customers-service-icon

Request A Real Estate Consultation

+90 555 160 50 00
damasturk Contact us

Stages of purchasing a property in Turkey for foreigners

Stages of purchasing a property in Turkey for foreigners
Publication date: 2021-07-03 Category: Investment in Turkey

Turkey grants the holders of most nationalities the right to own real estate on its lands without preconditions or restrictions. Nationalities excluded from this right are the Syrian, Cuban, Cypriot, Armenian, and North Korean, and this comes for reasons return to old treaties or decisions.

However, citizens of these excluded countries can own properties if they obtain Turkish citizenship, or establish a Turkish company under their names, and own under the name of this company.

 

First: The stage of consulting and reviewing available real estate options before coming to Turkey:

There are thousands of real estate complexes in Turkey with varying stages, advantages and finishes.  So, you should start by choosing a professional real estate company in Turkey and communicate with them over the phone to get real estate consultancy.

You have to answer your real estate consultant in Turkey the following questions, so that he can identify and seize the real estate options that meet your request. You will receive the suitable offers on WhatsApp, and that will save you effort and time. These questions are:

  1. What is the purpose of the purchase? Is the property for housing, investment, or for spending holidays? Or do you want to own property to obtain Turkish citizenship?
  2. The type of the property (apartment, villa, or commercial store.) How many bedrooms are required?
  3. Are there certain limits to the budget allocated to the property? Do you want to pay in installments or in cash? Are you interested in a specific city in Turkey? Or you have no problem with owning in any Turkish city?
  4. Are there special features that you aspire to have in the property? Like the sea view, proximity to transportation, or public service institutions?

In the title deed department:

After preparing the required documents, an appointment should be taken from the website randevu.tkgm.gov.tr ​​which belongs to the Land Registry Department (real estate registry). The appointment is set according to precedence, by receiving a text message on the mobile phone including the date of the transaction.

The seller and the buyer, or their representatives by a legal power of attorney, should go to the title deed department at the appointed time, and the documents must be handed over to the responsible employee there. This employee will calculate the property transfer tax, which is estimated at about 4% of the property value agreed upon in the initial sale contract, and it should be paid in the title deed department, or in a governmental bank. The value of this tax is usually equally divided and paid by the seller and the buyer, sometimes, one of them pays it all according to the agreement in the purchase negotiations.

 

 

The four prohibitions when purchasing a property in Turkey:

damasturk legal team ensures the safety of the property legally to guarantee the absence of any future problems. However, the most important points to beware of when purchasing a property are:

  1. Before purchasing, you must make sure that there are no reservation, mortgage, housing or construction violations on the property.
  2. Do not make any financial transfers related to the price of the property except for the account of the construction company mentioned in the contract.
  3. In the event of purchasing the property in installments, the initial sale contract must be documented with the notary, until the transfer of ownership and receipt of the title deed at the end of the installments.
  4. In the case of purchasing a property under construction, the construction company must be well-known and have untainted name in the Turkish real estate market, in addition to clear history in terms of delivery dates of its previous projects.

 

Second: The stage of field real estate tours in Turkey, to see the offers on the ground.

After you arrive in Turkey, you will contact the real estate company consultant in order to arrange a field real estate tour for you so that you visit the projects that you have seen and picked previously. At this stage, the role of the professional real estate company should include and cover the following:

  1. Disclosure of the legal situation of the property in the title deed and Municipal Departments and making sure that the property is ready legally to be purchased.
  2. Inform you about the area surrounding the project with a detailed field tour.
  3. Present the real estate projects that are completely suitable for your request in that region.
  4. Negotiate the construction company (the seller), to get you the best price discount.

 

Thirdly, the stage of purchasing and formalizing contracts in Turkish relevant institutions

In the case of purchasing the property in one payment (cash):

After transferring the entire value of the property from your bank account inside or outside Turkey to the bank account of the seller, you can proceed with the transfer of ownership from the seller to you. This also can happen through a legal power of attorney to any person or entity you trust in the event that you are not in Turkey. The required documents for properties ownership in Turkey are:

  1. A valid passport, translated and notarized by the Turkish Notary.
  2. An official power of attorney for the person who will act on behalf of the buyer, in case he is not present.
  3. A tax number from any tax department in Turkey.
  4. An insurance against earthquakes and disasters.
  5. /3/ personal photos.

 

In the case of purchasing the property in installments (initial payment, and the rest in installments over several years):

This is often the case when purchasing in projects under construction, which are not yet completed. Here, the process of transferring ownership from the seller to the buyer is postponed until the full value of the property is paid. In such case, you can guarantee your right by concluding an initial sale contract with the construction company (the seller), and then registering and documenting this initial sale contract at the notary. By this, you can avoid any future problems, at a cost of 1% of the property value. Of course, you must commit to paying the monthly installments according to the agreement concluded with the seller, otherwise you will be subject to financial fines.


Share this post with your friends!


Ask for a free consultation

Featured Projects

Related Articles

DMCA.com Protection Status