Buying a property in Turkey – The New Rule
Buying a property in Turkey – The New Rule
Planning that early retirement or dream move to Turkey can be really daunting. Many people don’t know where to start. Here at Turkish Coast Homes the whole team is committed to helping you. All of our team speak both English and Turkish, with some having lived abroad and therefore know and understand the stresses and worries of starting a new life in a new country.
Finding the right property in the right area is obviously so important. You need to consider what type of property you want? Do you want a swimming pool? Will you have a car? Will you rely on the dolmus service for getting around? What is the area like out of season? How is the property heated (as it does get cold in winter, especially this winter! It even snowed down in Fethiye). There are so many considerations. However when you do finally find the right property what happens next?
STEP BY STEP BUYING A PROPERTY IN TURKEY.
- By using Turkish Coast Homes as your real estate agents we will help with the legal searches and if you want to instruct at solicitor, we can help you with that too.
- Make an offer and agree a price
- Draw up and sign a contract and pay a deposit (Normally 10% of the agreed sale price)
- Set the date for the completion on deed (Tapu) transfer
- Get a Turkish Tax Number. You can go to the Vergi Office in person or apply online. Your tax number will be required for opening a bank account, applying for residency and purchasing your property.
- Open a bank account, there are several banks in the area all with good English-speaking advisors
- Get an independent survey completed on the property. This home report document is provided by a qualified property surveyor who is registered with the local deed registration office (Tapu Office). This is compulsory and will provide information about the property, including the assessed declared value. The report takes 3-5 working days to be returned The cost is approx. 2000tl- 3000tl
- When the survey returns with no major issues and when your funds are ready. It is then time to make an appointment with the deed’s office (Turkish Coast Homes will help you with this, please do not worry).
- Transfer the amount required from your home bank via swift transfer to your bank account in Turkey. Please ensure you state the reason for the transfer as this can help protect your funds.
- For part of the payment it must be in TL ( the declared value amount going to be shown on Tapu) There is a new process, as of January 2022, Article 13 of Circular of Capital Movements
- Your bank will exchange this money amount with the central Bank of Turkey, however, only buyers, sellers or legal representatives can sign the exchange document, so if you are giving power of attorney to a person in Turkey you need to ensure that they have the rights in this document to carry out this role on your behalf.
- You will then be issued with a Foreign Exchange Purchase Certificate; this document will be needed along with other documents listed below for the purchase process at the deed’s office.
- This certificate confirms the name, surname, passport number or foreign identity number of the person on whose behalf the foreign currency was exchanged and the USD equivalent of the foreign currency purchased (tl equivalent is always included) and a statement stating that this transaction was carried out with the score of the circular on capital movements.
- You will also need your tax numbers, a passport style pictures, home survey report, and the original power of attorney (if someone is acting on your behalf. You will also need you mother and fathers first names and a completed property buying form.
- If person who is buying/selling the property isn’t able to attend for the time of the transfer to sign the deeds, then they need to give power of attorney. This allows the appointed person or a solicitor to act on their behalf to buy the property and manage the funds and do all the necessary paperwork eg transferring the utility bills into the buyer’s name and registering the property to the local council (1.500 TL)
- You will also need an official translator, (cost approx. 300tl) who will accompany you to the deeds office in order to ensure you fully understand the process and what the officers are explaining to you.
- All taxes related to the purchase/sale must be paid prior to the appointment (this the purchase tax and stamp duty) . When the appointment is made in the morning, the deeds office will inform the seller and buyer of a time of their appointment that day.
- After completion of the sale, transferring the utilities etc you will also need to ensure there is valid earthquake insurance (DASK)
Although this all may seem very daunting and complicated Turkish Coast Homes are a licensed agent with many years of experience. We will help you every step of the way, to ensure you have the best and easiest experience possible to realising your dream home. If you need any further information or help, please do not hesitate to contact us.
Happy house hunting!
(Information correct as of 01/02/2022)