Are you buying or selling a property in Turkey? We know that buying or selling a property abroad can be a worry. Having experience in the field of property marketing previously, Burcu is amongst the best conveyancing solicitors in Turkey.
What should you be careful about when you are buying a property?
- It is important to check if the property has all the legal licences,
- if there are any 3rd party rights on the property like a mortgage, a seizure, a legal case, any right of easement,
- It is important to secure your money to avoid paying but not getting the deed of the property.
What should you be careful about when you are selling a property?
You need to make sure you get the entire sale price the latest at the exchange of the ownership.
Why do I need a solicitor when buying and selling a property?
First of all, you need a solicitor to have peace of mind when you are dealing with that much money. Solicitors in Turkey are members of bar associations. So, they are the people to protect your money as well as your rights against the other party, estate agents and any other 3rd parties.
Legal Basis of Buying and Selling A Property
According to the Turkish laws and regulations in force, transfer of ownership of a property is only possible with an official deed and registry, which is signed at the Land Registry Directorates.
It is possible to sign a “sales commitment agreement” in a notary. However, legal ownership of the property does not transfer with a “sales commitment agreement” or other kind of sales agreements.
Required Documents When Buying or Selling A Property In Turkey
a) Tittle deed of the property or information on village/district, block, parcel, independent section number
b) Identification document or passport
c) “Property Value Statement Document”
d) Compulsory earthquake insurance policy for the buildings (house, office, etc.)
e) Identity information form
f) If one of the sides cannot speak Turkish, certified interpreter,
g) Power of attorney if a proxy is used for the transaction
Costs Of The Procedure
a) Both seller and buyer have to pay the tittle deed tax, calculated according to the selling price, which cannot be less than the “Property Statement Value”. (The title deed fee is 4 percent of the sale price.)
b) Revolving Fund fee which is a fixed fee.
Have you paid for a property and not got your deed?
As mentioned above, property ownership is only exchanged by the contract signed at the registered title deed offices. With a sale contract that is signed at the notary before the sale, you can force the other party either to pay for the property and buy it or to sell it. However if the sale contract is not signed at the notary, you can only claim the money that you paid for the property back in front of Turkish Courts.If you are in a situation like this, it is crucial to contact a real estate lawyer as soon as possible so you do not miss on your rights.