Buying a Property in Turkey
THE PURCHASING PROCESS
This process in Turkey is very similar to that in many other European countries. A deposit is paid due upon contract signing and final payment is given in connection with the transfer of title deeds.
What documents are required?
• Your passport and passport photocopy
• 6 photos in passport size
• Bank account in Turkish bank
• Turkish tax number
• A state employee with a notary who gives us a one-time proxy so we can complete the purchase for you if you have to go home until everything is clear
COSTS ARISING AT PURCHASE
Proxy approximately 100 Euro
Translator: About 50 Euro
Photo: About 10 Euro
Transaction Cost: 4% of assessed value
When you have decided to go ahead with the purchase of your dream home, a purchase agreement will be established and a deposit has to be paid.
Once all parties have signed the contract and the payment of the deposit is made, the contract becomes binding.
Deposit amount varies from property to property, but as a general rule, you put a deposit of up to 10 % of the purchase price.
If you later decide to cancel your contract, you will lose the deposit. However, if the seller withdraw from the agreement, you are entitled to a refund of the deposit you paid, a penalty clause applies in such an event.
We, at StoneTree, help you to go through the terms of the contract before signing it.
Upon completion, both the buyer and seller (or its power of attorney) will meet in person at the local real estate office for the transfer of title deeds. This process usually takes only an hour and a representative is on site during the process. Foreign buyers are required to have an official translator present to certify enrollment. Buyer shall by law pay taxes and fees before the final deed is signed. Once all parties have signed the contract, the process ends and the sale is complete. Signing of this document means that the property and the ownership has now been transferred to the new buyer and the buyer will be registered in the Land Registry. Upon transfer of the title deed, the full price must have been paid to the seller.