Foreign nationals are entitled to buy a property or land in Turkey under the reciprocity agreements. Although there are some restrictions which apply, the buying process is quite straightforward.
The process of buying a property in TURKEY is quiet different than in the UK and some European countries. Despite this difference, it does not mean that it is more complicated. There are some key points you have to apply.
We put them in order for you to understand clearly and easily.
According to Turkish Law, foreigners cannot buy any property or land in some designated areas. The property or land must be within a municipality or borough boundaries. It is not allowed for foreign nationals to purchase in rural areas or military sensitive zones as well as archaeological sites which are in Turkish "sit alani".
If the land or property you have chosen is bigger than 74 acres, there is a special approval needed from The Turkish Cabinet of Ministers.
The following statement is only a guideline which explains the purchasing process in general. There could be slight differences depending on the area and the property.
We would strongly advise that you use a lawyer to deal with your purchase even though you do not necessarily need one. Sadly investing in a foreign country can end in disaster. Because of that reality, we would be happy to arrange an independent solicitor for you. Also we will accompany and help you with every step of your purchase.
As you make your final decision on any particular property, the first thing that needs to be done is checking the property in the legal side. On the background check, you have to verify the deeds against the area maps. Things you should also take into account are:
These checks will be done between the local Land Registry Office and the municipality office.
- the property built legally,
- it has any outstanding debts or mortgage,
- the person selling it is the actual owner. In some cases, you could face a problem that the property is in a family dispute about heritance.
RESERVE THE PROPERTY
To reserve the property you have chosen, a dully contract -both in Turkish and English- will be drawn up between yourselves and the vendor (usually the estate agent acting on behalf of the seller). This contract explains that both sides agree on the purchasing progress. The payment plan and some other conditions can be decided together. You may like to check the contract with your lawyer. If everything is in order both parties sign in front of the notary public, the contract is then legally binding.
In this step, you will be asked a typical 10% deposit to secure the property. This amount may vary and can be discussed with each other.
APPLICATION TO THE LAND REGISTRY OFFICE
When the sale is agreed with the owner, an application has to be made to the local Land Registry Office. As soon as the search is completed, the Land Registry Office then transfers the title and issues the new deed into your own name.
A notarised copy of your passport and two passport sized photographs are needed to apply The Land Registry Office (locally known "Tapu") where all Turkish lands are registered. The Land Registry Office then carries out a search for the above mentioned restriction through correspondence with the military authorities in Izmir. This process normally takes 8-12 weeks. But please note that according to our records, due to the very high demand of foreign nationals wanting to buy property in Turkey the waiting time could exceed this the normal procedure time.
Once your application is clarified by the Turkish Military, the estate agent or your lawyer will inform you to arrange a meeting in The Registry Office. According to Turkish law, it is compulsory that both parties -the buyer or his/her proxy and the vendor or his/her proxy- have to be present at the time of changing the name on the title deed. If this is not possible, either both parties could nominate a power of attorney a person who can act on behalf of themselves declared by notary. A fee applies for this action for notary and translation.
At this stage the rest of funds have to be paid.
You are the freeholder of the property now. You have to apply to the local council to register your house for the electricity and water bills etc.
3% of the value of the property for estate agent commission (if applicable). This is a typical agent commission rate in Turkey. Both the buyer and seller pay a certain amount. Most independent structure companies do not claim any commission as their fixed price include every type of expenses. (Is paid at the stage of reserving property)
1.5% of the declared value of the property for the purchase tax (stamp duty). (Is paid when the name on the title change into your name). For more info please contact us.
Some small charges during the paperwork process are paid. For instance, translation, notary, education and earthquake tax etc.