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The Buying Process in Simple Terms
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Buying
a property in Turkey is far less complicated than in many European
countries. Legal representation is not required when buying or selling
a property in Turkey as the contract between buyer and seller and Land
Registry documentations are legal documents in their own right. All
contracts and documentation are, in general, drawn up in both English & Turkish,
which fully explain the terms of the sales contract and provides legally
binding protection for both the buyer and seller under the terms of
the contract.
A lawyer will check that: -
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The title deeds of the property are in order |
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The person selling the property is the registered owner |
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There are no debts or charges on the property |
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Building Licenses and permissions (e.g. for extensions) are in order. |
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Terms & Conditions
of purchase |
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It should be noted that either the Title Deeds Office or the County Council covers all of the above points during the buying process so the only real benefit of employing a lawyer is to check the terms and conditions of the contract. |
Regarding property surveys, again this is not a legal requirement. Building regulations laws have recently been passed in Turkey and all new buildings must be approved and certified by the Turkish Building Standards Authority (Yapi Denetimi). |
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This is not the case with resale property over 4 years old but all details of the property will be on file with the local county council .If you wish to employ a property surveyor, he can check all the details of the property with the county council and survey the property, presenting you with a report prior to your decision to buy the property concerned.
Once you are satisfied with all the details of your property and the sale price is agreed, a legally binding contract is drawn up between the buyer and seller. To secure your purchase, a deposit will be required, for example 10% of the agreed purchase price, but booking deposits can also be accepted if the seller is in agreement with the balancing amount of the 10% deposit payable by bank transfer at a later agreed date. For new developments a set sum is required as a deposit.
From this point to the close of sale, the process differs based on the category your chosen property falls into. See below for full details.
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Resale Properties
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This applies to properties that already have
a TAPU (Title Deed) issued for the property.
For this type of purchase, foreign investors will need to obtain clearance
from the Army Headquarters in Izmir. A copy of the title deed document
(in sellers name) and a copy of your passport with 4 passport photographs
are sent to the Army Headquarters in Izmir for clearance. This process
ensures the property is not in or close to a military zone and background
checks on the foreign purchaser are also carried out. This process can
take between 6 & 12 weeks depending on how busy the Izmir Army Land
offices are.
Once clearance is received, the legal exchange of Title Deeds can take
place within one day. |
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If it is difficult for you to return to Turkey to complete this final transaction, Power of Attorney can be given to a trusted third party to act on your behalf. If completing the transaction yourself, a Translator must be present as all the points of sale must be understood by the buyer and seller alike before the transaction can be completed. |
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Closing the sale and receiving deeds entails the Buyer (or Power of Attorney), Seller and, if necessary, the Estate Agent attending the TAPU Office. Title Deeds and keys are exchanged with any outstanding balance due on the purchase price of the property being paid.
The TAPU office also ensures that all debts, bills and charges
on the property have been finalised and paid by the seller prior
to closing the sale and exchanging deeds. TAPU Tax (Title Deeds
Tax - similar to stamp duty) Notary & Translator Fees and Estate
Agents Fees (if applicable) will also be due on the day. |
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Co-Operative Sale Properties
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This type of sale applies to properties that have been developed under a Co-Operative Building Scheme. The process is a little quicker as clearance is not required from the Army in Izmir.
In this instance, you are buying a share in the co-operative where
the sellers’ share is designated to the plot of land and house that
you have chosen to buy. Ensuring that the seller is the legal owner
of the co-operative share and that all debts, charges, bills and
co-operative payments have been made to date takes a few weeks (2-4
weeks). |
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Once this has been cleared, the name change from the sellers name to your name can proceed. The process is similar to the above but instead of receiving a TAPU, your name is replaced with that of the current owner of the property. All of the above takes place under the framework of a Legal Notary and a translator will also be necessary for you on the day to ensure you understand all the terms of the sale. Balancing amounts for the purchase price of the property, notary and translator fees and estate agents fees will be due on the day.
Once you are the designated new owner under the co-operative scheme, the property is legally yours. Title Deeds are not usually issued until the co-operative development (including any landscaping, roads, walkways, pools etc) is completed and there will normally be co-operative payments until this time - please ensure you are aware of what these payments are and the date they are due to finish.
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New Development Sale Properties |
New Development Sales will usually entail a stage payment plan set out over a number of months (2-10 months) depending on the project.
Payment plans with due dates for balancing amounts are set out. Balancing amounts must be paid on agreed dates - failure to do so can forfeit any previous monies paid and could result in your property being offered for resale. Please ensure you are able to meet all financial commitments before signing a contract or paying booking deposits. You will receive official receipts for all payments made.
Within a set period (usually 45-60 days) you will receive either a Temporary TAPU (designating you the legal owner of the plot and detailing the type of property to be built) or Deeds of Assignment. All projects are constructed in line with the Turkish Building Authority (Yapi Denetimi). The building project is monitored throughout the build by the same body, so you are assured that your property is built in line with the high standards set.
Once the development has been completed, including all landscaping, roadways and communal amenities, a full title deed is issued to you as well as a certificate from the Turkish Building standards authority.
Sales Fees & Tax are already factored into the price of the property as are
any charges for issuing of Title Deed so no extra fees are due when buying
from the plans for a new development.
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Points to Note:
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Before signing any contracts, ensure you get a full breakdown of all the
costs involved on top of the cost price of the house. If the cost is
all-inclusive, ask for a breakdown of individual costs for house, fees,
sales tax, title deed tax and any other costs involved.
If you are buying in a Co-Operative Development ask for details of monthly co-operative
payments and when they are due to finish.
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