What are the legal procedures for buying a property in Turkey?
Are simple procedures not as some might imagine and Turkey is also easily buying the property in comparison with other European countries
Foreigners can buy real estate in Turkey and register it in their own names provided they are not in military zones
The deed of title “Tabu” is written in Turkish in the same format for the new owner of the property. This document is the official document confirming the ownership of the property. For the official body that will carry out this procedure is exclusively the land registration office of the Ministry of Foreign Affairs. After the procedure of ensuring full ownership
Formal procedures
- The first thing you need to do is open a bank account at a local bank and we will assist you fully in this procedure in terms of instructions and translation that you need
- The document of the sale contract shall be signed by both the owner of the property and the buyer in the presence of the notary public. This document is an official document containing all
- the personal data required for both the seller and the buyer in addition to the details of the property itself.
- After completing the application, we will submit the application as mentioned above to the Land Registration Office to start the necessary procedures and obtain permission from the army
- that this property is valid for the property. This process usually takes between 1 month and 1.5 months at most
- The company is the one who follows all these procedures fully and the buyer pays the expenses only
- After taking the army’s permission, the seller will go to the Land Registry Office to transfer the ownership to the new buyer
- We highly recommend you during the purchase process to hire an independent lawyer who speaks English and, if you wish, we can secure that lawyer for you
Taboo:
Taboo or property deed is the official legal guide to property ownership
It is requested from the Land Registry Office (local taboo) and is obtained by the buyer and the seller and is always in Turkish
The request and the survey data are sent to the military command, which in turn carries out the necessary research procedures. This may take between one and a month and a half at most
After completing these normal procedures you will need a copy of your passport, the names of both your mother and father, and a personal photo number 4 in the size of the passport photo. There is a tax for seismic insurance that you pay, so the procedures are over and the taboo office transfers the ownership of the property to your name and considers you a new owner of this property in the registry Real Estate This page in the Land Registry proves your ownership of the property.
What are the total costs of purchasing a property in Turkey?
Transportation expenses:
The registry is not entered by a notary public in Turkey’s real estate registry, unlike most European countries.
But by the administrator responsible of the Ministry of Property Registry and this legal requirement for the benefit of both the seller and the buyer
Here you can authorize someone else to do this through a notary public
Thus, after the entry into delivery, the title of the property that indicates your ownership of the property (Taboo)
Transportation Tax:
The value of what is written in the taboo office is 4% of the value of the entire property (the buyer is often paid by)
It is paid at an offshore bank during the previous transfer phase
In addition, 1% of the value added tax is added for investors. For more information you can read the law exempting investors from VAT
The value of the broker’s fees, which is according to the mortgage in Turkey, is 3% of the sale price of the property
Thus, the total cost of buying the property is about 8% of the sale price of the property
Are there other expenses in purchasing the property in Turkey?
The stamp tax is 0.945% and is paid only once
The meters are opened by registration in the gas, electricity and water companies and are valued at about US $ 400 and also paid for once
Continuing expenses include:
Insurance is about $ 50
Monthly revenues for utilities, security and services are between $ 0.5 and $ 2.00 per square meter and vary from one project to another depending on the diversity of these services
0.003% annual property tax