Six Step to Securing your Property

Anybody wishing to buy a Turkish property needs to be aware of certain laws and restrictions relating to foreign property ownership as laid out in Article 35 of the Turkish constitution. These laws were relaxed recently meaning buying a property is now a relatively simple process. This guide highlights the main points to bear in mind.

1 Deposit: Once you have found the property to want to buy, negotiated with the vendor or developer and agreed the price, a deposit of between £1000 and £2000 (normally non-refundable) is then paid to the seller in order to take the property off the market. This can normally be made either in cash or by credit card and a receipt is given. It is usual at this time for the buyer to have a preliminary contract (if buying from a developer) outlining the initial terms and conditions of the sale, any inclusions agreed and initial payment terms.

2 Photographs: You will need to have your original passport, additional copies of your passport and 6 passport sized photographs ready to attach to legal documents and applications. Your Target Properties Turkey representative can organise these locally (around £4 for 8) or it may be worth bringing some with you to save time.

3 Independent solicitor / lawyer. It is not obligatory to use the services of a solicitor or lawyer. However, we at Target Properties Turkey strongly recommend their use to protect the buyers’ interests. They conduct thorough searches of the title deed on the land or property you are wishing to purchase to ensure that the vendor has the legal right to sell and that there are no outstanding debts or legal problems with the property or land. They can also draw up and oversee the purchase contract, act as a power of attorney on your behalf, oversee financial transactions and offer support and legal advisory services throughout the buying process. Remember a notary only protects the legal rights that the town and Turkish government puts in place, not the rights of the buyer. The use of a solicitor is an additional expense of around £400 to £800. Your Target Properties Turkey consultant can recommend a number of independent, bi-lingual solicitors in the Fethiye area.

4 Signing of the purchase contract. Once everything is in order, you or the person granted power of attorney, signs the final  purchase contract in front of a public notary.  The sale is then completed once the payment terms have been satisfied and the balance owed is transferred to the seller.  The solicitor or developer will apply to have the title transferred and for the new title deeds to be delivered in the name of the new owners.  It is normal for this application to take a few months to complete and in most cases, the last 10% of purchase value is not transferred to the seller until the new title deeds have come through in the buyers name.

5 Payment. Depending on the terms you agreed with the seller, the first payment is normally between 25% and 30% of the purchase price and made within 2 to 4 weeks of the deposit been given. If buying off-plan the remaining monies owed is normally spread into installments throughout the build. If buying a key ready or resale property all but 10% is normally required within a month. It is normal for your agent to take you to get a tax number and then open a Turkish bank account where monies owed can be transferred to easily. You, or the person you have granted power of attorney, can then easily make the necessary payments to the seller or developer at the times stated on the contract. Alternatively you can pay the seller direct. N.B. 10% of purchase contract is normally kept back by the buyer until the title deeds have been transferred (see point 3).

6 Completion. Your agent will advise you when this happens. This is when your title deeds (TAPU) has been returned from the land registry. It is then that you fetch them from the office during your next visit, pay your final installment and the property purchase tax of c3.3%.