Real procedures when buying an apartment in Turkey
Turkey is one of the most popular destinations for investment in foreign real estate. It is also believed that this is one of the easiest options, which is why Turkish real estate is so often chosen as the first foreign housing. However, due to ignorance of all the nuances in the matter of purchase and sale, even experienced investors have a certain fear and distrust. Is it a good idea to buy property in Mahmutlar, Antalya or Alanya? In this article you will learn about all the procedures for buying real estate and who to turn to for competent help.
Who does this?
Suppose you have chosen an apartment or a house on the coast of Turkey. You know exactly what you want to buy. Who will be engaged in its design? There are two options: you can contact a real estate agency to specialists who know exactly their job and will help you for a fee, or you can do it yourself. Even if you decide to follow a simple and reliable path and contact a real estate agency, it will not be superfluous to delve into the system of registration of purchase and sale of real estate in Turkey.
Where to start?
The very first step should be taken not by the buyer, but by the seller. The seller must get an official document or a certificate of the cadastral value of the property being sold. NOTE: all property taxes must be paid by the seller before its sale, otherwise no certificate will be provided to him. It is worth knowing that the cadastral value of real estate is always much lower than the market value (this is not only in Turkey).
Real estate valuation
When a foreigner buys an apartment in Turkey, a real estate assessment is required. At the same time, the assessment must be issued through a special state system called E-devlet. The appraiser must come, inspect the property being sold, take photos and measurements and, as a result, appraise it. The appraiser is always randomly selected so that there is no possibility for bribery.
Documents for cadastral management
The next step is to fill out a questionnaire for the cadastral office. Usually, the documents are submitted by an intermediary company. To fill out the questionnaire, the seller and the buyer will need a passport, a photo, and an individual taxpayer number. Questionnaires must have a real signature of their placeholders.
Questionnaires, copies of identity documents of both parties, TIN, certificate of cadastral value and a document on the valuation of real estate – all documents that need to be submitted to the cadastral office.
Purchase and sale transaction
In a couple of weeks, the date of the purchase and sale transaction is set. If the buyer of the property is a foreigner, then he should seek the help of an interpreter, who must be present at the transaction in order to translate the contract into Turkish. The buyer receives a certificate of ownership, in Turkey it is called TAPU, within 30 minutes after the completion of the transaction.
Taxes and fees
All costs related to the transaction issue are borne by the buyer. The expenses include a tax on the purchase of an apartment in the amount of 4% of the real estate price specified in the contract of sale, and payment of a state duty in the amount of TRY 1,235. However, if the seller has owned the property for less than five years, he must also pay the tax. In this case, it is the tax on the sale of real estate.
Our assistance in choosing real estate in Turkey
You can find out more details if you contact Turk.Estate. If you decide to buy an apartment or a house in Turkey, the competent agency staff will pick up interesting offers for you and help you with the purchase and sale transaction.