Buy a Property in Turkey – But Don’t Get Your Fingers Burnt
There appear to be an increasing number of people wanting to obtain a house in Turkey. For quite a very long period, European countries such as Spain and France would be the very best choice – however as these states appear to be reaching saturation point, smart folks are looking further afield. And Turkey seems to be always a fantastic place to look at. It’s really a breathtaking vacation destination with an amazing shore, a near-perfect climate and ancient web sites returning centuries Turkish lessons.
The good news in case you would like to get a property in Turkey is that not only does one still snap up incredibly cheap properties, but purchasing is a reasonably simple process for most foreigners. However, just like the majority of states, you’ll find matters that you need to look out for in order to avoid getting your fingers burnt. Listed below are the main ones.
You’re fine if you’re from the European Union, the USA or Russia – if you’re not, check whether there is a mutual arrangement between Turkey and your country. Also you must assess that any land you would like to buy is the boundaries of a suburban area (a village or town with a population of 2000 or even more) and is not in a military zone. And do stick to these rules. Some foreign nationals who have attempted to become around them – e.g. by buying in the name of a Turkish friend – have seriously come to despair. And English isn’t widely spoken in
Turkey, except for those who have attended high school schools. You’d be most unwise to approach your transaction without a reliable translator. You’ll also require a bilingual legal advisor. Instead, find a real estate company in your own country that focuses primarily on Turkish land.
When you’ve found a property you are interested in, you will need to have it examined thoroughly. Get a reliable structural engineer to inspect it fully for structural soundness, for example earthquake safety. If it is a resale property, make sure there are no debts on the home, and also that all bills – e.g. for electricity and water – have already been paid in full. Obtain your lawyer to inspect the tapu thoroughly to ensure that it is for this property and they aren’t attempting to palm off the other for you – that has been known. This concerns you if you would like to make use of the property for a holiday rental business – if so, take legal advice.
To start the purchasing procedure, you and the seller sign a first contract, and then you begin the application for the tapu or title deed. Before the tapu can be issued, permits need to be obtained from both the City Council and the Army Office (certainly, this is necessary in Turkey). Your lawyer will visit to all this for you. The process takes about two months.
The fees you have to permit for comprise 3 per cent property agency commission (should you use an estate broker), also Land Registry as well as other fees that amount to a total of about $1,200-$1,400 USD. Remember also that earthquake insurance will be compulsory in Turkey – probably just also!
The main thing of all of this is that your urge to purchase home in Turkey shouldn’t override common sense. It’s simple to be mesmerized by the wonder, romance and history with this extraordinary country having its glorious coastline and unbroken sunshine. But regardless of what you are doing, don’t be in so much of a hurry to grab your little bit, that you’re tempted to bypass any of these precautions. Do things the correct method, and also you’ll have a superb property which will bring you lots of enjoyment – and, hopefully, profit too!