TURKEY PROPERTY PURCHASE PROCESS

   

SUMMARY NOTES ON TURKEY
PROPERTY PURCHASING PROCESS

The following is our recommended guide to our clients wishing to purchase property in Turkey or land and property in Turkey:
Prior to booking your inspection trip for your Turkey property viewings, we would have short-listed a good selection of suitable properties in Turkey for you to inspect.

Following your final decision as to which Turkey property to purchase, we shall make an appointment for you to meet our English speaking solicitor.

The solicitor will draw up the sales agreement for your new Turkey property ensuring maximum protection to both parties and in line with the terms, payment schedule and conditions agreed with the developer. Please refer to Services Rendered by Our Recommended Solicitors in Turkey for a complete service pack.

The solicitor will check the title of the Turkey property to ensure that

•          The person who is selling the Turkey property actually owns it
•          There are no charges on the Turkey property
•          Necessary building permissions for building your Turkey property and licenses are in order
•          The terms and conditions stipulated by the seller of your Turkey property are fair and reasonable.

 
Your initial holding deposit to secure your Turkey property (usually GBP 1,000) will be paid at this stage to reserve your Turkey property and freeze its price. This is essential due to the fact that prices of properties in Turkey are constantly increasing.

Solicitor’s fee and Your Consultants fee for services rendered in the search and acquisition of your Turkey property is payable following your return to the UK.

Please note:  (The reservation deposit for your Turkey property is non refundable.)

The solicitor will then arrange for all the paper work relating to your Turkey property purchase to be sent to the title deeds office for the transfer of the title deeds of the Turkey property onto your name. This usually takes several months following completion of your Turkey property.

The solicitor will also deal with the necessary military checks for your property in Turkey, before which title can not be transferred to your name.  The military check is only to determine that the area your Turkey property is situated in is not within a military zone where foreign ownership is not allowed. This could take approximately 3 months.
 
We advise our clients to give power of attorney to the solicitor in order to facilitate the procedure; military checks, release of title deeds from the title deeds office and registration of the title deed at the notary office. 

• Please note that giving power of attorney to the solicitor avoids you having to travel to Turkey several times within a matter of several weeks/months whilst your Turkey property purchasing process continues.
   
  
• Please also note that giving a solicitor power of attorney does not give us or the solicitor any claim over your Turkey property, it will be your name and picture on the title deeds.
  

A payment plan for your property in Turkey is usually drawn up at the time of the initial sales agreement as mentioned above.  For off-plan properties in Turkey, your payments may be staggered over 6-12 months (usually 20 – 30% is paid upfront as the initial deposit) and for resale properties in Turkey, full payment is usually due within 3 months of the sales agreement date.

Your solicitor will inform you once the title deeds of your Turkey property have been authorized. This is usually when your final balance of payments is payable together with the buyer’s tax (3% stamp duty) and the water and electricity connection fee.

Your solicitor will then arrange for the new title of your Turkey property to be registered with the local council office (for property tax purposes).



Standard Costs of Purchasing Property in Turkey

On average costs of buying property in Turkey are significantly less (in relation to the purchase price of the property in Turkey) than Spain, France, Portugal and Italy.  The following illustrates relative costs of purchasing property in Turkey as opposed to in other countries.

Costs of purchasing a Turkey property with purchase price GBP 100,000 illustrated below.

GBP	Turkey Property Purchase Costs
Purchase Tax	3,000
VAT	N/A
Buyer's Fee	3,000
Solicitor’s Fee	750
Notary Fee	300
Gas & Electricity	200
Military Application	900
TOTAL	8,150

Total purchase costs of the Turkey property amount to approximately GBP 8,000.  This is 8% on top of the purchase price of your Turkey property.  Of the costs above, purchase tax, gas and electricity connection and military application fees are payable upon completion of your Turkey property.  This means for off-plan Turkey property purchases, upfront costs are only GBP 4,050 (4% of your Turkey property value) and the remaining 4% is due after the completion of your Turkey property, which could be 12 months away.   


Furnishing of your Turkey property if required
Quality furnishing can be budgeted at approximately 5% of your Turkey property value.


Other Ongoing Expenses of Turkey property ownership

• 0.3% annual Turkey property tax
  
• GBP 60 annual council tax. This is usually paid in two installments (May and November).
  
• GBP 250 annual Turkey property insurance (depending on size and location)
  

Communal Charges for your Turkey property (if applicable)

May vary according to the size and value of your Turkey property. A guideline figure for 2/3 bedroom apartments in Turkey would be between GBP 400 and GBP 600 per annum and would include:

• Pool maintenance (including chemicals)
  
• Garden maintenance including exterior repair and decoration
  
• Building insurance
  

please also refer to Our  TURKEY PROPERTY INSPECTION TRIPS

• Sample Power of Attorney Document
• Services Rendered by Our Recommended Solicitors in Turkey
• Summary Notes on Turkey Property Purchasing Process