ALTINKUM PROPERTY FINDER
The Cost
Buying Property in Turkey is a lot easier than many other European countries. Foreigners may purchase land and property in Turkey in their own names provided that properties are located in municipality areas and away from military zones. However, as a matter of routine, all sales to foreign citizens have to be approved by the army base in Izmir.
The purchase procedure
The Turkish estate agent or the construction company will draw up a contract with you the buyer detailing the agreed terms and conditions of the purchase.
A solicitor and legal translator should be present during the signing of the contract, this is highly recommended.
This contract should specify all relevant details such as completion date of property (if it is off-plan), deposit and payment conditions including all extra charges incurred, details of back bond to be issued to buyer as receipt of payment, the sellers obligations including snagging list, renovations according to the buyers requirements, property guarantee to include concrete construction, windows and materials used, transfer of property free from debt, electricity and water expenses, cancellation of the contract by the seller to include penalty charges and compensation, likewise for the buyer. Responsibility of Title Deeds procedures and Title deed expenses (1.5% of the value of the property), yearly maintenance charges, a clause to include not having army permission document, death or losing mental ability, keeping the title deed of the property free from debt until the transfer date and finally a clause to include which court is authorized if there is a disagreement between the parties. If you need clarification on any of these point please contact me and I will go through this with you. I will only offer advice I am not a lawyer!
The Turkish estate agency takes a copy of the buyers’ passport(s) to the notary public for translation. This is necessary for the security and property location checks mentioned above. If more than one name is to be entered on the title deed, both passports must be translated.
Deposit of the sales price is collected or to be transferred as specified in the purchase agreement.
All these documentations are provided either to the sales agent or a legal solicitor in the case required by the purchaser.
The agent makes the necessary applications for the registry office, local municipalities, army authorities to complete the formalities. After the approval has been granted by the institutions mentioned above, the title deed is ready for registration.
It’s legally compulsory for both sides to be present at the entry in the property register (unless you have issued power of attorney)
At the time of registering the title deed, the purchaser will pay the purchase tax announced by the local authorities. In addition to the purchase tax, the buyer will pay obligatory insurance for natural disasters, registration for electric and water department.
Estimate of costs and fees
Purchase price as agreed by the seller and buyer
Agents fee 3% of the purchase price - if you buy direct from the builder you will not incur any fees!
Solicitor - the solicitor will charge approximately £250-€350 or €350-€500.
Notary and Translator - approximately £150 or €215
Deeds administration and military search - approximately £200 or €285
Deeds tax - 1.5% of the value of the property
The above figures are approximate figures only and can be used only as a rough estimate to give you an idea of expenses to be incurred! The buying procedure is to be observed as a rough step-by-step guide.
Buying Property in Turkey is a lot easier than many other European countries. Foreigners may purchase land and property in Turkey in their own names provided that properties are located in municipality areas and away from military zones. However, as a matter of routine, all sales to foreign citizens have to be approved by the army base in Izmir.
The purchase procedure
The Turkish estate agent or the construction company will draw up a contract with you the buyer detailing the agreed terms and conditions of the purchase.
A solicitor and legal translator should be present during the signing of the contract, this is highly recommended.
This contract should specify all relevant details such as completion date of property (if it is off-plan), deposit and payment conditions including all extra charges incurred, details of back bond to be issued to buyer as receipt of payment, the sellers obligations including snagging list, renovations according to the buyers requirements, property guarantee to include concrete construction, windows and materials used, transfer of property free from debt, electricity and water expenses, cancellation of the contract by the seller to include penalty charges and compensation, likewise for the buyer. Responsibility of Title Deeds procedures and Title deed expenses (1.5% of the value of the property), yearly maintenance charges, a clause to include not having army permission document, death or losing mental ability, keeping the title deed of the property free from debt until the transfer date and finally a clause to include which court is authorized if there is a disagreement between the parties. If you need clarification on any of these point please contact me and I will go through this with you. I will only offer advice I am not a lawyer!
The Turkish estate agency takes a copy of the buyers’ passport(s) to the notary public for translation. This is necessary for the security and property location checks mentioned above. If more than one name is to be entered on the title deed, both passports must be translated.
Deposit of the sales price is collected or to be transferred as specified in the purchase agreement.
All these documentations are provided either to the sales agent or a legal solicitor in the case required by the purchaser.
The agent makes the necessary applications for the registry office, local municipalities, army authorities to complete the formalities. After the approval has been granted by the institutions mentioned above, the title deed is ready for registration.
It’s legally compulsory for both sides to be present at the entry in the property register (unless you have issued power of attorney)
At the time of registering the title deed, the purchaser will pay the purchase tax announced by the local authorities. In addition to the purchase tax, the buyer will pay obligatory insurance for natural disasters, registration for electric and water department.
Estimate of costs and fees
Purchase price as agreed by the seller and buyer
Agents fee 3% of the purchase price - if you buy direct from the builder you will not incur any fees!
Solicitor - the solicitor will charge approximately £250-€350 or €350-€500.
Notary and Translator - approximately £150 or €215
Deeds administration and military search - approximately £200 or €285
Deeds tax - 1.5% of the value of the property
The above figures are approximate figures only and can be used only as a rough estimate to give you an idea of expenses to be incurred! The buying procedure is to be observed as a rough step-by-step guide.
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