Buying a House in Turkey

by admin (4/8/2010)

Step by Step Guide to Buying a House in Turkey

1. So, you’ve found the house you want to buy. Congratulations. You’ve spoken to your emlak and confirmed your interest.

 

2. Once your application to buy is accepted, it is a good idea to open a local bank account if you haven’t already and register with the local tax office.

 

3. Until 6 March 2007, there was no universal mortgage system in Turkey. The new law now makes mortgages available over longer periods of time and most banks now tailor specific mortgages to foreigners, aware that they have specific needs.

 

4. Provided your searches are successful, a preliminary contract is then drawn up and you are asked to pay a deposit. This will ensure the house is taken off the market.

 

5. To remember: While this deposit is negotiable between you and the seller, it is recommended that this should be as low as possible. Real estate purchase deposits are estimated at between 5-10% of the selling price. NB: Real estate commissions are also payable, sometimes by both parties, sometimes by one party. Total commission rate is usually around 3%.

 

6. The TAPU office will need to see proof of your identity and a copy of the deeds.

 

7. Signing contracts: It is advisable to have all contracts you sign with the seller translated by a local sworn-translator. You should sign both the Turkish and English (or your chosen language) version of the contract in the presence of a notary public and have them notarised. This ensures the contracts are genuine, in line with Turkish law and are binding. 

 

8. As a next step, both buyer and owner (or their legal agents) apply to the TAPU office to transfer the ownership. Here you will need the title deed or document indicating the property’s exact location, your passport or ID card and two recent passport photos of the buyer.

 

9. Finally, after military clearance has finished, you are given an official ownership document called the title deeds (TAPU).

 

10. Very important note: Without this TAPU you do not legally own your new property, even if you have signed a legal contract with the seller. Message boards and forums over the net abound with people complaining that they have still not received their TAPU six, 12 months or even years after buying. Their property is still not legally theirs. You are advised to pay your payment (minus deposits or interim payments you have made) after getting your TAPU.

 

11. You are supposed to then declare the buying of your property to your local council by the end of that year. They will then tell you how much ‘real estate tax’ you will have to pay.