Some useful information today on the Tapu transfer application process and documents required : From the buyer DAB certificate, I D form , photo, passport, DASK , survey report. From the seller, I D form, passport , photo / POA, TAPU We give in all these documents to the...
Read moreSome useful information today on the Tapu transfer application process and documents required :
From the buyer DAB certificate, I D form , photo, passport, DASK , survey report.
From the seller, I D form, passport , photo / POA, TAPU
We give in all these documents to the official land registry Tapu office for the Tapu application.They put through all the information into the system to check all is legally correct and there are no outstanding debts taxes on the subject property.
We then wait for a text message saying all is ready to pay the property purchase Tax. This is done either online or at the determined ATM bank. Once this is done and the seller has received full payment part bank transfer part cash. ( As agreed in the sales contract )
Both parties / whoever’s POA will be present at the Tapu office to sign over the property. For a foreign national an official translator must be used.
In the official TAPU room both parties will be explained what they are signing over. Once this is accepted both will sign in the land/property registration book . This is a secure procedure and is done within a camera recorded room. The new Tapu is then draw up according and presented to the new home owner .
DAB Certificate explained In an attempt to protect the Turkish Lira and the economy, Turkey has introduced a new legislation for all foreign buyers purchasing property in Turkey. When making the final payment prior to the title deed transfer, the foreign buyer needs to pay the amount declared on...
Read moreDAB Certificate explained
In an attempt to protect the Turkish Lira and the economy, Turkey has introduced a new legislation for all foreign buyers purchasing property in Turkey. When making the final payment prior to the title deed transfer, the foreign buyer needs to pay the amount declared on the property deeds (TAPU) in Turkish Lira (TL). Previously the purchase could be made in any currency. For example, a UK Buyer and a UK Seller used to be able to complete the whole transaction in GBP. This new legislation has made the process a little more complex.
Now a foreign buyer/buyers must pay the amount declared on the TAPU in TL. The Buyer will need to exchange their foreign currency to TL on the day of the title deeds transfer. When exchanging the money, TCH will advise the bank that the transaction is for the purchase of a property and the bank will issue a DAB certificate to confirm the foreign currency exchange has taken place in relation to the property being purchased. This DAB certificate is now part of the paperwork required by the deeds (TAPU) office. Please note if you are purchasing in more than one number the amount will need to divided and shown on an individual DAB certificate for each person .
If the Seller is Turkish, they may be happy to receive all of the final payment in TL or at least the TAPU value in TL and the remaining amount in a foreign currency. However, when the Seller is a foreigner, they may require the whole amount to be paid in a foreign currency. These details should be confirmed in the Sales Purchase Contract issued by TCH.
When the Seller requires the whole amount to be paid in a foreign currency, the Buyer will need to make a second foreign currency exchange to convert the TL they bought to obtain the DAB certificate to the foreign currency specified by the Seller. It is important to note that buying and selling exchange rates differ. The buying rate is always lower than the selling rate and this is standard worldwide. Due to the difference in the buying and selling exchange rates the buyer will inevitably lose money over the two transactions.
Exchange rates are impossible to predict, therefore the amount of loss on the day of the two foreign currency exchange transactions is also impossible to predict. It has become common practice and seems only fair that the loss on the day is shared between the Seller and Buyer. Again, these details should be confirmed in the Sales Purchase Contract issued by TCH.
Example:
