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Buying property in Turkey is a
straight forward process, and often easier than in other
European countries.
1. Once you have seen a property in Turkey that you would
like to purchase you will need to find the deposit. This is
payable by cash or credit card – Personal cheques are not
accepted by banks here in Turkey. An initial payment of 10-20%
of the property price is usually required. The exact figure will
be confirmed individually with the house owner at the time of
purchase. When this is paid a receipt is given.the amound
received is written into the contract.
2. You will need to have your passport with you.
Photographs are also required; your agent will be able to show
you where the nearest place to get these done is. (approx £4 for
8 photos).
3. Then you should visit the Solicitor who will prepare
the purchase contact. They are there there to help you. You are
paying for their services so please use this time to ask any
questions you may have.
4. Should you not be present in Turkey for the actual
purchase of your property, you then need to go (your agent will
accompany you) to the Notary's office (similar to Notary public
in the UK) to sign a document giving your agent power of
Attorney for the property, not for money. This enables the agent
to continue with obtaining the Title Deeds in your absence.
Usually then you will return to the solicitors office, where the
sale contract showing the property address and payment details
will have been drawn up and be signed by you the purchaser(s)
and your agent.
The initial stage has been completed and you do not need to be
present for any more of the property purchase transaction. This
process only takes a few hours.
You will be given the original contract and copy of the power of
Attorney to take back home with you.
The same day or the next day your papers are forwarded to the
Land Registry office for all documentation relating to the
purchase is then forwarded to the Land Registration office in
Izmir. Here everything is checked and then the title deeds (
TAPU ) are re-issued in the new owners name and forwarded back
to the local Land Registration office who, in turn contact your
agent. This process usually takes 6-8 weeks.
Your agent will advise you of this when it happens. At this time
you will need to pay the final balance plus the 3% property tax.
Upon receipt of this we can then sign for and collect your TAPU
from the Land Registration office on your behalf and this will
then be held in the office pending your next visit and
collection.
On top of the purchase price, are there any extra taxes or fees
payable?
Yes, There are some extra costs.
• A 3% of the property value tax. This is a once off payment and
it is due for payment once the TAPU is received.
• The solicitor's fee. Prices start from about £200.00 pounds
and will vary depending on which solicitor you choose to use.
• An approximate £100 Notaries Charge for giving us the Power of
Attorney to handle the documents relating to the property in
your absence.
• A 3% agency fee that covers all agents commision and charges.
This is usually payable at the time that the contract is made,
together with the initial deposit payment on the property but
may be able to be negotiated in certain circumstances.
• It is compulsory to have earthquake insurance and we recommend
you take out Full insurance home and contents cover as soon as
the house is registered in your name.(the cost of this varies
depending on the value of the property, it's contents for the
number of months it will be occupied.) Approximately £150
• The connection of Water and Electricity into your name so the
bills will come directly to your house. Does not apply to some
properties.
This is an idea of costs for the purchase of a property of
£50,000
Property price £50,000
Tax @ 3% £1,500
Solicitor £500
Notary's fee £100
Agency Fee @ 3% £1,500
Full insurance
(incl. earthquake cover) £150
Utility
Connections £180
TOTAL £53,930
Once you have received your TAPU there are some other charges,
which need to be paid. We estimate annual costs per property to
be as follows:
Electricity £120
Water / Sewage £50
Gas £25
Rubbish removal £10
Site maintenance £200
DigiTurk Satelite TV £150
Council tax £15
TOTAL £570
It is not necessary to pay anyone to pay bills. Electric can be
paid by automatic standing order once you have a bank account.
Water bills are intermittent and likewise your council tax can
be paid when you visit annually.
The costs are correct at time of writing but are always subject
to change. Variations will always occur due to location of
purchase and other factors beyond the control of Property-Turkey.co.uk.
This is intended as a guide only.
If you have any questions, do not hesitate to
contact us |