A warm welcome to you from myvillaturkey.com sales team. Below you can find some information about buying a property in Turkey.
The Buying Process
Buying a property in Turkey is a relatively simple process but it takes a while due to the military checks.
Most people are surprised at how straightforward the buying procedure is in Turkey. Once everything has been agreed, a property transaction between two Turkish people can be completed in an afternoon. For a foreign buyer is takes slightly longer because of the need for official permission from the military authorities. myvillaturkey.com will be responsible for all aspects of the buying procedure and all the legal documentation required.
Below is an outline of the main steps of the buying process.
Step 1 - Property search
Initially we will talk through your requirements and based on this, gather a number of properties that we feel suit your needs, and arrange a viewing. We want this part of the process to be enjoyable, informative and ultimately satisfying.
Step 2 – Why invest property in Turkey
Turkey, officially known as the Republic of Turkey, is a transcontinental country located between Asia and Europe. It has its capital city at Ankara whilst the largest city is Istanbul. With a population of approximately 76 million as at 2012, consisting of mainly young & upwardly mobile population, makes it an ideal country for investors who want to plough money in the country's fast developing real estate industry...READ MORE
Step 3 - Wills and Inheritance Law in Turkey
A will is drawn up by a testator who has assets and/or property to be left after their death. The testator has to be able to make a will and must be over the age of 15. Wills in a language other than Turkish should be translated into Turkish by an official translator. If the will complies with the law, it is valid in Turkey.
There are three main types of will:
A handwritten will
A verbal will
An official will...READ MORE
Step 4 – Deposit / reservation
Once you have found a suitable property you will need to put down a deposit in order to secure it. This fee is usually 10-20% of the purchase price but the exact figure will be confirmed individually with the house owner or builder at the time of purchase. When the deposit gets paid, a receipt is given and this amount gets written into the sales contract.
Step 5 – Sales contract
At this point a sales contract is drawn up between yourselves and the seller. This will include information such as deposit paid, agreed sale price, date of transfer, and snag list if any. We will require from you two passport size photographs of the person whose name will be on the property deeds plus a full photocopy of your passport.
Step 6 - Rental Agreements in Turkey
Rental agreements do not have to adhere to a specific form or fulfil any set requirements and may simply be a verbal agreement between landlord and tenant. However, a written tenancy contract is recommended to document at least the lease term, rent and deposit amounts...READ MORE
Step 7 – Power of attorney
Granting power of attorney to a solicitor to complete your property purchase on your behalf is highly recommended by Property Turkey. In order to complete your purchase of an apartment or villa in Turkey, there are a number of steps and processes that need to be completed in Turkish and in Turkey. So unless you are fluent in Turkish and live in Turkey – we recommend granting power of attorney to make your purchase smooth, easy, and risk free...READ MORE
Step 8 – Military approval
Details of the property and you (the purchasers) get forwarded to the Land Registry Office. An official transfer application is made and all documentations get sent to the Izmir Aegean Army for approval. This is to check that the property is not located in a restricted zone for foreign purchase etc. Approval normally takes 1.5 - 2 months . Cost is aprrox 1,250 - 1,500 T.L
Step 9 - Buying and Ownership Law in Turkey
Today is very easy to have Foreign Tourists to own a Property in Turkish Territory, and to Transfer Ownership of the Property from the Old Owner to the New Owner, as compared to the limitations and complexities adopted by the EU policies in the present days. Conducting registration of Real Estate to the Foreign Buyer in Turkey is a formal procedure and simple at the land department and cadaster (Tapu ve Kadastro Dairesi) in the city that you are buying from...READ MORE
Step 10 - Title Deed Transfer
Once military approval has been granted, the title deeds are re-issued into the new owners name and forwarded back to the local Land Registration office who, in turn contacts your agent. It is at this point that the last payment gets paid to the vendor/builder and the deeds are collected. Your agent or solicitor can pick up your deeds on your behalf if you have given them power of attorney. Your title deed can then be kept in a safe place pending your next visit.