Real estate all turkey welcomes you all to the Property Buying process in Turkey by Maximos Real Estate. Once you have prepared all the finances are ready to jump into the Turkish real estate, this guide will help for the steps ahead.
This guide contains all the information regarding how to buy property in turkey and answers to questions like can the foreigners get permanent residence or how to open the company in Turkey and start up your business and what are the best investment offers in Turkey?
Turkey is not only a country that is beautiful with a rich history, great people and a mild climate, but it is ranked as the world’s top emerging country. This makes turkey unbeatable in investment offers. Turkey is a country where you can become the owner of the property just within a few days. The economy of turkey is growing so fast that last year in the year 2013 Antalya’s property growth has risen to 22.62%.
For this, our company is here to assist you in each step of the property buying process by giving you full information that you will need being a foreign buyer.
Property buying process in Turkey
Steps for Property Purchase:
1. Tax Number:
First, get a tax number for the buyer in Turkey (vergi No) – tax no. is a number given to all the foreign residents living in Turkey in order to facilitate all official transactions on his or her own name.
2. Open Account:
Secondly, open an account in one of the Turkish banks. In terms of reliability, Turkish banks are not inferior to Swiss banks. The procedure for opening a bank account is pretty simple as all you need is a passport & tax number obtained at your local tax office. The account can be opened in Euros, dollars, Turkish lira, with the minimum amount of 1$.
Here is the list of International Turkish Banks:
• Akbank • Ziraat Bankası • Garanti Bankası • Türkiye İş Bankası • HSBC bank
3. Signing the Contract:
The third step of buying property in turkey is signing the contract between the buyer of the property and the company. The purchase contract comprises a few items written in English and Turkish language, and the contract is signed by both the parties the buyer and real estate company. By signing up for 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. So he 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 initiates.
Property buying process in Turkey
4. Ownership Procedure:
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 a 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.
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 the 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 the cost of the property that will be used in calculating the annual property tax.
5. Power of Attorney:
The 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. The attorney usually has the rights of registration of water meters and electricity, which 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.