Buyers Guide
Buying a property in Turkey can be a simple and reasonably straightforward process which is certainly much faster than in the UK. The majority of property ownership in Turkey is on a freehold basis - the buyer owns the property as well as either all land (private villa) or a percentage of it (apartment/villa within a complex). The information below is a basic guide to the property buying process. For more comprehensive details click on:.
http://www.turkisheconomy.org.uk/buying_property.html
In order for any foreigner to buy a property in Turkey, the property itself must hold a government title deed registered with the Turkish Land Registry. This is known as a TAPU. A TAPU is an official document which shows you have ownership rights over the real estate. The owner's full name and photograph, and detailed information on the asset appear on this document.The TAPU has to be sealed with a stamp in the central part at the bottom and this section has to be signed by a TAPU officer. The picture of all owners are to be suffixed to the top-right of the TAPU, it has to be sealed with a stamp and signed by the TAPU officer Whether a property does belong to a person can be checked through the pictures and names appearing on the TAPU. If the TAPU is a Xerox copy, then make sure it has been ratified by a notary public. Otherwise, a fake TAPU might have been handed over to you. With regards to the names, you can ask for the ID card of the seller(s) and compare the TAPU to the ID card in terms of names.It is very wise to check your Tapu to make sure you own what you think you own. Check before you buy and also check when you recieve your Tapu, If you are not entirely sure what everything means this may help. http://www.turkisheconomy.org.uk/buyingproperty/tapu.htm#
Example of a Tapu
http://www.turkisheconomy.org.uk/buying_property.html
In order for any foreigner to buy a property in Turkey, the property itself must hold a government title deed registered with the Turkish Land Registry. This is known as a TAPU. A TAPU is an official document which shows you have ownership rights over the real estate. The owner's full name and photograph, and detailed information on the asset appear on this document.The TAPU has to be sealed with a stamp in the central part at the bottom and this section has to be signed by a TAPU officer. The picture of all owners are to be suffixed to the top-right of the TAPU, it has to be sealed with a stamp and signed by the TAPU officer Whether a property does belong to a person can be checked through the pictures and names appearing on the TAPU. If the TAPU is a Xerox copy, then make sure it has been ratified by a notary public. Otherwise, a fake TAPU might have been handed over to you. With regards to the names, you can ask for the ID card of the seller(s) and compare the TAPU to the ID card in terms of names.It is very wise to check your Tapu to make sure you own what you think you own. Check before you buy and also check when you recieve your Tapu, If you are not entirely sure what everything means this may help. http://www.turkisheconomy.org.uk/buyingproperty/tapu.htm#
Example of a Tapu
Once the decision has been made to purchase, a contract will be drawn up and a deposit will be laid down to safeguard the property. At this point the buyer can give power of attorney to either a lawyer or estate agent and from then on in anything needing to be dealt with can be done so without the buyer present. The buyer would also be advised to open a local bank account and register with the local tax office.
After signing the contract, copies of the buyers’ passport and all details regarding the property must be handed over to the military head office in Izmir, in order to verify that the property is within an approved area and not on military ground or within a national park. This process can take up to two months.
On receipt of military approval the buyer can complete the purchasing process – stamp duty will be paid at 3% of the councils’ valuation of the property (this is generally lower than the initial purchase price). Buyers will also pay a 3% commission to the estate agent. All receipts of fees and tax payments will be declared during the final transaction at the Land Registry office. Lastly the buyer and seller will sign the Land Registry book under the invigilation of an accredited interpreter.
On completion, the property must have the mandatory government DASK insurance (insurance against natural disasters). It would also be advisable to take out private insurance on the house and its contents. The property will also require registration with the local authorities for annual property and local environment tax contributions and should the property be put on the rental market, income tax will have to be paid on any profits.
Advice and support will be given to all customers that wish to retire here in Turkey and need to know about visas or residency.
After signing the contract, copies of the buyers’ passport and all details regarding the property must be handed over to the military head office in Izmir, in order to verify that the property is within an approved area and not on military ground or within a national park. This process can take up to two months.
On receipt of military approval the buyer can complete the purchasing process – stamp duty will be paid at 3% of the councils’ valuation of the property (this is generally lower than the initial purchase price). Buyers will also pay a 3% commission to the estate agent. All receipts of fees and tax payments will be declared during the final transaction at the Land Registry office. Lastly the buyer and seller will sign the Land Registry book under the invigilation of an accredited interpreter.
On completion, the property must have the mandatory government DASK insurance (insurance against natural disasters). It would also be advisable to take out private insurance on the house and its contents. The property will also require registration with the local authorities for annual property and local environment tax contributions and should the property be put on the rental market, income tax will have to be paid on any profits.
Advice and support will be given to all customers that wish to retire here in Turkey and need to know about visas or residency.
