How to buy in Turkey

If you are thinking about buying a property in Turkey, but do not know where to begin, then read on. Remember that you can opt to buy off plan, a finished new property, an existing property or even just purchase land. The same rules apply to most, tread carefully and use reputable agents with a long track record. Speak to their clients from before if at all possible.

Purchasing property in Turkey is a straightforward process. By going to the right people for the correct advice, buyers will be guided every step of the way.

Useful facts:

Use of a lawyer

There is no pre-requisite for using a lawyer in Turkey, and in theory you could purchase a property directly with the seller and local Title Deeds office. However, do not consider buying a property without using the services of a respected lawyer and translator. This not only brings about peace of mind, but also ensures that, in the event of any unlikely problems with the purchase, you are much more likely to be covered.

Cash sales

The majority of sales in Turkey are cash sales, where purchasers are requested to pay a deposit, followed by an interim payment and a final amount on sales completion. Buyers are advised to seek financial advice prior to commencing the purchasing process, to ensure that the full funds are in place.

Mortgages

Mortgages have recently launched for foreigners looking to purchase property in Turkey. Ask your estate agent for details.

Freehold

The majority of property ownership in Turkey is on a freehold basis.

Tapu

The name Tapu (Title Deeds) is given to the official document, which indicates who has ownership rights over a property and land. The owner’s name appears on this document, and the rights are registered with the Office of the Conservator of Title Deeds.

Additional costs

As with any property purchase, there are extra costs to pay. As a rule of thumb set aside 7% of the overall purchase price. This will include: property purchasing tax, agency commission fees, legal fees, notary fees, translator fees, furnishings, property maintenance fees, utility connections.

Summary of a typical sales process

Property selected > contract drawn up > deposit paid > buyers registers with local tax office and visits notary to leave Power of Attorney > second payment due on property > military checks and mapping > application processed at local Title Deeds office > clearance granted > taxes paid.