Danielle Sheahan sells Turkish Properties with friend April

Danielle Sheahan is helping friend April Rogers sell properties in Turkey. This article explains the buying process.

The Buying Process in Turkey

Buying property in Turkey for sale is not as complicated as you might imagine. The procedure is often far simpler than in most other European countries. Foreigners may purchase land and property in Turkey under their own names provided that properties are not located close to a military airport, station or in a military zone such as along the coast of Bitez, Ortakent and Turgutreis.

A sale is agreed by signing a contract between the buyer and the seller and a 10% deposit is usually paid at this point. A contract will also be signed with the agent agreeing a % comission. For off-plan property a payment plan is agreed for the various stages of the building project.

In order for a foreigner to acquire the title deeds of a property or ‘tapu’, an application has to be made to the local Land Registry Office. The title may only be transferred once checks have been made and this can take sometime because permission must be requested from the army first. For off-plan property military permission can only be made once the property is completed and has an ‘iskan’ ie. signed off planning permission.

While waiting for permission however it is possible to get the keys to a house and to move in immediately. This is done by paying the full or almost full amount which can be protected by a ‘hipotek’ which prevents the deeds from being allocated to anyone but you except for in the case of full refunding of the money (minus the deposit). The cost for a ‘hipotek’ is off-set by the peace of mind it brings.

A lawyer/solictor is not compulsory in Turkey but we recomend you use one. Costs £300.00 plus. Once you have signed a contract and paid a deposit you can give power of atorney to a lawyer (to purchase) who will then deal with the purchase on your behalf without you having to be here. While in Turkey you need to set up a bank account (getting a tax number first from the tax office on presentation of your passeport) so that you can send payment to it. Your lawyer will then pay the money at the right time, with or without the hipotek depending at what point it is paid. If you are present for the transfering of the deeds a government registered translator will have to be present. Some lawyers are also translators.

A 1.5% duty both for the purchaser and seller must be paid on transfer of the deeds. In addition, there is an annual property tax, collected by the local government at the rate of 0.1% for houses and 0.3% for developed lands. New properties are exempt from 25% of the annual property tax for 5 years. All properties are subject to revaluation every year for tax purposes. The acquired property may be resold and the proceeds of the sale may be transferred out of Turkey. There is no time restriction for reselling property after having bought, you can get it registered in your name and re-sell it the next day.

Extract from one of our agent's website in Turkey

Please visit:
www.amazingturkishproperties.com www.businessesforsale.com