September 8, 2010
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International Real Estate Turkey The process of buying
International Real Estate Turkey The process of buying
| Turkey: the procedure of purchase |
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Why Turkey?!
- Acceptance of Turkey in the European Union will certainly effect the rise of prices for the real estate in future; - The picturesque nature of Turkish Riviera - 300 sunny days a year; - All year long the transport connections with Antalya; - Favorable capital investment, cost increase in a year from 20 % and above (depending on an arrangement and property quality); - The simplified process of prolongation of the visa and residence permit registration; - A low living cost; - The qualified health services; - Friendliness and hospitality of local people; - Strict and transparent procedure of registration of the property rights for the purchased real estate Purchase of the real estate of Turkey by foreigners (non-residents)
According to the Turkish legislation, foreign citizens acquisition in a private property of any constructions in Turkey is authorised: apartments, apartments, country houses, houses, the area 2,5 hectares there are more commercial objects, and also land. In Turkey there is a title system of registration of the rights for the real estate. It means that registration of the rights for the real estate is a state structure prerogative - Cadastral management which gives out to a new owner a title "ТАPU" (the Document on the property). This title means the untimely and absolute right of possession which after the conclusion of the transaction of purchase and sale cannot be challenged by anybody in a judicial order. ТАPU represents the document certifying the property right of the given person on concrete object of the real estate. In the given document it is indicated: - The address where the buyer has purchased a real estate; - A photo of a passport format; - The information on land registration in Cadastral management; - Land conditions (from the information in cadastral management); - The size of the land belonging to the new owner (it is proportional to the size of the acquired habitation); - Condition of the real estate belonging to the new owner (property/rent); - Cost of the got real estate (the given sum is used at calculation of the annual tax to the real estate); - The information on the previous owner (); - The information on the new owner (); - Date of acquisition of the given real estate the previous owner; - New serial number ТАPU (changes at each cession of rights of the property); - The registration data of new document ТАPU; - Date of acquisition of the given real estate the new owner; - The authorized signature and the stamp of cadastral management. Notaries have no right to make out and register the transaction on real estate purchase and sale. At the notary it is possible to issue only the contract object purchase and sale in which only the price for object and conditions of its payment, however, will be settled will be which subject. But it will not be in no event the document certifying transition of the property rights to the new owner. The declared buyer or a representative officially named are the only people who have the right of the signature of the document of the property (ТАPU). The above-mentioned people should be present personally to sign and officially register the papers. While the procedure of ТАPU registration, the purchased property "is frozen" and cannot be sold or leased to any other person. Process of acquisition of the real estate in Turkey 1. Choose a real estate; 2. Signing of the contract on real estate purchase and sale; 3. Payment of the deposit by the Buyer; 4. Acquisition of the permission for the Buyer to purchase the real estate in Turkey 5. Payment of the remained cost of the real estate; 6. TAPU Reception (the certificate on the property right); 7. Transfer of keys, settling. The purchase and sale contract is signed between the seller and the buyer (or their lawful representatives). The contract without fail should be made in two languages - Turkish and language of the country of the buyer. In the contract are specified: 1. Names and addresses of the buyer and the seller. If the seller is the legal body (the building company), in the contract its legal address, number and licensing date, registration certificate number in Commercial and industrial chamber and the authorized person representing the company and having the right of the signature should be specified. 2. The address of object of the real estate and its characteristic 3. The contract (purchased) price of the real estate 4. Repayment terms of object of the real estate 5. Terms of registration of the transaction and registration TAPU 6. Additional terms of transaction (services of the builder/seller, terms of delivery of object, a duty of the parties and penal sanctions in case of their default) 7. On the contract should be applied: a copy of TAPU for the real estate, copies of registration documents of the building company and the authorized signature declaration, the confirmed plan of object (for objects at a building stage). Deposit entering. Deposit entering is an indispensable condition at the conclusion of the contract of purchase and sale. The deposit, as a rule, makes 1.000-10.000 Euros depending on property and enters into a real estate project cost. Reception of tax number and opening of the bank account To receive a tax number it’s necessary to have a copy of the passport of the buyer and a filled in application form, delivery of the tax number occurs in tax inspection office immediately. It is possible to open a bank account in any Turkish bank on providing a tax number and the passport. Cost of registration of the rights to the real estate: Registration cost is paid by the buyer, averages 500-1000 euros and consists of following payments: - The tax at a rate of 3 % from the declared cost of the real estate specified in ТАPU; - The expenses connected with the conclusion of the transaction (a translation service, the notary etc.): from 150 euros. The documents required at purchase and sale of the real estate TO PHYSICAL PEOPLE 1. The property certificate or the document with indication of the number of the plot (location) or an oral statements of its owner; 2. The identification card or the passport which has been given out by the state of a civil accessory of the applicant, 2 photos 3х4; 3. The power of attorney, the identification card and a photo of the authorized representative (at realization of the transaction by the authorized representative), in the absence of one of buyers – the document proving the identity (with a photo) its representative, a photo 3х4, the power of attorney. To JURIDICAL PEOPLE 1. The companies created in accordance to the Law about direct foreign investments № 4875 provide the documents received in the Administration of the trade registration that confirm the right to buy the property showing the signatures of the responsible people representing the interests of the Buyer. 2. The companies created in the foreign state according to the legislation of this state, represent the documents confirming the right to get real estate, received in the authorized body of the foreign state. Taxes and tax collections for transaction realization are paid in the same size, as the citizens of Turkish Republic do. In Turkey there are no differentiations between the inhabited and commercial real estate - getting apartment or a country house, you can, without requesting any permissions, to open in the same place office. Expenses on the object maintenance: - The annual tax to the real estate - 0,5 % from the declared cost of the real estate. - Annual payments on the maintenance of the house and complex territory: pools, saunas, athletic fields or other conveniences, depend on the list of given services in territory of complexes - on the average 150-500 euro/year. - The tax to dust - export is established by bodies of local administration - from 20 euro/year Municipal payments: - An electricity - on the average 0,11 euros/kw - Water - 0,8 euros/m3, including taxes - Gas - basically imported - a cylinder 12кг – 21 euros, in modern complexes is equipped the centralized supply of gas and gas heating, using with which paid for the counter. Visa or residence permit registrations in Turkey Before acquisition of the real estate the rights of potential buyers do not differ from the rights of tourists who buy a special mark (visa) at the airport, its cost is 20 dollars which grants the right to stay in Turkey for 2 months. Owners of the real estate in Turkey and their close relatives can address a foreign department of a local police and without leaving the country prolong the visa for a year. To receive a permanent residence it is necessary to address the embassy of Turkey where on the basis of TAPU the permission is give to reside in Turkey for a period from 1 till 5 years. |
