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PURCHASE PROCESS:

  • A Reservation/Deposit Fee of €2,000 is paid by the buyer to the selling agent to secure the property for 21 days. Reservation/Cancellation Terms - Week 1 is 100% refundable, Week 2 & 3 is 50% refundable and the Reservation/Deposit is non-refundable after that.
  • A private purchase contract is drawn up between the buyer (you) and the seller/builder. The contract should contain all details and conditions related to the building specifications, estimated time plan for completion, the milestones and terms and conditions for payment; and buyers and sellers responsibilities. You will be expected to pay a deposit in an agreed time to activate the contract. Three copies of the contract are made so each party can receive a copy (yourself, your solicitor and the owner/builder). During this period, (while the property is kept reserved for 21 days) as the buyer, you can start making financial arrangements and checking-over the contract with your solicitor.
  • The sale contract, signed by both parties, protects the rights of both sides and based on this agreement the property is considered as sold. The seller, after signing the contract, can not increase the purchase price even if offered a higher bid from a third party. On the other hand, the seller is also protected as the buyer will be expected to make payments according to milestones during the building process.
  • After the contract is signed and the first installment is paid, the process of applying for military clearance begins. Foreigners are subject to receiving clearance from the Ministry of Defence to buy the specified property. This process can take 3-4 months. This process is completed by your solicitor. The title cannot be transferred to a foreign purchaser before the clearance is received. While the outcome of the military clearance application is being processed, construction continues and the buyer makes his/her payments at the completion of milestones. The completion of the milestones are inspected by your agent and solicitor and status is reported with photos taken from the site via internet to the owner. After both the clearance is received and the construction of the property is completed, the purchase process will be finalized and the transfer of title deeds will take place.

At this stage your solicitor willl:

  • Register you with the tax office and receive a Turkish Tax Number for you.
  • Have the transfer of title ready in the Land Registry Office.
  • Have you registered as new owners of the propertyin the Municipality and prepare and submit your Real Estate Tax Statement.
  • Have all utilities (electricity, water and telephone bills) registered in your name after you take over the property.

Related costs during the transfer:

  • A 1.5% tax (stamp duty) is required by both by the seller and the buyer during the transaction.
  • Other costs 0.3% (Donation to education funds, etc.).
  • Property tax, paid annually to the local government at the rate of 0.3 % of the declared value of the property. Revaluation is conducted by the local government every five years.
  • New properties are exempt from the annual property tax for five years.