Overview:
When you have chosen a property a Contract is drawn up and the deposit and legal fees are paid.
The paperwork is then sent to the Title Deeds Office for the transfer of the property into your name. This process usually takes between 3-6 months.
When the Title Deeds have been authorized, they will be released and then registered at the local Council Office. This is usually when the balance is due, the buyers tax needs to be paid, the electricity and water connectors made and the insurance cover taken out.
Details:
The first step is a visit to the Solicitor and the drawing up of the contract. The Solicitor will make all the necessary checks to ensure that the property sale is valid – i.e. the seller actually owns the property and is entitled to sell it, there are no debts or claims against the property, all building licenses and regulations have been adhered to and the terms and conditions are fair.
The terms and conditions will cover what is and is not included in the sale, penalties incurred should either party default and in the case of a property under construction, the proposed completion date and any penalty clauses that will be imposed if this date is not met.
This contract will be translated by a Legal Translator from Turkish to English and then the Solicitor, the Legal Translator, the Seller and the Buyer will all sign the contract and be given a copy of it.
The deposit and the legal fees need to be paid at this point and receipts will be issued. Rami Properties will draw up a payment plan showing a schedule of payments relating to your purchase.
The Solicitor sends the paperwork to the Title Deeds Office for the transfer of the property into your name. A check is made by the Turkish Military at this time to ensure that the property is not within a given radius of a Military Base. When the Title Deeds are ready, usually 3-6 months, the buyer and the seller will need to sign for their release in the presence of the Notary.
If you prefer, you can grant Power of Attorney to the Solicitor and he will sign for the release of the Title Deeds on your behalf. The Power of Attorney will be translated by the Legal Translator and then signed in the presence of the Notary. The Power of Attorney does not give the Solicitor any claim over your property – only your name and photograph will appear on the Title Deeds.
When the Title Deeds have been released the Solicitor will arrange for the new Title of the property to be registered at the Local Council Office.
If you have chosen to grant Power of Attorney, a copy of your Title Deeds will be posted, faxed oe E-mailed to you for your records and the Original will be held by Rami Properties until your next visit to Turkey.
A Guide to the Legal Costs in Purchasing you Property in Turkey:
- Solicitors Fees: £250.00
- Legal Translator: £100.00
Other Costs:
- Buyers Tax: Approximately 1.5% of the Sale Price
- Government Tax: Approximately £100.00
- Community Tax: £8.00 per Year for Local Services
- Property Tax: Approximately 0.5% of the Sale Price
- Water and Electricity
Connection fee: Approximately £300.00 - Insurance: Depends on Property Price and Location
- If the Property is brought in a Complex. There is a Maintenance charge of £250 - £300.00 per Year.
