If you’ve always wanted to buy your own property in Turkey but didn’t know how, you will be pleasantly surprised to know that the entire process, right from the signing of the preliminary contract to the completion is a remarkably simple and easy.
However, the only hurdle one must face here is the Turkish Law that states that all foreigners must obtain permission from the Military authorities before they can acquire property on Turkish Territory.
This process of approval by Turkish Military can take up to twelve weeks. However, as it stands right now, there is a massive backlog of applications since the country’s legislation was re-drafted in 2005. But don’t be disheartened because the new law has been put in place since Jan, turkish citizenship by investment 2006 and everything is expected to return to normal by the end of the year.
The good news is that the recent amendments made to the property law will not affect British buyers. The slightly modified law limits the amount of land that a non-Turkish national can buy up to 2.5 Hectares.
It also states that all purchases must be made within areas sanctioned by the Turkish government and those that are within an official town plan. The law also bars foreigners from buying land in areas that are of cultural, economic and military significance to the nation. The bad news is that these areas may include the popular coastal resorts that are coveted by British buyers.
When buying property in Turkey, one needs to be careful, especially when handing over any money. Once you have decided on a particular property, you will probably need to pay a deposit, which should be recorded in the contract between you and the seller.
DO NOT hand over any amount in the absence of a Contract and before putting your signature on one always get it checked by a Turkish solicitor who has experience in Turkish property law.
There are certain checks and searches involving the deeper aspects of the law that your solicitor should make at the Land Registry office. Once these are out of the way, and you have permission from the military authorities, you can then proceed to paying the money and transferring the deeds to your name.
You can also have your solicitor handle the entire proceedings by granting him power of attorney to act on your behalf. The procedure takes place at the Local Land Registry Office and really is quite simple and uncomplicated.
Seems easy enough, but remember to include certain fees and costs involved in the transaction. The land registry fees alone cost about £160, then there’s the 1.5% stamp duty, the legal fees and don’t forget the 3% agents commission.
As long as you are buying with either Euros or US Dollars, keep in mind to use a recognized foreign currency broker rather than you bank. This way you will get a better exchange rate and can save on commissions and fees.