Real Estate in Turkey
In Turkey there are plenty of Estate Agents
offering a wide range of properties, making the
buy/sell process as simple as possible. Turkish
property market in the recent years has been
incremented for the low prices and for its
coastal beauty, especially along the southern
and western coasts where the Mediterranean and
Aegean Seas meet. Turkey is one of the Middle
East countries with the fastest economic growing
and it soon will be a member of the European
Union, therefore Turkey is seen as a good future
Buying a property in Turkey by foreigners
involves some regulations that are not too
difficult to follow. UK, US, Russia nationals
and European Union country member can purchase a
property in Turkey without too many problems.
Turkey has reciprocal agreements with those
countries that make easy to purchase a property.
Among the restrictions applicable to any
property purchaser and especially for foreigners
are considered the location of the property. Any
property could not be purchase if it is close to
Turkish military land or basses and the intended
property should be lying within the boundaries
of a municipal area.
To make a good deal without problems and to stay
safe of frauds, it is recommended to appoint a
local lawyer, there are professional with good
English language skills that could help, or you
can use the service of Estate Agents that will
do the job for you.
Once chosen the ideal property, the next step is
make an offer and if it is accepted, the lawyer
will draw up a preliminary contract to purchase
and upon signing this contract a deposit of
between 4 and 10% will be required. The deposit
is non-refundable if the purchaser withdraws
from the sale, but it is refundable if the
vendor withdraws or if there are legal problems.
The lawyer will have to check if everything is
legally correct checking whether the vendor has
the right to sell, whether the title is free of
debts and outstanding claims.
The next stage, if all are satisfactorily
completed, is to sign the final contract. Both,
the purchaser or the legal representative and
the vendor meet at the nearest Land Registry
Office in Turkey to sign the final contract.
As a fact, the purchaser will expect to pay some
fees during the buying process and after, below
are listed some of them but take care they are
Estate Agency Fee: 3% of the Purchase Price
Legal Notary Office: 130� (approx. 90 GLP, $169)
Sworn Translator: 30� (approx. 20 GLP, $38)
Photographs: 15� GLP (approx. 10GLP, $19)
Purchase Tax : 132� (approx. 300GLP, $169)
Land Registration (including maps): 659�
(approx. 450 GLP, 659 �)
Earthquake Insurance (compulsory): 52� (approx.
35 GLP, $66)
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