There is a huge demand for properties in Turkey, especially from foreign nationals from Europe, China, Russia, and from a number of wealthy Arabs in the Middle East.
Even Scandinavians – people from Norway and Sweden have been buying properties in Turkey. Wealthy Irish nationals are among those who have shown interest in properties in Turkish cities such as Istanbul and Antalya.
In this guide to selling property in Turkey quickly, we look at the legal process behind every property transaction in Turkey – especially those that involve a non-Turkish national.
First of all, you will need to submit your passport – the original and not just a photocopy to the land registry. You should provide them with your Turkish Tax Number, 2 passport sized photographs and a title deed called as the Tapu Document.
You should then book an appointment in the Tapu office. The official valuation of the property will be set by the local Belediye. Any price you set for the property cannot go below this valuation.
The fees related to the transfer of the title deed or the sales deed should be paid by both the buyer and the seller – 2% by the buyer, and 2% by the seller. Typically the buyer pays the entire amount of 4%.
The local land registry office in Turkey puts together all the paperwork and takes care of the process of transferring the title deed to the new property owner. It is important to hire a Turkish translator during this process if you are not fluent in Turkish.
Now, what if you want to give the Power of Attorney to your lawyer? You may have to give the POA to a lawyer so that they can carry on with the sales process even if you are not physically present in Turkey.
The POA is granted through a document drawn up by the Notary’s office. Also, while the POA has the authority to act on your behalf, their rights will be cancelled upon your death. In that case, the right over the property will pass to your legal heirs.
Never sign any document during the negotiations that you are not sure about or haven’t gone through in detail with your attorney. For example, during the property transaction, whatever happens, you should not agree to sign a Senet or a promissory note to the buyer. This is a document which gives too much power to the person who holds it. It could be taken to mean that you are gifting the property to the buyer, even if you have not received any payment from him.
Now, it won’t be easy for you to find a buyer in quick time for your Turkish property for sale unless you hire the services of a UK estate agent specializing in overseas property.
Overseas property specialists have a definite advantage over local real estate agents as they have extensive connections with wealthy investors from Germany, Ireland, Russia, China, and Scandinavia, who are capable of paying all cash for your property. Contact us to know more about selling your property in Turkey.