How to Buy Property in Turkey

Prior to Your Purchase

Having selected your ideal property from the many Kalkan Properties, you will want to be absolutely certain of the legalities of the process and particularly your rights in a foreign country. This is where your Real Estate & Property Services Agent will ensure impartial and expert assistance is given in guiding you through every step.

Prior to your purchase they will explain to you in detail all the relevant fees and taxes payable on a Turkish property, so that you can adjust your finances accordingly. As a rough guide, you should budget that the combined total of all these amounts will be approximately 2% of the declared purchase price. Once you have placed a deposit on the property, they can recommend a legal advisor, who will ensure that all the paper work is followed correctly and that you understand fully all the contractual obligations involved. If wished their lawyer will also conduct a full search for your protection.

Finances

Once you have decided to buy your future property, it is necessary to arrange your finances. To secure the sale you must make a minimum deposit of 5% of the total price of the property and make a sales agreement. International money transfer takes 2 up to 5 days depending on the method you choose. If you need the money transferred within 1 or 2 days you can contact Western Union (affiliated with the bank in Kalkan), the fastest international money transfer in the world. If you plan to buy with cash from a cash advance on a credit card, be sure to explain to your credit card company that you will be making a large transaction while in Turkey before you attempt to make the cash advance. Most credit card companies will not allow abnormally high unauthorized transactions to occur in Turkey, in an effort to guard against fraud.

Before the deposit is paid to the seller they can help you prepare a sale agreement using an authorized translator as a witness and/or an English speaking lawyer. The approximate cost of a lawyer is £300 for a sale agreement. This fee can increase depending on additional legal services, such as power of attorney.

They can also help you open a bank account (any currency) at a local bank either in Kalkan or Ka? should you decide to transfer money (for a deposit) before you arrive in Kalkan or while you are here.

Completion

The entry in the property register in Turkey is not performed by a public notary, but by an official of the Property Registry Department (in Ka? if you are buying a Kalkan property).

You can secure a sale of a property at public notary (sati? vaadi seneti) through a legally binding agreement (max. 5 year under the same agreement) in the rare case that the title deed transferring process may take a long time before being transferred in your name. By doing that you can put a hold against the sale of the property registered at the land registry.

If the buyer wishes to have the sale authorized by the notary the must pay a 0.3% authorization fee out of the property price. It is legally compulsory for both sides (the seller and the buyer) to be present at the entry together with an authorized translator for the transfer of the title deed. If the property is to be in joint names both parties must be present for completion. This means that buyers must be in or return to Turkey. However, it is possible to authorize another person to act in your behalf through power of attorney. This is a very convenient and legal way to complete your purchase while saving time and travel expenses for you. With power of attorney they can act for you in the submission of your passports, in the transfer of money to the seller, the payment of sales tax (which is 3% total – 1.5% from the buyer and 1.5% from the seller) and in the exchange of the Title Deed. On completion of the transfer the Title Deed – which is called ‘Tapu’ – will be produced in your name(s) and we can safely hold it for you until you return to Kalkan. Ownership is only obtained at the moment that the building(s), if under construction, has been completed and the full amount has been paid.