Gokce,  Friday, 12 December 2014

The Buying Process

 

Now that you have spent weeks for making sure of your intensions and calculating your finances for buying the property, your next step will be finding a Real Estate Agent. This is a long journey which may be tiring, sometimes disappointing and maybe sometimes more costly than you first imagined but hang in there, you will something you desire for at the end.

Your first step is to make sure what you want, what kind of a property you need. Here, an experienced and legally operating agent will help you. You may find a lot of internet resources who claim to be selling houses in Turkey, but again you have to be careful in your choices. Choose a Real Estate Agent who has a great range of property options, which is experienced and will help you through the end of the process. Do not fall for unknown web companies who post a lot of beautiful house pictures by the water and up on the hills of beautiful Turkish landscape. Keep in mind that this is a great area for people to make money, so a lot of fraud is also involved in this business.

Once you choose the agent, you may want to plan a relaxed visit to get to know the area you are interested in. Look around and examine shopping and catering options around, grocery and health services close by and try to talk with locals to get a true feeling of the area. Do this for your shortlisted property options and take your time. While doing the visits to the properties ask questions to your agent. Ask questions like how many people lived in the house before, was it ever rented to someone else or not, is it noisy, how the sunlight effects the temperature in the house, is it a safe neighborhood, how are the neighbors and who owns the property. Try to make notes as you visit each property and if available, take pictures.

Once you decrease the options to two or three, now it is time to make your offer. Don’t hesitate to challenge your agent for giving a lower price. Most of the time the agents give the highest price in order to get the highest commission for their selves. You will be surprised how the price drops!

If you agree with the seller, the lawyer will prepare a preliminary contract to be signed by the seller and the buyer. This contract will include issues like the purchase price, agreed payment schedule, name of the buyer and seller, full property details, obligation of parties, the completion date and all terms and conditions applying to the completion which ensure that the property is free from restrictions.

For the process to move smoothly, you need to provide correct documentation to the Turkish Land Registry Directorate. Both the buyer and the seller must be present at this office in order to start the process. Your passport details are required to purchase a Turkish property along with a local tax number. A tax number is easily obtained and is also required to open a Turkish bank account (for the transfer of funds) sign up to utilities and obtain the title deeds of the property in your name. Your agent will help you through this tax number obtaining process if you wish. You will also need a number of recent passport size photographs.

You may wish to appoint a Power of Attorney to attend in your place. This is a normal practice. The Power of Attorney can be given to your lawyer or someone you would trust in Turkey.

Once everything is complete document wise, you are ready to sign the final contract. Make sure that this is a suitable contract for you. The most recommended method of payment is to open an account in Turkey and transfer funds there. You can transfer the money from the banks in your home country to the Turkish account. Once the funds are cleared in your account, the money could be collected by you or by the Power of Attorney you have appointed.

The seller must apply for the Military Permission which is a standard procedure for all foreign purchases in Turkey. This procedure is standard for all foreign purchases in Turkey. The checks are to ensure that the land on which your property is built is not in a military, strategic or security zone. Once you have clearance, then the title deed process shall start. It is important to note that the military search period may take up to 3 months.

The title deed will be signed at the Land Registry Office and the buyer will pay all costs and taxes, which are explained in the Taxes and Fees Section. Once you got the title deed (TAPU), the property is yours.