After paying the reservation fee, Istanbul Homes will carry out the title deed checks. A contract will be drawn up between the seller and the purchaser. This will give the details of the completion date, payment schedule, and terms & conditions. When this is signed by all parties, the deposit is paid and the application is made to Tapu and Land Registry Office. After the application, you can get title deed within 2-3 working days. You can sign a power of attorney to conclude all the necessary paperwork if your circumstances require it. Related pages: Buying Property in Turkey, Property Purchasing in Turkey
You will normally pay a 10% reservation fee and then 30% as a deposit within four weeks. Most developers offer stage payments (lump sum to be paid after each building stage) often with a degree of flexibility towards your circumstances. This will be agreed at the time of purchase. See the list of properties with installments from the construction companies.
Appraisal report, passport translation at the notary public, the power of attorney if needed, 2 photos, local tax number, and bank account. Read more about title deed conveyance.
Generally, it takes one day after the application to the General Directorate of Land Registry and Cadastre with all required documents. Sometimes, depending on the work volume at the title deed offices, it may be delayed one day or two.
Title deed escrow is an alternative way of title deed conveyance in Turkey. Here, the buyer pays the money to the seller through Takasbank which is the central clearing and settlement institution in Turkey. Money is transferred to the seller after the confirmation report of the successful title deed conveyance to the buyer. Learn detailed information about the Title Deed Swap system.
A hypothec is a commitment, right, or security given by contract or by operation of law to a debtee over the property of the account holder without a move of ownership or title to the debtee. In Turkey, hypothec on title deed is utilized when purchasers owe a measure of cash to vendors. It is expelled from the title deed when the obligation is paid.
Since power of attorney is a serious decision that lets someone else act on your behalf and all documents are in the Turkish language, it is an obligation to have a sworn interpreter to translate the information on the papers for you before you sign.
Yes, you can give a power of attorney at Turkish embassies. Also, notary offices in your country can prepare a power of attorney if your country is a part of The Hague Apostille Convention. Read more about the power of attorney.
If a foreigner owns property in Turkey, he/she gets a residence permit which is renewed every two years if he/she keeps the ownership. Learn more about Residence Permit in Turkey.
NO! However, having a residence permit has some advantages and the Homes&Beyond expert team helps you get your residence permit if you demand.
Foreign companies (legal entities) can not buy on their behalf directly. A foreign legal entity should first establish a company in Turkey. This Turkish company may acquire property ownership. Istanbul Homes will serve you professionally for this complicated process. We have already practiced this several times.
Yes, there are reputable English speaking lawyers/solicitors. We can introduce them to you during your viewing trip. Read more about lawyer and solicitor supports.
Title deed conveyance tax, Land Registry, and Cadastre circulating capital fee, notary, and translation costs. All expenses of property purchases are explained in our purchase expenses page.