Buying Stages for Property Altinkum or Kalkan Properties.
Your Real Estate and Property Services Agent or any independent solicitor will draw up a contract with the buyer(s) detailing the agreed terms and conditions of the purchase.
Mavi Real Estate and Property Services or any independent solicitor will take a copy of the buyer’s passport and a copy of the title deed and submit them at the zoning department and the land registry office for military clearance and all the relating governmental departments (such as Ministry of Public Works and the Ministry of Reconstruction and Settlement, Ministry of Agriculture, Ministry of Forestry and Environment according to the new real estate law). Should the buyer(s) wish to give a power of attorney (POA) either to the agent or the solicitor at the public notary (in case the buyer may not be present during the deed transfer) this can be arranged within few hours through the week days.
Mavi Real Estate and Property Services provides the documents by the local government that the property has no outstanding debts and was planned and built legally according to the building regulations enforced by the local government to which the property is registered. Those documents are submitted at the Land Registry Office prior to the title deed transfer.
Once the application has been approved by the Land Registry Office (it takes 2-3 months for the security and property location checks to be made and approved), then it is at this point that the deed transfer takes place following the payment of the real estate purchase and sale tax (stamp duty). A translation of the buyer(s) passport must be made and signed at the public notary. The buyer will pay half of the real estate purchase and sale tax, which is 3% of the property declared value determined by the local government).
The agent, solicitor or other person holding the POA receives a copy of the new title deed, through which the utility registrations (water, electricity, council tax as well as earthquake insurance etc.) are made during the absence of the property owner(s). Otherwise the property owner(s) must be present at the local government and the at the electric company in order to complete all the registrations.
Please Note: Conditions and/or stages may differ depending on the type of property involved, such as off-plan projects, commercial property, plots of land etc. The stages outlined above are rather applicable for completed residential properties. However, they are the main stages that have to be followed in most cases.
In addition to compulsory earthquake insurance (DASK) renewed once every year and construction insurance paid by the builder/contractor (in the cases of construction), we advise all new property owners to arrange private building and contents insurance. We can arrange this on your behalf to concur with the deed transfer or completion date. Such an insurance policy usually costs 250 – 500 GBP per year for a normal furnished 2-3 bedroom villa. This cost can be paid in cash. You would be required to make an inventory list of all the contents and the value of the building to be presented to the insurance company’s agent. For further information on insurance please contact us.
You are required to register the utilities connected to your property in your name. You must also register your ownership of your property with the local government for council and rubbish tax. There is also a small charge for registering your ownership with the water and electric company.
Annual property tax is collected by the local government at the rate of 0.3% for houses (on average about £20-30 per year) and 0.3% for developed lands (calculated according to the value for each square meter determined by the local government). However, new properties are 1/4 exempt from the annual property tax for 5 years. All properties are subject to revaluation every 5 years for tax purposes.
Your property may be resold and the proceeds of the sale may be transferred out of Turkey. There is no time restriction for reselling property after having bought – once registered in your name you can immediately resell your property.
If you require support with letting and/or management please contact us. This service is currently only available to our customers. Our company also includes a travel agency that can assist with letting.
Rental income is liable for tax assessment in Turkey. This will be enforced by the Ministry of Finance and Revenue Administration from 2006 and onwards.