Buying Real Estate in Turkey for new Settlers
If legitimate real estate is offered to you, you should always follow these guidelines:
Purchase Contract:
If you decide to buy any property in Turkey, you should sign a purchase contract. As a first payment, you should not pay more than 10% of the complete amount.
You are taking a big risk if the contract is not counter-signed by a notary!
You wouldn't do without this sort of protection at home, so don't do it here!
Important: Don't pay more than 10% as a down payment.
Never sign any real-estate contract without consulting a notary!
Power of Attorney
Most real estate business is done by real estate companies. They need to go through a lot of different steps to get the property into your name. If you trust your company, you should give them a power of attorney. This will make it much easier for them to take the necessary steps in your name.
By doing this, the buyer of the property gives permission to the real estate company to register water, electricity and telephone, and, most important, to get the Tapu (land registry).
Ask for Tapu
The Tapu (Land Registry) is the most important document. It shows that you are the legal owner of the property. All sales to foreigners are checked by the military authorities in İzmir. That is the reason all your papers are sent to İzmir for checking before you get the property registered in your name. This takes time. Normally it takes about three months. When applying for the Tapu, you will be given a receipt at the Tapu office.
Important: Applying for the Tapu does not mean you are the owner!
If you or your real estate company apply for the Tapu, you will need the following paperwork:
For the person buying:
New passport photos of the purchaser
Copy of the passport
Actual address in your home country
First and second name of father
Tax number
For the person selling:
New passport photos of the seller
Copy of the passport
Actual address
Tax number
When finally receiving the Tapu from the Tapu office, there must be an official translator there to give you an immediate translation into your own language, giving the time and date as well as a short description of the purchase document. After that you will get the official Tapu from the previous owner together with a written statement that he wants to sell his property. If you want, you can also have this declaration translated.
Important :When this declaration has been signed by the previous owner, it makes you the new owner of the property.
Costs for buying property (estimated sale price about 75.000, €)
Even though a notary is not cheap, don't do without!
Costs you need to pay when buying property:
Property tax:
The amount of property tax you need to pay depends on the amount given in the Tapu as the sales price. In this case it will be about 250 - 300 Euros.
Writs:
Preparation of texts and copies 50,00 €
Official interpreter:
To ensure a correct and safe sale the official interpreter is necessary by law 50,00 €
Notary:
To make the whole sales process easier for you, the notary should sign the power of attorney. 70,00 €
Cost of sending paperwork to military government. 30,00 €
Yearly running costs of property:
Property tax:
1% per 1.000.00 YTL of the price given in the Tapu. (Payable on May 31st each year to the local government).
Telephone:
Costs for connection 8,00 €
Monthly bill (fatura) depends on the amount of units used 5,00 €
Electricity:
Costs for connection 100,00 €
Putting it into your name 35,00 €
Water supply:
Costs for connection 65,00 €
Putting it into your name 43,00 €