Steps of property purchase process in Turkey
The Turkish government has been keen to provide many facilities for investment procedures in the country, in particular real estate investment in Turkey, in addition to Turkey being a first tourist destination among the countries of the world in general and the countries of the Middle East in particular. As a natural result of the above, Turkey witnessed a strong demand for buying real estate, and in this article you will learn about the process of buying a property in Turkey with all the required steps.
Real estate investment in Turkey for foreigners
After the amendment of Real Estate Law No. 2644 in 2012 and the abolition of the principle of reciprocity, foreigners can own any type of property in Turkey, provided that the real estate transaction is settled legally if the investor wishes to build a property on a piece of land, which means you have to return to the municipality and the Directorate of Agriculture in the state in which the plot of land is located.
What are the basic steps for buying a property in Turkey:
To ensure a satisfactory result compatible with the goals and capabilities of the buyer, there are seven steps that those wishing to buy a property in Turkey should take:
- Finding a suitable real estate agent:It is necessary to ensure that the real estate company is licensed and certified in Turkey, with its address. Your choice of a reliable and experienced real estate agent facilitates legal procedures within government institutions, speeds up the process of conducting transactions and collecting the necessary papers to complete the purchase.
- Get a good idea of your requirements and capabilities: After the arrangement with the real estate agent, your demands and capabilities must be clarified in order to make it easier for them to present the appropriate offers to you, and thus you will reach a clear goal of:
- The location and size of the property you prefer
- The purpose of buying a property in Turkey
- Purchasing budget limit
- Take a real estate tour with your agent in Turkey: It is always better when buying any property to take a tour to inspect the real estate on the ground and thus know the quality of the building or the land you want to buy and what services are near the property. In order to reach a result that satisfies the investor and meets his requirements
- Choosing the right property: Choosing a real estate agent with extensive experience and a wide network of relationships with construction companies guarantees you a winning deal, as the real estate agent gives you the opportunity to choose between many available alternatives that vary in importance according to the price and quality of the property, in addition to benefiting from the offers offered by companies Construction for your real estate agent.
- Pay an advance amount to reserve the property: After choosing the property, it is necessary to pay a certain amount to keep the property in your favor, this amount will guarantee your right in the first place and oblige the seller to complete the purchase according to the agreed amount, and this amount is determined with the help of the real estate agent.
- Completing the procedures for buying property in Turkey: In this step, the following is required:
- Extracting the tax number from the Tax Directorate in the city in which the property is located.
- Create an account in a Turkish bank.
- Signing a property ownership contract in Turkey and agreeing on its terms.
- Obtaining a real estate registration license and transferring its ownership to the new owner.
- Real estate title deed: It is the last step of the seven steps of the process of buying a property in Turkey and it is not completed until the full value of the property is paid, unless the payment is in installments, and the Title deed is a document of ownership guarantee for the investor or the new owner of the property with the Turkish government.
What are the documents needed to complete the purchase process of a property in Turkey?
- The title deed of the property in Turkey, which must include the detailed address of the property
- Passport or valid travel document.
- A report issued by the municipality in which the property is located showing the average real estate values in the area.
- Real estate appraisal report in Turkey.
- Earthquake insurance policy (DASK) for real estate in Turkey.
- A personal photo of the seller and two photos of the buyer.
- Translation of all non-Turkish documents with a sworn translator and certified by a notary public
- In the event that the purchase was made through an agent, the original copy of the delegacy must be present in addition to a copy translated into Turkish by a sworn translator and also certified by a notary public.