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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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Click
to see some of the Title Deeds belonging to our customers |
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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 letsgototurkey 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, letsgototurkey / lawyer will arrange all
the rest for you.
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After the property is registered in the buyer's
name letsgototurkey will assist with the registration of utilities,
water, telephone line etc.
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On the day of transfer, letsgototurkey completes
all the necessary paperwork regarding the legal and financial issues.
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letsgototurkey
also provides a Property Management service which includes security
checks, cleaning services and a lot more.
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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.
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Below is a general guideline for energy cost
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Here are the services that letsgototurkey 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 letsgototurkey 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.
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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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