Real Estate Purchases
Turkey could be one of the best countries to buy a house. However, there are some details that you need to consider to make sure you do everything right.
Due Diligence is a Must.
Albeit you may find a detailed article on "Conducting Due Diligence for Real Estate Purchases", here is some answers to most asked questions:
Frequently Asked Questions
- know the construction company, real estate and the people you are dealing with - do your research; check the background of the company, verify company information from Chamber of Commerce and Turkish Trade Registry Gazette;
- do your comparison, look at similar properties from other estate agents in the same area and check them out;
- always negotiate on price and terms of purchase;
- check the title deed of the property for any encumbrances, limitations and other liabilities;
- check the municipal records and occupancy permit for squatter buildings and illegal constructions and worse any demolition order;
- make sure, the property you interested in is not within the military or security zone;
- always but always, get your own extra layer of protection from an attorney looking after your interest.
⇒ make all necessary checks on the property on your behalf;
⇒ ensure that the title is clean, habitation permit has been taken, no demolition order has been given for the property;
⇒ confirm that the property is not within the military or security zone;
⇒ negotiate contract terms on your behalf;
⇒ draft and finalize purchase contract;
⇒ convert the title to your name, finalize all the procedures for the property purchase at the Land Registry Directorate;
⇒ and as a final step apply for Residency Permit for you.
- getting a tax number;
- opening a bank account;
- residence permit applications;
- applying for water and electricity connections;
- issuance of insurance.
The sale agreement alone is not enough to transfer the ownership of the property. Under the Turkish Law, the ownership of property is transferred only after an official deed and registry which is signed at the Land Registry Directorates. When making an application to the Land Registry Office, the buyer and the seller must present the following documents:
- the title deed of the property;
- identification documents;
- the property value statement document;
- earthquake insurance policy;
- photos of the seller and buyer;
- payment proof for the title deed fee and other taxes, if necessary.
The documents need to be translated and buyers can also use a power of attorney if they cannot be present themselves during the sale process.
However, you shall not sell the said property for a duration of three years.