Buying Property in Turkey
Buying Guide to Turkey Property
Buying property in Turkey is a fairly uncomplicated and releatively quick process. The Estate Agent plays a more active part in the process and the entire process should take between 6 to 8 weeks.
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. In order for foreigners to purchase property in Turkey research will be done to see whether Turks have reciprocal rights to buy property in the place that the foreigner was born.
1. When you have expressed an interest to buy a property we will give you a photocopy of the property deeds - 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.
2. The Seller and the Estate Agent then prepare the necessary paperwork to enable the buying process to commence. You will be given a copy of this draft agreement (Tapu).
3. At this stage, you will be required to pay a deposit of approximately 10% of the purchase price. In addition, you will be required to pay legal taxes, expenses and Agents commission. You should budget around 5-6% of the purchase price for this expenditure. A full breakdown of these costs will be given to you.
4. We will prepare a letter, a copy of the legal papers, together with a copy of your passport and send them to the Army Headquarters in Izmir for clearance. This process will take between 6 to 8 weeks. The checks are made to ensure that the land you are buying does not fall within any Military zone. Character checks are also made.
5. 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 monies).You do not have to stay in Turkey as we will contact you as soon as the necessary paperwork has been received back from Izmir.
6. When all the checks have been conducted and the papers returned to us, we will contact you so that you can arrange a suitable date to return to Turkey to sign the Contract and undertake the money transfer.
7. On the day of transfer, the Buyer, 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 deeds of your property are registered under your name.
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