Buying in Turkey is no more difficult than buying a property in the UK or any other EU country. Please find the breakdown of what is involved in buying a property in Turkey.
Reservation deposit
A reservation deposit is taken, normally £3000 or €4000. This takes the property off the market and freezes the price of the property.
Appointing an independent solicitor
The best way of appointing a solicitor is to have one recommended to you by a friend. If this is not possible, we will recommend you an independent English speaking independent solicitor had been used by our clients before and has satisfactory references.
Power of Attorney to your solicitor
You are free to decide how much power of attorney you would like to give to your solicitor. Some buyers prefer to be in here for the whole process, whereas others prefer their solicitor to complete all the transactions on their behalf. Power of attorney can be given for;
Land registry checks
Signing the private purchase contract
Issuing a Turkish tax number
Opening a bank account
Transferring title deeds into your name
Town Council registrations
Setting up direct debit instructions for electric and water to your nominated account
Power of attorney is given at the Turkish Notary Public. Passports are translated into Turkish and the power of attorney is prepared. The power of attorney is prepared in Turkish; there is always a sworn translator present to translate the power of attorney into English.
You are also able to send an apostilled POA from abroad to be translated and used here.
Title deed/TAPU and building license
All the properties we sell are free hold and had been checked by our company solicitor for authenticity.
All legal paper work is ready to submit to your independent solicitor for land registry checks
Private Purchase Contract (maximum 2 to 4 weeks reservation)
When all the legal paperwork is submitted the solicitor drafts a sales contract between the buyer and the vendor. The contract mentions all the details of the property; from delivery date to technical specifications, payment terms and any special adjustments to be made to the property.
This draft is prepared in both Turkish and English, once all terms and conditions are agreed, the solicitor will than confirm approval for signing of the contract.
Military approval by the Turkish government – Not required
Military approval is being removed as of January 2018, there are no checks required any longer. Purchases can be made at land registry straightaway.
Transfer of Title deed /TAPU
Once the sales contract is signed, all terms and conditions are agreed payment of full amount has been paid to the vendor, the title deed transfer takes place at the Property Registry Department. Both, buyer (or legal representative with power of attorney) and the vendor needs to be present for exchanging of signatures and title deeds to be placed on your name.
Buying Costs and the Legal Process
Purchase tax is 4% of the registered value in town council.
Property tax is 0.01% of the council office value. Paid by vendor/builder at purchase
Water and electricity connection fees are approximately £80
Notary charges for passport translations and POA cost is approximately £120
Solicitor fee varies between £1200 to £2000 and 18% V.A.T
Agent’s commission is 2% of purchase price to each party, buyer and vendor total 4%.
Taxation
Capital gains tax rate on Turkish property ranges between; 15% to 35% on the profit made. However if you own the property more than 5 years you become exempt from capital gains tax liability.
Real estate annual tax (council tax) – annual payment of 0.01% of the registered town council value of your property
Property Valuation – Ekspertiz Raporu
This is a new requirement as of 2019, property purchase tax is calculated from the official valuation of the property, cost of the report varies between £200 to £250 + VAT
