Buying a property in Turkey is a lot easier than in many other European countries. Foreigners may purchase land and property in Turkey in their own names provided that the properties are not inside military zones or within/on government land.
In order to acquire the title of a property, an application has to be submitted to the local Land Registry Office in which the property is situated. After carrying out the necessary searches and checks for the abovementioned requirements, the transfer of both sides (the seller and the buyer) to be present at the entry in the property register. However, as this is often inconvenient for people who are residing abroad, Nicholas Homes can offer to act as a power of attorney for this transaction. During the transaction, the proofs or the documents concerning the transfer of the full purchase price into Turkey must be presented to the Land Registry Office. A purchase tax of three percent (3%) of the registered purchase price is collected from the purchaser during the transaction.
The acquired property may be resold and the proceeds may be transferred out of Turkey .
Nicholas Homes Purchase Procedure:
Nicholas Homes provide a purchase contract for the buyer and will detail:
What property is being bought/sold
What the agreed price of the property is
Detail payment terms
A technical contract will then be provided which will detail:
Any technical specifications and/or changes to the property that Nicholas Homes have agreed with the buyer
In the case of off-plan purchases detail the buyers choice of fittings such as work surfaces, colours, ceramics etc.
Our land registry specialist will then take the buyer/s passport to a notary for translation. This is a necessity for the security and property location checks mentioned above. The translation takes no more than an hour after which the passports are returned to the buyer.
Once the application has been approved by the Land Registry Office (it takes 2-3 months for the security and property location checks to be made and approved), Nicholas Homes will sign over the deed of the property to the buyer (assuming all outstanding payments have been received). It is at the point of deed transfer that the purchase tax (3%) is paid.