Sales Procedure ;
Buying a property is very easy here, safe and risk-free, if you know and respect the law. Turkey is becoming a popular holiday destination with its immense unspoilt coastline and Mediterranean climate which offers all-year-round sunshine. Buying property in Turkey is now seen as a good future investment considering the fact that Turkey is on the verge of becoming a member of the EU and has one of the fastest growing emerging markets in the world.
Foreigners may purchase land and property in Turkey in their own names provided that properties are located in towns (i.e. there must be municipality in the area where the property is and the property must be situated within the boundaries of that municipality or borough). Since July 3rd 2003 foreigners are also permitted to buy properties in villages Outside of tourist areas, special orders of the central abministration must be obeyed. Within restricted military areas foreigners are still not abel to buy Turkish properties.
The process of real estate purchasing can be described as follows
1) The choice of real estate object
Fırst you have decided to a property from our portfolio
2) The conclusion of the purchase contract with real estate agency .
Organising a valid contract in line with the Turkish Ownership laws for the sales of the property that protects the Buyers rights
3) Organising standard official deposit agreement to secure both parties.The payment by the buyer of the deposit at a rate of 10%- 20% from object cost
Before we start the procedures at the Land Registry Office, a deposit of 10% – 25% of the sales price will be asked to be paid to the Seller (as outlined in the contract). The payment of the remaining sum i.e.90%, shall be paid when all the legal procedures are finalised and parties are called for transaction.
4) The agency sends the inquiries to Military department and to the General directorate of Land Registry and Cadastre for the sanction to purchasing of the given real estate object to the foreign citizen.
5) The registration of the transaction and registration of the property rights (TAPU-Title Deed). After acquisition of sanctions the seller and the buyer (or their representatives) meet in the Land Registry and Cadastre departament where TAPU (Title Deed) will be registed and transfered to the new owner. For TAPU(Title Deed) registration the buyer shows the passport with translation into turkish language and 3 color photos.
6) At the moment of TAPU (Title Deed) reception full calculation between the seller and the buyer for got object of the real estate should be made.
When paying for a property in Turkey it is usual to pay cash or by banker’s order, or open a bank account in Turkey in both Euro/Dollor and Lira and transfer money to your account from your Country (check you banks transfer charges).
7) transfer of keys, settling
“My Bodrum Homes” offers you valuable assistance and allows you to have an objective and thorough investigation carried out regarding the property in which you are interested. Our well-educated staff are happy to help you. So please do not hesitate to contact us either through email or fax or in person for any additional information.
Tax and Extra expenses.
- Sales transaction tax:
3% on the ‘declared’ value of the property to be paid to the government (e.g.: if declaration of buying price is 90.000€ than the fee is 2.700.-€)
- Application fee:
150.-€ (a service value is paid to provide the necessary information and paperwork for the application to the Military such as maps, passport translations,etc)3. Translator fee:
100.-€ (it is necessary to have a translator at the stage of Tapu transfer to make sure that the Buyer has accepted the context)
The transactions carried out after the ‘Tapu’ the title deed is transferred to the name of the buyer:
Electricity register transfer for the house: Approximately 60 ~ 100.-€
Water register transfer for the house: Approximately 95.-€
Satellite membership for TV- Digiturk: Approximately 100.-€
Telephone line :Approximately 10.-€ ( it is compulsory to have a residence permit to get a line)
Property municipal tax :Paid on yearly basis based on approximately 0.1% of the annual evaluation of the property
Documents requested by the Title Registry Offices.
A sale is the transfer of a property to another party in return for a specified value. There are two elements in a sales contract. These are; the immovable estate sold and the value of the sale. The value is decided upon between the parties. The value may be low or high. The Title Registry Office does not have the authority to interfere with the question of whether the amount is low or high. But, the Title Deed Registry Office reminds to the parties in a written format on the Title Deed, upon comparing the Sales Value to Real Estate Declared Value Ratio., that if the declared value is found to be lower than value determined, the difference shall be collected from the parties and a penalty will incur in accordance with Taxation Methods Law. If the declared value is exceedingly low, the Title Registry Authority shall not refrain from taking appropriate action. If there is a request by the seller, a lawful mortgage may be established over the remaining of sales value. The seller may not be forced to declare that the seller has been paid all of the sales value. The matters conserning the payments relating to the sales value shall be declared on a separate, legally valid documentdrafteds by the parties. Such matters can not be registered in the Title Deed Registry.
What are the documents requested by the Title Registry Offices?
- Contract for promise of sale of real estate issued by the notary
- Birth certificate or passport of the person making the request
- A 6×4 cm Passport size photo of the seller/s and 2 6×4 cm Passport size photos of the buyer/s, taken within last six months.
- Representation Certificate if the request is made throught represantation.
- Declaration of Tax File Numbers as well as the Citizenship Numbers of the sellers and the buyers.
- The Compulsory Earthquake Insurence Policy (DASK) of the estate, if it is a Duplex residence, Villa, Apartment, which has had category correction into residence from the land category in The Title Registry Logs. The Type ‘Nevi’ column in the logs should be cheked if the Foundation Compromise Value is applicable.
If the client is not in Turkey the contract can be sent via email to the client for signing.
The contract will contain the Sellers and Purchasers full details (see below)
8.Any other relevant details such as optional extras.
After the contract has been signed the first payment should be made within 15 days or as agreed with client.
The sales contract is signed by the developer and the customer. Then a copy will be given to all relevant parties