Buying real estate requires expertise and knowledge. It is a major decision that many make rarely in a lifetime. Getting professional help is critical for a smooth key and title deed transaction. This is a daily duty for our partner, which conducts thousands of real estate transactions every year. Their professional sales agents find the most suitable real estate for clients while the company’s property expert lawyers handle the process with or on behalf of the buyer. When the dream house is chosen, the title deed transfer can be completed within 3 to 5 days.
Here is a step-by-step explanation of the buying process for real estate in Türkiye:
1. Preparing a Wish List & Finding the Property
Buyers need to define their expectations for the desired property. Focusing solely on price can mislead the search. It is advisable to contact a professional real estate agency to assist with location selection. When the agent understands the buyer’s purpose and criteria well, it becomes easier to find a property matching the wish list.
2. Arranging Viewing Tour
After selecting suitable properties, buyers should visit them to experience the environment and atmosphere of the new district. Online photos may not fully reflect reality. Many people decide on a property’s suitability only after viewing it in person.
Our partner offers a TeleProperty service where buyers can visit properties virtually via online calls such as WhatsApp or Zoom. The agent drives to the property from central city points while showing the location and property in real time. Notably, 40% of their sales are completed through such online viewing tours.
3. Agreeing on Sales Conditions
The terms of agreement with the seller, including payment conditions, are negotiated for the chosen property.
4. Making Deposit Payment
Once the terms are agreed, a deposit is paid to reserve the property and fix the price. This deposit is usually around 5,000 USD or EUR.
5. Signing the Contract
With terms examined and agreed upon, the sales contract is signed. Our partner’s in-house property lawyers guide both buyer and seller to prepare and finalise the contract under agreed conditions.
6. Obtaining Tax Number
A Turkish tax number is required to complete the property purchase. Our partner assists buyers in obtaining this number.
7. Opening a Bank Account
For transferring money during the buying process and managing subsequent utility payments after purchase, opening a Turkish bank account is necessary. Documents required include a passport copy and notarised passport translation. Additionally, a utility bill showing the buyer’s name and residential address is mandatory.
8. Getting an Appraisal Report
An appraisal report is required to inform the buyer of the actual market value of the property.
9. Title Deed Transfer
The process concludes by applying to the land registry office, submitting required documents, and paying the conveyance tax in Türkiye. This typically takes 2–3 days. Upon completion, the buyer receives the title deed.
Our partner provides professional services throughout the entire purchasing process. They also offer an option to grant power of attorney to their expert team, enabling buyers to become homeowners in Türkiye without needing to visit in person.
What are the Required Documents to Buy a Property in Turkey?
Purchasing property in Türkiye is straightforward. The buyer only needs a valid passport and a utility bill from their home country showing their name and address to open a bank account. Other required documents for title deed conveyance include:
- Passport copy
- Turkish tax number
- Personal bank account
- Address document (utility bill from home country)
- Biometric photo
- Appraisal report
A Few Tips on the Legal Process
Some important points to consider to avoid scams and difficulties:
DAB Document: The Döviz Alım Belgesi (DAB), or Foreign Exchange Document, proves the foreign buyer purchased the property with foreign currency converted into Turkish Lira, a requirement to support the national currency. Banks issue this document immediately before payment transfer based on the Capital Flow Circular. Sellers can obtain DAB afterward, but our partner does not recommend this as many sellers are unaware of the rule, which applies only to foreigners. Failure to obtain DAB may cause significant issues, so our partner issues it immediately upon sale to avoid problems.
Declared Price: It is common in Türkiye for sellers to declare a lower sale price on the title deed transfer documents than the agreed sale price, mainly to reduce taxes. However, the declared price cannot be below the municipality’s valuation (belediye beyan değeri). Property taxes are calculated based on this declared amount.
Power of Attorney: Property purchase can be complex and lengthy. Our partner recommends obtaining legal guidance from their company lawyers. Buyers can provide power of attorney in Türkiye to their lawyer to manage the entire process on their behalf.
Foreign Restrictions: Foreigners cannot own land larger than 30 hectares in Türkiye.
Insurance: Property buyers in Türkiye must obtain insurance known as DASK.
Conveyance Tax: The conveyance tax is set at 4% of the transaction value. By law, buyer and seller split this equally (2% each), but customarily buyers pay the entire 4%. This can be negotiated before signing the sales contract.
Thinking about investing in Türkiye?
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