Important items should be included in property purchase contract in Turkey
Many foreigners, especially Arabs, hope to own a property in Turkey, in order to obtain Turkish citizenship or residency, so they go with investing in Turkey. There are multiple reasons with a main goal of buying a property in Turkey.
The willing to buy a property in Turkey have to pay attention to the following three legal items.
Adopting the narration of the special website called: (Our expatriation is easier), the lawyer (Aqba Barish) the CEO of (Masco Consulting) explained three points that would facilitate the process of buying a property in Turkey and prevent the buyer from falling into traps he should avoid:
Firstly: Paying attention to the points that must be provided in the sales contract:
1- The seller’s detailed information whether is a company or a person, and the same must be for the buyer’s information and both could be hire attorneys with legal attorney notarized by Turkish embassy in the country of origin of the seller and buyer.
2– The property price and payment method (installments, cash)
3– Providing with the title deed document of the property, which includes detailed information about the property, the property number, its area, the apartment area land number.
4– The date of delivery, and the expected period of delivery delay, with clarification of the penal conditions in case of a delay in delivery.
5– The dates of payment if it is cash or installments with the penal conditions resulting from the delay in paying the monthly installments.
6– Detailed information about the materials used in construction.
7– The contract should be in the Turkish language, and copies of it can be made in other languages. The contract is notarized at the notary.
8- Paying attention to the real price of the property and identifying it in the contract document to avoid any possible problems of fines.
Secondly: After notarization of the contract by the notary, it must be submitted the title deed department and the following documents are required for that:
1– Notarized sales contract.
2– Earthquake insurance.
3– A tax number for the buyer and seller.
4– A bank account for payment.
5– Tapu fees amounted to 4% of the property value are usually paid by the buyer, unless there is other agreed suggestions.
To differentiate between two cases:
A – In case of buying a property and paying in cash, the buyer gets the title deed directly.
B – In case of buying a property by installments or purchasing a property under construction, the title deed will not deliver to the buyer until the property is received.
Third: The fees agreed for purchasing the property:
1- When buying the property, the buyer usually pays 4% of the property value, and if the property is owned by more than one owner, then each person pays a portion corresponding to the portion of his ownership in the property.
If you want to resell the property 5 years before spending a period of 5 years of the date of purchase, there is a tax to be paid ranging from 15% to 35% of the net profit, and in the case of selling after five years, no tax is required.
2- The annual real estate tax is paid to the municipality and is equivalent to 0.003 of the total property value.