Purchase Procedure
PurchaseProcedure
General Instruction
Foreigners may purchase any property in Turkey in their own names ( Free Hold) provided that properties are located in towns, not in villages or rustic areas. The property purchased must be located within the boundaries of a city or district. The land or home purchased must also be located outside of military zones.
Property Purchase Procedure
When you arrive to Alanya City, our real estate consultant will issue a Tax number for you, which requires your Passport. Not only that the consultant can help you acquire a bank account in order to transfer money from your home country
· Step 1
Once you find your property we will draft a contract with you detailing the agreed terms and conditions of the purchase. This will include the amount of your holding deposit, a date in which we agree on where you will pay a full deposit and the final balance cost of the property. A legal translator will be appointed by the government notary offices and this legal translator will be present in the entire duration of the process so that you fully understand everything
.Step 2
The legal translator then takes the buyer's passport(s) to the Notary for translation. This is necessary for security and property location checks. The translation takes a maximum of half an hour, after which the passport(s) will be returned to the buyer.
·Step 3
Sedir Emlak Real Estate consultant and the buyer will take the contract to a local lawyer. Your lawyer is responsible for supervising the applications for the TAPU (title deeds) and the Iskan (habitation licence) as well as dealing with contracts. The Iskan is a technical passport for your real estate which holds information about your property such as the number of floors and indoor infrastructure. The TAPU is an official document that shows property ownership. This document will include the owner’s photo, an official stamp and the signature. It is vital that a TAPU is checked for authenticity by making sure that the name on the TAPU matches the seller’s name. Your lawyer will check all of this for you as well as making sure that the TAPU does not come with any debts and matches the property in question.
Earth Quake insurance will be made for your property as it is mandatory by the Land Registry Office and will be attached with documents to complete the TAPU transfer.
All parties will then sign the contract written up by Sedir Emlak Real Estate, witnessed by the lawyer, the legal translator, and one other witness.
.Step 4
On completion of the contract, you will be required to leave a holding deposit to secure the property (normally 10% of the price)
.Step 5
It usually takes between three to ten days to complete the Tapu transfer as it requires security and property location checks to be made and approved. Or it may take five or six weeks if the property requires military clearance, whereby the property you are buying is cleared that it is not situated in a military zone. Once the application is approved by the Land Registry Office and all other paperwork is in place, you will pay the remaining balance on your property and your lawyer will sign over the deeds of the property.
In order to acquire the title of a property, an application has to be submitted to the local Land Registry Office in which the property is situated. After carrying out necessary searches and checks for the above-mentioned requirements, the transfer of the title is done by the Land Registry Office. In Turkey, it is compulsory by law for both sides (the seller and the buyer) to be present at the entry in the property register. During the transaction, the proofs or the documents concerning the transfer of the full purchase price into Turkey must be presented to the Land Registry Office.
·Step 6
It is at the point of deed transfer that all taxes and charges will be paid. You will need to pay a buyer’s fee to Sedir Emlak Real Estate which will be set at 3% of the price of the property. You will also need to pay the purchase tax (stamp duty) which amounts to 4% of the assessed value of your property. The assessed value is normally less than the selling price.
Tax
Annual property tax is collected by the municipalities (the equivalent of council tax) at the rate of 0.3%. Tax fees can vary slightly depending on your town and if your property is located in big cities the figures are doubled. All properties are subject to revaluation every year for tax purposes. We guide you through this process for the first time.
While the process may seem complicated at a first glance, Sedir Emlak Real Estate will always is more than happy to guide you through the entire process with the best advice possible to make your experience a seemless one.
