What should we consider when buying a property in Türkiye?
buying a home overseas may not be as straightforward as buying in your country.
the main reason people sometimes thinks buying overseas property is risky are:
- The fear of being defrauded and losing money as well as precious time;
- Language barriers, particularly legal Jargon, which unfortunately exists In all countries;
- The feeling of lack of control over the process, which arises due to you, not being based in the country you are
Types of documents
Homes in Türkiye have three requirements:
first, there must be a “Tapu,” which is a title deed, “imar,” which is a building license, and “iskan,” which is a habitation certificate.
You do not want to dish out any money if you are unable to verify that the property contains all of the above.
It is highly advisable to check with the Land Registry Office, Tapu Dairesi in Turkish, to make sure the property you are checking out is legal for purchase and that the deed does not have any outstanding fines or debts connected to it, such as an “ipotek,” which is a lien on the property that you would be liable for if purchased.
In new builds, make sure the name of the title deed has been transferred to the contractor versus the landowner. If that is who you are purchasing from and do not relinquish any funds.
only pay for the property in full after the deed has officially been issued in your name. There are methods available by banks in Turkey to ensure funds are secure for both parties during the transaction process.
Ownership transfer costs
The transfer tax in Türkiye is 4% of the property value. In the Turkish document transfer law, the tax amount to be paid should be divided equally between (you and the seller).
The property of a construction company for a residential unit with a net area of up to 150 square meters is subject to a 1% value-added tax.
For residential houses with a net area of 150 square meters or more, the value-added tax is 18%. But if you are buying a property for the first time, you are exempt from tax.
The cost of the real estate expert, who is called an expert, is your responsibility. The cost of the expert in 2022 is about $200.
After signing the contract, you will pay a down payment (deposit). It is 5% of the total price of the property to reserve the property.
The amount may vary depending on the seller or the state of the construction.
If you refuse to buy the house, the owner will not return the reservation deposit.
If you are buying a property to obtain Turkish citizenship, you should pay attention to the fact that your deposit amount must be transferred from an account in your name to the construction company. You must explain for what purpose you are transferring this money.
Evara company has the honor to accompany all customers who decide to invest by buying a property in Istanbul from the beginning to the end to avoid any legal problems or encounters with profiteers and make the process easier for them.
You can also contact us through the links below:
+90 (553) 9005500