The Estate Agent holds more
responsibility in terms of managing the process between the buyer and seller.
All Estate Agency transactions are carried out within the legal framework set
out by the Land Registry Authority (TAPU).
Unlike most European Countries, Legal Representation is not required when buying or selling a property in Turkey as the contract between buyer and seller are legally binding documents in their own right. In previous years all documentation was in Turkish so it was necessary for all foreign investors to employ a public notary and official translator at the contract stage. However, due to the huge increase in foreign investors and in order to simplify the process, a comprehensive contract has been drawn up in both English & Turkish that fully explains the terms of the sales contract and provides legally binding protection for both the buyer and seller under the terms of the contract. Please ensure the contract which is approvelad by Notary is an official document.
If you feel that you wish to employ a lawyer during this process
A lawyer will check ;
It should be noted that all of
the above points are covered by either the Title Deeds Office or the County
Council during the buying process, so the only real benefit of employing a
lawyer is to check the terms and conditions of the contract.
Once you are satisfied with all the details of your property and the sale price is agreed, a contract is drawn up between the buyer and seller and a percentage deposit paid. This is usually 20% of the agreed purchase price but booking deposits can also be accepted if the seller is in agreement with the balancing amount of the deposit payable by bank transfer at a later agreed date.
The legal exchange of property title deeds for a Turkish National is a very speedy process and normally takes place within a day. However, for non-nationals, the process is a little longer and can take between 8 & 10 weeks. This elongated process is in the interest of the foreign investor and ensures that the property is not in or close to a military designated zone. The sellers legal ownership and debts and charges are also checked during the procees and background checks on the foreign investor are also carried out.
A copy of all the title deed document, a letter of explanation of the purchase agreement, a copy of the contract and a copy of your passport with 4 passport photographs are sent to the Army Headquarters in Izmir for clearance. It is this process that takes time. Once clearance for the transaction to go ahead is received, the legal exchange of property title deeds at the Tapu Office will be completed in one day (as for a Turkish National).
This entails, the Buyer (or Power of Attorney), Seller attending the TAPU Office whereby the title deeds are transferred once the seller confirms he has received the monies for the transaction and the buyer confirms there willingness to buy the property and that they have received keys to the property. If it is difficult for you to return to Turkey to complete this final transaction, Power of Attorney can be given to us to act for you in this final transaction. If completing the transaction yourself, a Translator must be present as all the points of sale must be understood by the buyer and seller alike before the transaction can be completed. Once the Transaction is finalised, you (or your power of attorney) will receive a TAPU (title deed) in your name, which are the title deeds to the house making you the legal owner. All these details are also kept on file at the TAPU office.
You will also need to obtain a
tax number for paying property taxes when purchasing your property and for
taxes due on an annual basis. Council charges (bin collection etc) also require
you to have a tax number. Metro Estate & Construction will assist you in
this process which is very straight forward and entails a visit to the local
tax authority. You will need to bring your passport and a photocopy of the
picture page in your passport with you.
We strongly recommend that you set up a bank account before leaving Turkey as this is the best way to transfer funds both in and out of the country and is also ideal for arranging direct debits for utility services, insurances etc. Metro Estate will assist you in opening a bank account during your stay in Turkey. Again this is a straight forward process - you will need to bring your passport for idendification purposes.
LEGAL AND TAX COSTS INVOLVED
OTHER SET UP COSTS
Water & Electricity Connection Fees: £ 200 approx.
Earthquake Insurance: Depends on square metres (eg. 100 sqm house in Dalaman - £ 70 per annum approx.)
Community Tax: £ 30 per annum (as at 1/1/2012) for local services
(bin collection etc).
Earthquake Insurance: as above - renewable annually and is mandatory.
Maintenance Charges: depends on the aggrement.
Electricity Charges: Approx. £ 0.15 a kilowatt. Bills are payable monthly
Water Charges: Approx. £ 0.50 per ton (1,000 litres on mains supply)