Turkish Riviera Travel - The Buying Process

Buying Property in Turkey is very simple, but it is a good idea to be familiar with the procedure.

Most people are amazed how straightforward and quick the buying procedure is in Turkey. A property transaction between two Turkish people can be carried out in an afternoon. For a foreign buyer it takes longer owing to the need of official permission from the military authorities. (Outlined below).

Property Searches:
Your solicitor will need to conduct a search at the registry office (tapu dariesi) to confirm the property belongs to the seller or they have legal authority to sell it on behalf of the owner. They will check there are no outstanding debts or charges against the property, all appropriate building and planning regulations were followed and relevant permission was granted. The solicitor will also check the property is not in a military restricted area were foreigners are not allowed to own land or property, they can also check adjoining land if you are concerned about future developments.

In normal cases, all searches are complete in 3-4 working days.

Deposits and Contracts:
After the initial searches are complete, it is normal to pay a 10-15% deposit to show your commitment and to hold the property during the military investigation process. Payments of the deposit should be recorded in a contract, written in Turkish and translated to English, which is signed by both the buyer and the seller.

The contract will also give an agreed price for the property and may include how the payments are to be made and what is included in the property. Provisions for what happens in the event the purchaser does not go thought should also be included in the contract, which should be drafted by a Turkish solicitor familiar with property law. Contracts for off plan purchases will contain payment schedule, completion date and work guarantees.

Military Permission:
The military authorities must approve foreign nationals buying property in Turkey. Before granting permission for the sale to proceed, the staff at the military headquarters will run background checks to make sure that you are a person of good character. This involves checking whether you have a serious criminal or terrorist background. Minor offences are ignored.

As part of the military permission, they check the property you intend to buy is not located in a military or restricted zone. The whole procedure usually takes 12-14 weeks, although some estate agents and developers are able to get approval faster.

Completion:
Once you receive the military clearance, you can proceed with the transaction. This is conducted in the local land registry office (tapu dairesi) in the presence of a land registry official, the transaction involves the currant title deed holder or there legal representative, giving consent for the new title deed (tapu) to be issued in the buyers name. By this point, the money for the transaction should have already changed hands. An interpreter should be present to translate the whole process so you understand what is happening. As the legal owner your details will now be on the title deed, you will receive a copy and one is kept at the registry office, additional copies maybe ordered for a small charge.

Transferring the money:
There are several options of money transfers from the UK to Turkey, in our opinion the best way is to open a Turkish bank account well before the date of completion enabling you to transfer funds via priority payment electronic transfer from your UK account, this method usually take 3-5 working days though sometimes considerable longer and costs around £25.00.

You will then need to make a transfer from your Turkish account so the funds reach the sellers account on the day of completion, the title transfer would not take place until cleared funds are in the sellers account.

Alterative methods of transferring funds:

Bankers draft

Western Union, Money Gram (this is the fastest form of transfer but very expensive)
Granting power of attorney to your solicitor or other trusted person which allows them to act on your behalf , money maybe transferred to there bank account so they can complete the transfer on your behalf ( see granting power of attorney).

If you are buying your property in a foreign currency, such as euros, contact a recognised foreign exchange dealer, like currencies direct, Tel:02078130332, www.currenciesdirect.com, who generally give a better exchange rate and less commission than the high street banks.

Remember to transfer enough money to cover the cost involved in the purchase (see frequently asked questions).

Obtaining a tax number:
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 solicitor can perform this for you following the exchange of title.

Granting power of attorney:
Granting power of attorney to your solicitor or other trusted person allows them to act on your behalf. This can be particularly useful if you do not have the time to return to Turkey at the points of the buying process that your presence is required. Of course, it also saves you spending money on air travel and accommodation.

A power of attorney can be drafted by a Turkish solicitor and will need to be notarised in your presence at the notary public. A British solicitor can also draft the document, although it will then need to be ratified by the Foreign and Commonwealth office in London before been sent to Turkey.