STEP-BY-STEP BUYING A HOUSE IN TURKEYadmin2022-12-22T01:43:49+03:00
STEP-BY-STEP BUYING A HOUSE IN TURKEY
Buying a house in Turkey can be a complex process, especially for foreign nationals who may not be familiar with the local laws and regulations. However, with the right information and guidance, it is possible to navigate this process successfully and find the perfect home in Turkey.
In this article, we will outline the six steps involved in buying a house in Turkey as a foreigner, including determining your budget and financing options, searching for properties, negotiating the price and terms of the sale, obtaining a mortgage if necessary, and signing the sales contract and transferring ownership.
We understand that this process can be overwhelming, which is why we want to provide you with the information you need to make informed decisions and find the right property for you. Working with a local lawyer or real estate agent may also be helpful in navigating the process and ensuring that everything goes smoothly.
Check out our step-by-step guide to buying a house in Turkey below. If you have any questions or need assistance, don’t hesitate to reach out to us using the form at the bottom of this page. We are here to help you every step of the way.
Decide on the property you want to purchase and reach an agreement with the seller
The first step in the process of buying a house in Turkey as a foreigner is to identify the property that you want to purchase and reach an agreement with the seller on the terms of the sale. This may involve discussing the price, any contingencies or conditions that need to be met, and any other terms that are important to both parties.
Apply to the land registry office with the required documents
Once you have identified the property and reached an agreement with the seller, the next step is to apply to the land registry office with the required documents. These may include;
Identity documents such as a national ID card or passport
Identity declaration form
Power of attorney, if the transaction is being made on behalf of someone else
Title deed, if applicable: If the property you are buying already has a title deed, it will be needed to transfer ownership to Land Registery Office.
Expertise report: An expertise report is a document that provides information on the condition and value of the property being purchased.
Proof of foreign currency purchase, for foreign nationals: The proof of foreign currency purchase is a document that shows that the foreign national has converted the required amount of foreign currency into Turkish lira in order to buy a property in Turkey. This process is in place to protect the value of the Turkish lira.
Compulsory earthquake insurance policy: In Turkey, it is required to have an earthquake insurance policy for all properties
Sworn translator, if the foreign national is making the transaction in person
The documents will be reviewed, and if there are no issues, the process will begin
Once you have submitted the required documents to the land registry office, they will be reviewed to ensure that everything is in order. If there are any missing documents or issues with the ones that have been submitted, the relevant party will be sent a SMS and asked to complete the missing documents or resolve the issues. Once everything is in order and the documents have been reviewed, the process of buying the house will begin.
Pay the stamp duty and revolving capital fee
Once the documents have been reviewed and the process has begun, the next step is to pay the stamp duty and revolving capital fee. The stamp duty is a fee that is based on the purchase price of the property, and is typically 4% of the purchase price. The revolving capital fee is a fixed fee that is required for all property transactions in Turkey. The current fee for the year 2022 is 265 TL.
The buyer makes the payment to the seller
After the stamp duty and revolving capital fee have been paid, the next step is for the buyer to make the payment to the seller. This may involve paying cash or obtaining a mortgage, if necessary. Once the payment has been made and is reflected on the system, the transaction is considered complete.
Signatures are placed and the title deed is issued and handed over to the buyer
The final step in the process of buying a house in Turkey as a foreigner is to sign the necessary documents and transfer ownership of the property. This typically involves signing a sales contract and obtaining a title deed, which serves as proof of ownership. Once the necessary signatures have been placed and the documents have been issued, the title deed will be handed over to the buyer. At this point, the process of buying the house is complete and ownership has been transferred to the buyer.