The Property Purchase Process…
Moving to a place in the sun has always held great appeal for Europeans, over the past few years Turkey has grown dramatically in popularity with holiday home owners and property investors alike. Purchasing property in Turkey is now much easier, as long as you get the right people to help and get the right advice,
Agree a price for your property…
Once you’ve agreed a price with your seller and decide on your property you want to purchase all you need to start the purchase process in Turkey is a current passport along with of course your deposit normally £2,000 GBP will be acceptable.
If you are buying from a developer who is use to dealing with UK buyers, then normally all the documents and contracts are already available in bilingual version. If not, it is essential that you pay a registered translator to provide written translations. Relying on oral translations of contracts is a recipe for disaster if any questions arise later on.
A recent revision to the Turkish real estate registration process for foreign nationals purchasing property in Turkey will cut the time it takes to obtain title deeds (TAPU) to just one day.
“Instead of each foreign buyer making a separate military application for each and every land and/or property they purchase in Turkey irrespective of where they are located, the revision looks at the essence of ‘parcel clearance’ and suggests that if a parcel has previously been cleared for a foreign buyer, then it stands to be clear for all future foreign buyers,” says Nadine Williams of Properties247.
“Simply put, it moves the clearance from the foreign buyer to the very parcel (land plot) that the property is located on.”
Effective as of 14 October 2013, no military clearance will be required for land and properties, whose parcels have previously been cleared (as explained above) after 5 May 2011. This long awaited amendment to the law regarding foreign nationals’ purchasing property will increase the appeal of Turkish real estate globally and make the market far more transparent.
Do I Need a solicitor…
Its is advisable to appoint solicitor to assist with your purchase he will draw up the sales agreement for your new Turkey property ensuring maximum protection to both parties and in line with the terms, payment schedule and conditions agreed with the developer.
The solicitor will check the title of the Turkey property to ensure that:
- The person who is selling the property actually owns it
- There are no charges on the property
- The necessary building permissions for building your property and licenses are in order (i.e. the extension are in order)
- The terms and conditions stipulated by the seller of your property are fair and reasonable
Your deposit to secure your Turkey property (usually GBP 2,000) will be paid at this stage to reserve your property and secure your price. This is essential as the prices of properties in Turkey are still increasing.
Fees for services by your Solicitor’s will need to be paid to get the process going.
Please note: (The reservation deposit for your Turkey property usually non refundable)
The solicitor will then arrange for all the paper work relating to your Turkey property purchase to be sent to the title deeds office for the transfer of the title deeds of the Turkey property onto your name. This usually takes several months following completion of your Turkey property.
The solicitor will also deal with the necessary military checks for your property in Turkey, before which title can not be transferred to your name. The military check is only to determine that the area your Turkey property is situated in is not within a military zone where foreign ownership is not allowed. This could take approximately 3 months.
Giving power of attorney to your solicitor
We advise our clients to give power of attorney to the solicitor in order to facilitate the procedure, military checks, release of title deeds from the title deeds office and registration of the title deed at the notary office.
- Please note that giving power of attorney to the solicitor avoids you having to travel to Turkey several times within a matter of several weeks/months whilst your Turkey property purchasing process continues.
- Giving a solicitor power of attorney does not give the solicitor any claim over your Turkey property, it will be your name and picture on the title deeds.
A payment plan for your property in Turkey is usually drawn up at the time of the initial sales agreement as mentioned above. For off-plan properties in Turkey, your payments may be staggered over 6-12 months (usually 20 – 30% is paid upfront as the initial deposit) and for resale properties in Turkey, full payment is usually due within 3 months of the sales agreement date.
Your solicitor will inform you once the title deeds of your Turkey property have been authorized. This is usually when your final balance of payments is payable together with the buyer’s tax (3% stamp duty) and the water and electricity connection fee.
Your solicitor will then arrange for the new title of your Turkey property to be registered with the local council office (for property tax purposes).