Property buying process in Turkey
Welcome to the Property Buying Guide of Maximos Real Estate
In this post we would like to inform you how to buy property in Turkey, can the foreigners get permanent residence, how to open the company in Turkey and start up your business and the best investment offers in Turkey.
Turkey is not only a beautiful country with rich history and mild climate, but also world’s top emerging country. It makes Turkey unbeatable in investment offers, the country where you can become the owner of the property within a few days! The economy of Turkey grows so fast, that last year in 2013 Antalya’s property growth has been risen into 22.62%.
However our company is assisting you in each step of buying process, in this article we would like to give you the full information of all the purchase process of property in Turkey for foreign buyers.
Steps for property purchase:
1. Get a tax number for the buyer in Turkey (Vergi No) – tax number is a number that is given to all foreign residents in Turkey in order to facilitate all official transactions on his/her own name.
2. Open an account in one of the Turkish banks.
In terms of reliability Turkish banks are not inferior to the Swiss banks. The procedure for opening a bank account is quite simple. All you need is a passport and tax number obtained at your local tax office. Account can be opened in dollars, euros or Turkish lira, with the minimum amount of 1$.
Here is the list of international Turkish banks:
3. Signing the contract between the buyer of the property and the company. The purchase contract consists of several items written in English and Turkish language, and the contract is signed by both parties the buyer and real estate company. By signing up the contract the purchaser pays the reservation fee to the seller. Usually this is an amount of 1000-2000 euro that guarantees the buyer that the property he is intended to buy will not be sold to anybody else. After signing up the contract the buyer transfers money within 2 weeks to the bank account of the real estate company and the procedure of obtaining TAPU begins.
4. To start the procedure Tapu (document certifying the right of ownership) the buyer of property in Turkey needs the following documents: a copy of the passport, two passport photos and tax number of the sample obtained in Turkey. Please note that the list of documents should be submitted to all owners whose names are registered in the Tapu.
Previously, all foreign nationals acquiring real estate in Turkey, needed permission from the Military Department in Izmir. Resolution of Izmir is proof that the land on which the object to be acquired property is not in the military or strategic zone. Getting resolution from Izmir takes about 6 weeks.
Due to recent changes in legislation, foreign citizens no longer need permission from the Military Department for Tapu, if the request for the land plot was confirmed by at least one foreigner who has already purchased property in the residence. So far in case when that the purchase of property by the foreign citizen in the residence has been done, Tapu can be issued just within 1-2 working days.
By the time of transfer the ownership (TAPU) must be paid the full value of the property, as well as all taxes and fees connected with the Tapu.
Tapu is registered at the local Land Registry Office and issued directly to property owner or his representative in the presence of a sworn translator. After receiving Tapu the buyer becomes the owner of the property.
Tapu is the only document that certifies the ownership of a specific property in Turkey. In the Land Registry Office, which stores and issued Tapu, you can get full information about the purchased real estate: who owned the object before committing to a new deal, is there any debts or credits, etc. In Tapu specified property type, date of purchase (the date of registration of the new Tapu), the share of mutual ownership of the land where the property is located, as well as cost of the property that will be used in calculating the annual property tax.
5. Power of attorney to the representative of our company will facilitate the fulfillment of all formalities and will contribute to a significant gain in time. Attorney usually the right of registration of water meters and electricity, what should be done only after receiving the Tapu. If you are not able to come to Turkey to sign the Tapu, in the power of attorney should be also included the right for property registration in the Land Registry Office on your name.
We guarantee our clients a complete legal support. You can count on our company at all stages – before, during and after the purchase of real estate in Turkey. If you have any questions, please contact us and we will be glad to advise you on any aspect of the buying process in Turkey.