Buying Guide | Summary Notes on Turkey Property Purchasing Process |
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Turkey Property Purchasing process is rather straight forward and the costs associated with purchasing property in Turkey happens to be one of the lowest in Europe. The steps are as follows
Our Recommended Solicitors in Turkey will perform the following duties (after receiving Power of Attorney from you); The choice of solicitor vests with you, however, we will make recommendations based on our knowledge and experience. In order to officially appoint a Turkish solicitor, you will need to give power of attorney during your inspection trip in Turkey 1) Preparing sales protocol between the buyer and the seller, 2) Making thorough investigations of the local Land Register in Turkey to ensure that there are no legal obstacles to buyer purchasing the property e.g. mortgages, military zones, other legal encumbrances etc, 3) Applying for Military checks to the Municipality for the client (Turkey Only) 4) Obtaining the new title deed to the property registered in buyer’s name or those parties buyer instructs the attorney to register the property in, 5) Applying for electricity and water connection, 6) Any Other Matter arising as part of conveyance. Buying Costs Stamp duty is payable at 3.3% of the the title deed value and this may be shared as 1.65% buyer and 1.65% seller. We or your or solicitor can give advice as to how much the stamp duty will be. Turkish solicitors in this area generally charge £500 for conveyance and an additional £500 to complete the purchase process with power of attorney. A power of attorney costs on average the equivalent of £150 pounds at the Notary. It is a requirement for completion that the property has government DASK insurance. This insurance covers 20% of the rebuild cost of the building in the event of an earthquake. After completion buyers should take out additional private insurance to increase the level of building cover for all risks and to insure the contents. We undertake this service for our buyers using the reputable insurance companies of Koc Allianz and Anadolu Sigorta. After completion the buyers should register the property with the local authority for payment of council and rubbish tax. Buyers also need to transfer the water and electric accounts with the utility companies and they levy a charge for this service. These processes can be completed by your solicitor with power of attorney. On average the total buying costs for a property in our area work out at an additional 1.65% to 4.65% of the purchase price. The total buying cost will depend on the property you buy from us, which is subject to a buyer's agency fee of between 0 and 3% depending on the property. Please check with us for confirmation of our buyer's no agency fee properties. Post purchase, foreign owners should undertake a Turkish will. Whilst property in Turkey will not generally revert to government ownership on death, there are differences in Turkish inheritance law and foreign owners should ensure they are protected. Your solicitor will be able to assist you further on the subject of wills, which are undertaken through the Notary Public. |
