While we ensure that our customers get the best properties in Turkey, we also make sure that you are aware of the purchasing costs included while buying a property here. A lot of real estate companies hide this fact from their customers in the initial stages, and once the deal is signed, the customer is then told about these extra costs. At Buy Properties in Turkey, we believe in serving our customers to the best of our ability, and inform you about all the additional costs in advance.
Before we close our deal, here are some additional charges that you must be aware of before buying any property in Turkey. These are –
1.Buying Costs include the Stamp duty in the first place which is payable at 4% of the value of the title deed. This is generally shared by both the buyer and the seller equally, that is, 2% each. Earlier this percentage was 3.3%, but considering the demand and supply, and other Government Regulations, this percentage has been raised by 0.7%. We and your official representative, if any, will be discussing on the terms as to paying the stamp duty. Our professionally skilled and friendly staff will talk with you in detail in case you do not have any knowledge about this whole procedure. You can rely on us.
2.Another important document that you must get is the Power of Attorney. According to this deed, you have to transmit your power to someone else you know for taking decisions on your behalf, in case of your absence. Turkish solicitors in this area generally charge from 250 € for conveyance and an additional 250-350 € to complete the purchase process with Power of Attorney. A power of attorney costs 600TL (Turkish Lira) on an average at the Turkish Notary. In either case, it is a mandatory document that you must get formed before completing your buying procedure. So, it is up to the buyer and their solicitor as to understand these costs and make the choice that is most beneficial for them.
3.It is a mandatory requirement for the completion of the buying process that the property that is being purchased has Government DASK insurance. This insurance covers 20% of the cost required for the rebuilding of the property in the event of an earthquake. After completion, the buyer will have to take an additional private insurance to increase the level of building cover for all risks and to insure the contents. This way the buyer will have their interests in safety during any natural calamity. We undertake this service for our buyers using the reputable insurance companies such as Allianz or Anadolu Sigorta. In our dealing with these insurance companies regarding your insurance, we will make sure that the whole procedure is transparent to our customers.
4.After the completion of the buying process of your residence in Turkey, the buyer should register the property with the local authority for payment of council and rubbish tax. The buyer also needs to fulfill the requirements of transferring the water and electricity accounts with the utility companies and they levy a charge for this service. It must be noted that these expenses are mandatory and there is no way to escape them. So, always be afoot in completing these formalities to enhance your buying experience. These processes can be completed by your solicitor along with the power of attorney. In 2014, the utility transfer costs are 100TL for water and 750TL for electricity.
5.In Turkey it is compulsory for a buyer to pay for an agency fee of 3%. At Buy Properties in Turkey, we waive off this fee for newly built properties, however, we charge it in case of a resale property. Overall, buyers will have to pay between 3.5% and 6.5%, other than the actual purchase price to complete their purchase.
Post purchase, most foreign buyers are supposed to undertake a Turkish will. When the property is in the name of an owner in Turkey and in case of his death, the property will not revert to the Government on the demise of the owner, provided there is someone to whom the property can be transferred or to the one to whom the principal owner has left a will. So, foreign buyers should ensure that they are aware of all these regulations set up in Turkish laws. To avoid any misstatement or any other discrepancy, always discuss with your solicitor as to the abiding terms of all these regulations. As regards the transfer of the property in case of death of the primary owner, they need to set up a will to distribute their assets according to their wishes rather than the standard inheritance law. Your solicitor should be able to assist you further on the matters regarding the will. These are undertaken by the Turkish Notary in the name of property owners.
So, above written are some of the important points that you must consider before buying a house in Turkey. Make sure that you are aware of all this, and plus your solicitor has in – depth knowledge of Turkish laws and other regulations.
To buy a villa in Turkey, you must be familiar with all the legal formalities that you must fulfill in order to be a home owner. A lot of property dealers will not take the pain for guiding you into the legal procedures, but we at Buy Properties in turkey believe only in perfection and include this information in our services. Since we are the hosts for foreign buyers, it is not only our job, but also our duty to inform them about all the tiny details regarding this matter.
In case you have any query, feel free to contact us on our contact numbers. Or you could simply visit the Frequently Asked Questions (FAQ’s) page on our website. For more information on buying properties in Turkey, visit our branch offices. You can even directly visit our headquarters in Antalya. We would be privileged to help you to the best of our ability.