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The process of owning a property in Turkey is far simpler than you think. Due to the law change in 2003, the foreigners are given the status of legal personality to purchase land and property in Turkey. And when the time comes to sell, the proceeds can be transferred out of Turkey. The Step by Step Buying Procedure is as follows:
Once you have decided to invest in a property, the very first thing we will do is to give you a copy of the "Title Deed" from the seller. We make the necessary checks to ensure the information on the title deed ( area map, parcel and block number) corresponds to your property.
We prepare a detailed "Purchase Agreement" to be signed by us, you and the seller. This agreement indicates the title deed information of your property, the sales price, the payment method, the amount of the deposit received,your preferences on the property( such as the interior and exterior colors, etc), renovation details if necessary, completion date if it is a new development.
After signing of the contract you will be required to pay a small deposit ( 500-1000 euros). In addition to this, you will also be required to pay for the legal expenses, taxes, lawyer fee and agent's fee. These costs sum up to aprroximately 6% of the property value. A detailed breakdown of these costs will be given to you.
After this stage, we do recommend you to hire a lawyer to take care of the rest of the process for you . In order to enable him to do so , you will be required to give "Power of Attorney" to the lawyer which gives him the authority to get the "Title Deed" under your name while you are away. The lawyer fee is 1% of the property value. At this point, all we require from is the copy of your passport with 4 passport pictures.
The next step will be to get a tax number from the Tax Office. This is a very quick process and it does not cost anything. We will be happy to assist you to get your tax number. The tax number is required to register for electric, water and phone line as well as to open a bank account.
Before leaving home, we do recommend to open a bank account at a local bank. We will be happy to assist you with the process.
When your "Title Deed" application is sent back, your lawyer, the seller and the estate agent go to the Title Deeds Office and finalize the financial and legal issues and the property is registered under your name.
We will talk you thoroughly in each step to clear all the question marks in your mind once you have decided to invest in a property with us.
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