Part Two – Purchasing Your Dream Home
When you sign your sales agreement you’ll need to pay a deposit to the builder or seller, amounts vary between construction companies and on what an individual homeowner wants. Your agent should be able to give you a ballpark figure based on your budget and the properties you wish to look at during your viewing trip. You’ll therefore need a form of payment that allows flexibility and don’t forget those all-important receipts.
To enable you to buy a property and open a bank account in Turkey you’ll need an easily obtained Tax identification number.
You’ll require two copies of your passport translated into Turkish to obtain the number. With the correct paperwork, the whole process can be done in a very short time.
To pay the property’s bills and for ease, in purchasing the property you’ll need to open a bank account.
To open a bank account you’ll require copies of your passport, your Tax Identification number and a document proving your address. You’ll sign the banking agreement and give several samples of your signature.
To purchase land or property that has not previously been cleared for foreign purchase, the buyer must make an application to the Land Registry office and have clearance from the Turkish Military. The application process currently takes around a few weeks and requires; A copy of the current title deed on the property or plot, translated copies of the buyer’s identification & passport photos and payment of the application fees.
All properties in Turkey must have relevant earthquake insurance called DASK.
This can be arranged through any insurance company with a copy of the original title deeds and details of the postal address and total size of the property.
DASK is an annual cost relevant to the size of the property.
Upon clearance from the military, you’ll be in a position to complete the sale and take ownership of the property. Any outstanding payments for the property purchase must be made along with the title deed fees. Both parties or their legal representatives will be invited into the Title Deed office along with a translator and upon confirmation that all monies are paid and agreement that the legalities are correct (You’ll be very pleased you chose a good and thorough Estate Agent here) the title deeds will be transferred.
You’re now the owner of your Dream holiday or investment home so you’ll want the utilities switched on to make it livable.
Electricity and water supply accounts can be opened with the relevant institutions with a copy of the title deeds and personal identification and payment of an account deposit. However any previous supply accounts must be closed and all monies owed paid to allow this, your agent can arrange for the seller to close the accounts before you move into the property.
To purchase your home with confidence it’s important to work with a reputable Estate Agent who will thoroughly check all the legal elements of your property such as licenses and permits and closely follow the process of your sale providing you with regular updates.
Ready to buy in Turkey? Buy savvy by reading our 6 Common Mistakes And How To Avoid Them post.