarily on these dates due to the exchange rates. Therefore, it is the best time to buy a residential property in Turkey to spend an excellentvacation.
What do You Need to do to Buy a Property in Turkey?
To buy a real estate in Turkey, buyer and seller need to prepare and sign a Preliminary Property Sales Contract before a Turkish Notary Public. This contract does not transfer the title deed directly to the buyer. In order todo so, the parties meet at the relevant Land Registry Office and sign the formal deed before the Land Registry Office. Then, the official of the Land Registry Office verifies the deed. Thisis the moment of the transfer of the title deed to the buyer.
The seller must place a preliminary application to the Land Registry Office for the sale of the said property. The appointment can be obtainedonline. The required documents that need to be broughtto the appointmentare as follows;
The title deed of the property,
ID Document or passport,
Property Fair Value Document that can be obtainedfrom the relevant City Council,
Mandatory Earthquake Insurance Policy for real estates,
The picture of the seller and buyer (1 picturefrom the seller and 2picturesfrom the buyer)
Official translator required if one of the parties do not know Turkish.
The monetary effects of buying a property are as follows; the buyer will need to pay the Turkish Property Transfer Tax at 2% of the property value shown on the Property Fair Value Document. Secondly, floating capital which is established regionally (it is maximum 103.50 TRY x 2.5 for 2018) must be paid. Finally, the service fee of 483.50 TRY (for 2018) is being chargedduring the transactions at the Land Registry Office.
Useful Information for Foreign Nationals Who Would Like to Buy a Property in Turkey
The buyer must check if there is any right registered on the said property at the Land Registry Office, such as mortgage, lien, easement, etc. The buyer can object to the refusal decision of the transfer of the title deed application and submit the objection to the Regional Office of the Land Registry Office. It is not necessary for the foreign national to obtain a residence permit in order tobuy a property in Turkey.
It is important to know that British nationals can issue a power of attorney at the nearest notary public and authorise a Turkish Qualified Solicitor who would be able to carry out these procedures on behalf of their client. To complete the authorisation process,the power of attorneyneeds to be apostilled at the Legalisation Office and officially translated into Turkish. OZ Legal Consultancy provides bespoke and comprehensive conveyancing services from preparing a Power of Attorney to transferring the title deed of your prospective property in Turkey. Get in touch with us to receive more information about our services tailored to your needs.
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