Guide to buying property in Turkey23rd July 2013
So you have decided to make the move and live out your ultimate dreams in the sun. But what are the elements you need fulfil your property fantasies? Here below is our ultimate Turkish property guide.
Even before you set foot on foreign soil and have slapped on the suncream, it is imperative that you have the correct information. Before making the move to Turkey, it is imperative that you have everything in order such as a Turkish Tax number.
This will provide everything you need to carry out the necessary tasks including opening a bank account as well as signing up for council taxes, gas, electricity and other utility bills.
In addition, you will need to apply for a residency permit, allowing you access to reside in Turkey for a period of 2 to 5 years. Why is this so essential you may ask?
It will ensure your personal items can be shipped across whilst having the ability to sign up to both telephone and internet services.
As soon as you have this permit, you can then obtain your unique Foreigner Identity Number (FIN), known as yabanci kimlik.
This particular number is essential for all foreigners coming to Turkey and can assist in obtaining a Turkish driving license, tax identification and most importantly purchasing and selling property.
So you have found your ultimate fun pad. Now comes the legal bit which you need to take into consideration.
Firstly, you should find out the title deed belonging to the property is debt free which requires the assistance of a lawyer. On purchase, you will normally be requested to put down a small fee to secure the home.
Your solicitor should be able to produce a written contract between the vendor and purchaser to include all the relevant details. This includes when the property was bought, terms and conditions and the payment schedule.
Please note your contract should also clearly state the total purchase price and should have factors tied in such as certification, any extra fees for name changes and that no further costs will be owed.
Make sure you have your contract notarised as soon as possible and either attain separate documentation in English and Turkish or at the very least a bi-lingual version.
This must be signed by a notary in the legal sector to make sure it is officially recognised in Turkish law.
This is the time for that all important deposit to be paid on your new residence as well as property transfer tax. This is normally at a rate of 3.3% of the total property cost.
The next step to owning a home is once you have sought military approval, you then have the right to possess your own fixed dwelling.
The application process is straightforward enough and begins the moment when you agree on a property to purchase.
In the majority of cases, your legal representative can apply on your behalf thanks to a Power of Attorney which you can sign.
There’s certainly no place like home.
Written by Simon Lazarus