Many investors in real estate are wary of investing in foreign countries either because of lengthy legal procedures, language barrier or because of the chances of being defrauded. But, we at Key Property Turkey make it a difference for our foreign investors. We provide all the assistance needed by them so that they enjoy the pleasure of buying the property in Turkey. We ensure the entire process of buying property in Turkey is transparent and hassle free. To achieve this, we have prepared simple step by step procedure for buying property in Turkey.
Visit Turkey for an inspection trip of properties in various locations. We will shortlist for you the properties based on your budget and other preferences. This will help you in making a healthy selection based on your requirements.
During the inspection trour, you will be accompanied by experienced staff from our regional office. They will provide every detail about the property. They will also assist you to compare the various properties you have seen and this will help you to make the final choice.
Once you have made the final choice, we will provide you a list of lawyers who are abundantly experienced and who are on the rolls of Bar Association of Turkey. The lawyers are abundantly experienced in matters relating to real estate properties. Now, it is your turn to choose the lawyer. Once you have made the choice, we will fix an appointment with the lawyer concerned.
The lawyer will scrutinze the documents and ensure there are no legal lacuna and the seller has saleable title over the property. He will make sure the conditions of sale offered by the seller are reasonable. Further, the lawyer will ensure that the present owner has taken proper licence and other permissions for the building. Once the laywer is fully satisfied on these issues regarding the property, then he will draft a sale agreement between you and the seller. The laywer will make certain that your interestes are fully protected.
At this stage you can also consider availing the benefit of free legal pack offered by Key Property. This will help you to save considerable amount of money. Now, simultaneously we will also help you in securing Turkey residence permit, home and helath insurance. We will also assist you in opening a bank account in Turkey and in getting a tax number. All these are mandatory procedures required for buying properties in Turkey.
Now it is time to feeze the sale price. Freezing is necessary because property prices in Turkey is constantly on the upward trend. Therefore, it is advisable to freeze the price by paying holding deposit. In order to freeze the price it is customary in Turkey to pay ‘holding deposit’ of (€) 1000. By paying this amount, you freeze the price of the property.
Now, you will have to pay solicitor fee which is normally valued at 3 % of sale price. Thereafter, the solicitor will take necesary action to prepare the title deed so as to complete the sale transacton. He will also arrange to get military checks completed. This clearnace is mandatory to ensure the property you are planning to buy does not fall under the military zone. Such verification is mandaory in the case of properties that are bought by foreign nationals.
Power of Attorney:
As you know, buying real estate property involves considerable amount of paper work. Therefore, we strongly suggest our esteemed overseas buyers to give the power of attorney in favor of the solictor. This will enable the solicitor to submit as and when necessary all the necessary records on your behalf to the appropraite authorities. Remember, by giving the power of attorney you are only authorizing the attorney to submit all the necessary papers on your behalf. This will not affect your title and rights over the property. The property will be regisered in your name and the title deed will contain your name and photo. By giving the power of attorney you can avoid making fequent trips to Turkey to complete the sale procedure.
Normally, it takes few weeks to complete the entire pre-sale procedures.
The payment schedule for off plan property is normally staggered for 6 to 12 months depending on the property, sale price and so many other factors. In the normal coures, you will have to pay 20% to 30% upfront against the agreed sale price. In case resale of properties, The balance of sale price will have to be paid within three months.
Once the sale is authorised by the appropriate agency, the solicitor will inform you about it. Then you will have to pay the balance of sale price and also stamp duty valued at 3 % of sale price. After completing the sale transaciton the solicitor will take necessary steps to get new title to the property from the local council office. This is needed for purposes of payment of property tax.
At every stage our expereinced staff will interact with you and the solicitor to ensure smooth completion of sale transaction.