The Buying Process
Most people are surprised at how straightforward the property buying procedure is in Turkey. Once everything has been agreed, a property transaction between two Turkish people can be completed in an afternoon. For a foreign buyer it takes significantly longer only because of the need for offical permission from the military authorities for property buying. Below is an outline of the main parts of the property buying process.
Property Search
Your solicitor will need to conduct a search at the Registry Office to confirm that the property in Turkey belongs to the seller or they have the authority to sell the property in Turkey on behalf of somebody else. They will also have to check that there are no outstanding debts or charges restrictive covenants or redemption rights aganist the property in Turkey. It is important to make sure that all the appropriate planning regulations were followed and building permission was granted.
Deposit & Contract
After the initial searches have been completed, it is normal to pay a 10-15% deposit to hold the property during the military investigation process. Payment of the deposit should be recorded in a contract , which is signed both by the seller and the buyer.
Military permission
Foreign national buying property in Turkey must be approved by the military authorities. Before granting permission for the sale to proceed a background checks. As part of the military permission process the authorities also check that the property is not in a military restricated zone or an area which foreigners are forbidden to buy. The military investigation takes 12-14 weeks.
Completion
Once you have recevied the go ahead from the military authorities you can proceed with the actual transaction. This usually conducted in the local land registry office although you can also perform the transcation in the notary public , in which case the title deeds for the property are officially changed in the land registy at a later time. At the presence of a land registry offical, the transaction of the currant title deed (tapu) to be issued in the buyers name. As the legal owner, your name and details will now be on the registry Office. Additional copies of the title deed can be ordered from the Registry Office for a small charge.
Obtaining a Tax number
Once you have purchased a property in Turkey you need to register with the local tax office who will issue you with a tax identification number. Your solicitor can perform this for you following the exchange of title deeds for your property in Turkey.
Buying cost
The cost of buying property in Turkey are lower than in the UK. But you should allow about 5-7% of the purchase price. The main cost include transfer tax of 3% based on the declared value of the property. A registration fee also based on the value of the property is paid by the purchaser when the deeds are transferred at the registry office.If the sale was organised by an estate agent their standard commission is 3% from both the buyer and the seller. You must also pay for compulsory earthquake insurance. But when you are dealing with Infinity Homes, you are not paying most of these costs.
