real estate tax turkey
The Buying Process
The process of buying property in Turkey is relatively straightforward. Once everything has been agreed, a property transaction between two Turkish people can be completed in an afternoon. For a foreign buyer it takes significantly longer because of the need for official permission from the military authorities.
The military clearance process is required because foreigners are not allowed to buy property in the military, strategic and security zones of Turkey. In practice, the military sign-off is a formality – it is only undertaken to ensure that the land on which the property you’re buying stands does not fall within the restricted zone. The procedure takes three to six months and can be undertaken on your behalf by a lawyer appointed by you or a member for the http://www.cumberland-properties.com/Property-In-Turkey-Real-Estate/Cumberland-Properties-Staff.asp” target=”_blank” title=”Cumberland Staff”>Cumberland staff.
It is customary for buyers to grant POA – Power Of Attorney – to their chosen law firm. POA gives the lawyer authority to act on your behalf in a legal or business matter; in this case relating to the purchase of real estate. Essentially this facilitates the buying process as POA allows your lawyer to be your advocate, enabling you to go ahead with the purchase, without having to be present. This can be particularly useful if you don’t have time to return to Turkey during the buying process and saves you money on travel and accommodation. The following documents are required by the Notary Public when giving POA for each owner:
- Your passport
- Your parents’ full names
- Your contact numbers and addresses
- Two photos of each person who will be named on the deeds
Once you have found your home, you must sign a reservation contract, which will hold the property for a limited period, and pay a small holding deposit (usually £2000).
Your lawyer must check the TAPU (title deeds) to ensure the property belongs to the owner, check it complies with building standards and that there are no outstanding charges against the property. For both new and re-sale properties it is important to ascertain that all the appropriate planning regulations were followed and building permission was granted. You can also check on the status of adjoining land if you are concerned about future development. All these searches and checks normally take 3-4 working days.
You will then sign a preliminary contract of purchase, which commits you to the sale and pay a deposit of around 30%. The title deed transfer will take place at the land registry office. As the legal owner, your name and details will now be on the title deed, a copy of which will be given to you. Additional copies of the title deed can be ordered from the registry office for a small fee. If you are buying off plan, you should receive a habitation certificate at the end of the building work.
If you are buying off plan, you should receive a Iskan (habitation certificate) at the end of the building work. This document is required for all new buildings and shows that the construction of the building has been completed in line with the planning permission given by the local council (Belediye). This document also includes information regarding construction authorisation, completion date of the construction works, the land registry office records on the property, address and size of the property, specifications of the independent parts in the property, and the owners. This document is very important as without out it you can neither live in the property in question nor subscribe to the utility companies.
For purchase costs you should budget on six to seven per cent of the purchase price for fees. You will need to pay a deposit, legal fees, taxes and agent’s commission. Stamp duty is three per cent and split between the buyer and the seller.
It is important to register with the local tax office and open a local bank account. Do it sooner rather than later because you may need to hire a translator and independent accountant. The transfer of title deed will not usually take place until full payment is made. If you are doing a bank transfer, remember to transfer enough money to cover the costs involved in the purchase.
Once you have purchased a property you need to register with the local tax office who will issue you with a tax identification number. Your lawyer or Cumberland can do this for you following the exchange of title.
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Article Source: ArticlesBase.com – The Buying Process For Turkey
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