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BUYERS GUIDE/LEGAL MATTERS
First of all, we would most strongly
advise against buying from waitors or taxi drivers, in fact from
anyone who isn't an estate agent. As soon as they have made their
commission they usually disapper, never to be seen again, leaving
the purchaser on their own. Having said that, the buying process is
not as difficult as one might think. In fact it is often simpler
and quicker than in most countries.
People from the following countries
may not buy property in Turkey: During the transaction, the seller declares that he has received the full purchase price from the buyer.
A copy of your passport is then sent
to the military authority who run a check to verify the fact that
you are able to purchase the property. This process normally takes
6-10 weeks although sometimes it can take longer. A 1.5% duty both for the purchaser and seller must be paid. In addition, there is an annual property tax , collected by the local government at the rate of 0.1% for houses and 0.3% for developed lands. New properties are exempt from 25% of the annual property for 5 years. All properties are subject to revaluation every year for tax purposes. The acquired property may be resold and the proceeds of the sale may be transferred out of Turkey. There is no time restriction for reselling property after having bought, you can get it registered in your name and resell it the next day. The buyer must pay a 3% agent’s commission. These are Standard terms offered by all Turkish estate Agents. To reserve a property you will need to pay a 20% deposit. Cash is the easiest way to pay the deposit but understandably most people do not want to carry around thousands of pounds in a foreign country. The easiest thing to do is to open a bank account in the resort area of your choice (preferably on the day of your arrival) and then if you have brought cash, deposit it in the account. Alternatively forewarn your home country bank that you will be opening a bank account in Turkey and requesting by fax a Money transfer to this account. Transfers normally take 3-5 working days which is why it makes sense to open an account when you arrive. Travellers cheques can be used but once again can take a while to process, hefty commission and sometimes the transaction can be stopped by the credit card company because they supect a fraud is taking place. Think about it and you can understand why. A very large withdrawal in a foreign country sets the alarm bells ringing. It is very easy to open a bank account in Turkey and if you need help our staff can help you. The entry in the property register is performed by an official of the Property Register Department in Kas. Both sides must be present at the entry together with an official translator, however it is possible to authorise a person to act on your behalf through power of attorney. The property Tapu will then be made into your name.
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