| Buying Property in Turkey
Buying property in Turkey is a lot simpler now.
The procedure is often far easier than in most European countries.
Foreigners may purchase land and property in Turkey in their own
name and, when the time comes to sell, the proceeds of the sale may
be transferred out of Turkey. A lawyer/solicitor is not required in
Turkey although it makes sense, for your own peace of mind, to
consult one.
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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
contract.
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After the decision has
been taken, a legal contract is signed.
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A nominal deposit is
then paid - € 750 (₤ 500).
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The customer gives
Power of Attorney authorising a lawyer or SUN real estate to
take care of all the legal procedures.
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We will prepare a
letter, a copy of the legal papers, together with a copy of your
passport and send them to the authorities.
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The lawyer or
letsgototurkey applies for the title deed on the buyer's behalf
and secures the property until the title deed is received.
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The title deed can take
between 10 to 12 weeks to be processed.
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It is advisable before
you leave to open a bank account in Turkey to enable you to
transfer the installments as required.
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When all the checks
have been conducted and the papers returned to us, SUN real
estate / lawyer will arrange all the rest for you.
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After the property is
registered in the buyer's name SUN real estate will assist with
the registration of utilities, water, telephone line etc.
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On the day of transfer,
SUN real estate completes all the necessary paperwork regarding
the legal and financial issues.
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SUN real estate also
provides a Property Management service which includes security
checks, cleaning services and a lot more.
What are the extra costs of buying property
in Turkey?
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Property price includes
land
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3% property purchase
tax (1 payment to the local authority)
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€ 100 (₤ 60)
registration of title deed in your name (1 payment)
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€ 100 (₤ 60) for Power
of Attorney and contract translation at the Notary(1 payment)
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€ 150 (₤ 90)
registration of electric and water meters (1 payment)
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€ 750 - € 1000 approx.
(£ 500 - £ 700) property occupation tax (iskan) for brand new
developments. Depending on the area of the property this tax is
variable (1 payment)
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Telephone line: € 4 or
₤ 2.50 (1 payment)
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Property tax: 0.1% of
the apartment value (approx. €50 or ₤ 35 per year) This is an
annual tax declared on the valueof your property and collected
by the local government.
Below is a general guideline for energy
cost
Here are the services that SUN real
estate provides for you
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Arrange hotels and airport
transfers if required.
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Pick up service from
hotels to view properties. All the SUN real estate staff has a
background in tourism and they can therefore provide full
information about the area not just about the properties.
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Arrange appointments with
the lawyer, attorney and official translator.
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Register your new property
with the electricity, water and telephone line in your name.
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Assist with related
purchases like furniture, air-conditioners, electronics, etc
after the sale has been completed.
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Assist with opening a bank
account in Turkey so that there are no worries about the bills
when you are away.
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Assist in acquiring a tax
number which is required for all the legal issues afterwards.
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Assist with the documents
required for home insurance.
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Arrange to get an official
will in Turkey, if requested.
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Assistance with renting
out the property.
We have tried to
simplify the process of buying property in Turkey here but when you
have made a decision to buy, we will talk you through each step in
detail. When we are working together and have full understanding of
what is right for you, we can give advice regarding a solicitor,
property survey (if required), insurance, annual property tax etc.
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