The Facts About Buying Property In Turkey

The Facts About Buying Property In Turkey



The facts about buying property in​ Turkey
Buying property in​ Turkey is​ remarkably easy and the whole process, from signing a​ preliminary contract to​ completion, could be completed in​ a​ matter of​ days .​
Unfortunately, however, all foreign nationals must get permission from the Military Authorities, a​ process that at​ the best of​ times takes up to​ 12 weeks .​
At the moment however, there is​ a​ huge backlog of​ applications thanks to​ a​ freeze on foreigners buying while the country’s property legislation was re-drafted in​ 2018 .​
Although the new law has been in​ place since January 2018, it​ is​ expected to​ take most of​ the year for things to​ get back to​ normal.
The recent amendments to​ the property law will not affect most British buyers .​
The main changes were to​ limit the amount of​ land that a​ non-Turkish national can buy to​ 2.5 hectares, and to​ limit purchases to​ within areas with an​ official town plan .​
Foreigners will also not be allowed to​ buy property in​ certain areas of​ military, economic and cultural significance .​
These areas are being defined at​ the moment, but they are not expected to​ include the popular coastal resorts where most British people buy.
Once you have decided on a​ property to​ buy, your will generally need to​ pay a​ deposit, which should be recorded in​ a​ contract between you and the seller .​
Never hand over any cash without a​ contract, and before signing anything get the document checked by a​ Turkish solicitor with experience of​ property law .​
Your solicitor will also need to​ make various checks and searches at​ the Land Registry and elsewhere .​
Once these are complete and you have received official clearance from the military authorities, then you are ready to​ pay the money and transfer the deeds into your name, a​ simple procedure that usually takes place in​ the local Land Registry office .​
Granting power of​ attorney can allow your solicitor or​ another trusted person to​ complete these formalities on your behalf.
Remember when budgeting to​ include all the costs and fees involved in​ the transaction .​
These include a​ 1.5% stamp duty, Land registry fees of​ about £160, the estate agent’s 3% commission and legal fees .​
If you are buying in​ Euros or​ US Dollars remember to​ use a​ recognised foreign currency broker rather than your bank, in​ order to​ get a​ better rate of​ exchange and to​ save on commissions and fees.




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