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Buying a Home in Turkey
Property Ownership
Buying property in Turkey is a lot simpler now then it used to be. In fact the procedure is often far simpler than in most other European countries. This is because foreigners may purchase land and property in Turkey under their own names and when the time comes to sell, the proceeds of the sale may be transferred out of Turkey. A lawyer/solicitor is not needed in Turkey although it makes sense to consult one for your own peace of mind which costs 1% of the property value. Interlink are able to introduce you to an English speaking lawyer and would recommend the use of their services.
- When you have shown an interest to buy a property we will arrange for a photocopy of the property deeds for you. The lawyer will also undertake the necessary checks to make sure the parcel numbers and area map match your property. All you have to give us at this point is your passport.
- Then seller will organise all of the paperwork to start the buying process. You will receive a copy of this draft agreement.
- At this time in the case of a resale, you will be asked to pay a figurative deposit of the purchase price. You will also have to pay expenses and legal taxes. For this it is advisable that you should budget around 5-6% of the purchase price for a new build up to 30% will be required at this stage.
- The relevant literature to the authorities; these will include a prepared letter, a copy of the legal papers and a copy of your passport.
- We advise that you open a bank account before leaving for Turkey. Which will enable you to transfer the remaining money. We will contact you as soon as the necessary paperwork has been received back from the authorities.
- When all the relevant checks have been conducted and your papers returned to us, we will contact your lawyer in Turkey so that he can arrange all the rest for you.
- On the final day of transfer, the Buyers lawyer, Seller and Estate Agent will go to the Title Deeds Office and complete the paperwork. The paperwork consists of all the legal issues (title deeds, land registry etc) and financial issues. Financial affairs are concluded, signatures exchanged and the title deed of your property are registered under your name.
In the above text we have tried to simplify the buying process. But when you have made a decision to buy, we will talk you through, in detail, each step. When we are working together and have full knowledge of what is right for you, we can give advice regarding a solicitor, property survey (if required), insurance, annual property tax, etc.
Costs
-Single costs during property purchasing:
Tax for property purchasing is between 4-8% of the registered amount in the TAPU document (the title deed). You have to pay the taxes at the national Ziraat bank- shortly before the registering the property registering at the TAPU authority. The fees for the documents and writing is between €40.00 and €180.00. The lawyer’s fees are approximately 1.6% of the purchase price.
Annual and one off costs of owning a property
The residential property taxes are 4% of the value of the TAPU document and 3% for plots only.
The taxes have to be paid every year before 31st May.
Fees for housing parks (only if you buy a shared property) are between €20.00 and €45.00 (this is spent on maintaining the shared property).
A rubbish fee of €8.00 a year must be paid also before the 31st May each year.
Electricity is €75.00 for the application (one off), €18.00 for registering a new name (one off) and a charge of at €0.08/ €0.12 each KWh.
Water is €55.00 for the application (one off) €29 for registering a new owner (one off), and charged between €0.22 and €0.60 for each m3.
The telephone (fixed) is €6.80 for the application, €3.00 for each unit thereafter.
