How to safely and quickly buy an apartment in Turkey
Process of acquisition of real estate in Turkey
The process of buying property in Turkey is very similar to the process in many other European countries. The deposit is paid at the signing of the contract, and the final payment is made at the time of transfer of ownership of the property.
REQUIRED DOCUMENTS
• Passport and photocopy of passport
• 6 photographs (3.5 x 4.5 cm);
• Turkish bank account
• Turkish tax number
ASSOCIATED COSTS WHEN BUYING REAL ESTATE
Power of attorney - approximately 100 euros
Translator: about 50 euros
Photo: 10 euros
Transaction value: 4% of the appraised value
CONTRACT
After you have chosen a property and made a decision to buy, a contract of sale is drawn up. You make a deposit. Once all parties have signed the contract and paid the deposit, the contract becomes binding. The amount of the deposit, as a rule, is up to 10% of the total value of the property.
If for some reason you suddenly decide to cancel the contract, you will lose the deposit. At the same time, if the seller withdraws from the agreement, you are entitled to a refund of the deposit you paid.
COMPLETION OF THE DEAL
Upon completion, the buyer and seller (or his authorized representative) meet in person to transfer ownership. This process usually takes only an hour. Foreign buyers must have a sworn translator to verify registration. By law, the buyer must pay taxes and fees before signing the final act. Once all parties have signed the contract, the process is complete. The signing of this document means that the property has been transferred to the buyer and the buyer will be registered with the local cadastral office.
