Step by Step Property Purchasing in Türkiye

Buying real estate requires expertise and knowledge. It is a major decision that is made rarely in a lifetime for many people. Getting professional help is critical for a smooth key and title deed transaction. This is a daily duty for TEKCE, which practices thousands of real estate transactions every year. The professional sales agents of TEKCE will find the most suitable real estate for you while the company's property expert lawyers will handle the process with you or on your behalf. When you choose your dream house in the country, title deed transfer can be finished within 3 to 5 days time.

Here’s a step-by-step explanation of the buying process for real estate in Türkiye:

• Preparing a Wish List & Finding the Property
• Arranging Viewing Tour
• Agreeing on Sales Conditions
• Making Deposit Payment
• Signing the Contract
• Obtaining Tax Number
• Opening a Bank Account
• Getting an Appraisal Report
• Title Deed Transfer

Detailed Real Estate Buying Process in Turkey

1. Preparing a Wish List & Finding the Property

You need to define your expectations for your desired property. Just focusing on price may mislead your property search. It would be better to contact a professional real estate agency to get a location selection. If an agent understands your purpose and your criteria well, it will be easy to find a property that matches your wish list.

2. Arranging Viewing Tour

After you select the properties that suit you, you need to visit the property. You may need to see the environment and experience the atmosphere of this new district. The photos might be illusive in the internet ads. Many people decide when they see the property for the first time if it is good or not!

TEKCE offers TeleProperty service. You may visit the property via an online call like WhatsApp, Zoom, etc. We drive to the property from the central points of the city and let you understand the location and the property itself. 40% of our sales are completed through online viewing tours.

3. Agreeing on Sales Conditions

The terms of the agreement are negotiated with the seller for the property you have chosen, and the payment terms are agreed upon.

4. Making Deposit Payment

When the terms of the agreement are met, you should pay the deposit to reserve the property and fix the price. This payment is usually 5,000 USD or EURO.

5. Signing the Contract

The contract is signed after examining and agreeing the terms of the agreement. The company's in-house property lawyers will guide the buyer and seller to prepare the sales contract on agreed terms.

6. Obtaining Tax Number

You need a Turkish tax number to complete the property purchase. TEKCE team will be guiding you to get your tax number.

7. Opening a Bank Account

You should open a bank account for money transfers for the buying process and payment of utility bills, etc. after you get your property. Required documents for opening a bank account are a passport copy and passport translation at the notary. A utility bill is mandatory; your name and your residential address must be on a utility bill.

8. Getting an Appraisal Report

An appraisal report is mandatory to inform the buyer of the actual property value.

9. Title Deed Transfer

The process is completed when you make your application to the land registry office, submit the necessary documents, and pay your conveyance tax in Turkey. It takes usually 2-3 days. Congratulations, you have now a title deed in Turkey.

TEKCE provides professional services throughout the entire property purchasing process in Turkey. There is even an easier way; you may also grant power of attorney to our expert team and become a homeowner in Turkey without leaving your home.

What are the Required Documents to Buy a Property in Turkey?

Buying a property in Turkey is simple. You just need to bring your passport and your utility bill from your home country. A utility bill that shows your address and your name is mandatory when opening a bank account in Türkiye. The other documents may be obtained in Turkey. Here are the title deed conveyance documents;

• Copy of the passport
• Turkish tax number
• Personal bank account
• Address document (utility bill from your residential country)
• Biometric photo
• Appraisal report

A Few Tips on the Legal Process

There are a few points that you need to consider on purchasing property to avoid scams and possible difficulties.

• Declared Price: It is very common in Turkey that the sellers do not declare the actual sales price on the title deed transfer. Mainly the declared price on the official document would be about half of the agreed amount between the seller and the buyer. The reason to declare a lower amount is to pay less tax. The government accepts the municipality's average value (belediye beyan değeri) which is generally much lower than the property values. The declared value should not be under municipality valuation. If a person shows less value on the title deed, annual property tax and conveyance tax will be calculated from this declaration.
  
• Power of Attorney: Buying a property might take a long time and legal knowledge. TEKCE advises to get legal leadership from our company lawyers. You can give a power of attorney in Turkey to your lawyer to handle the whole process for you. In this way, your lawyer will complete the work on your behalf during the entire legal process.
  
• Foreign Restrictions: Foreigners cannot own land larger than 30 hectares in Turkey.
  
• Insurance: People who buy real estate in Turkey are required to obtain insurance known as DASK.
  
• Conveyance Tax: The conveyance tax in Turkey has been determined as 4% of the total value of the transaction. The buyer pays 2% and the seller pays 2% according to the law. But the customs of the people in Türkiye, buyers pay all 4%. This is negotiable before the sales contract.
  
• DAB Document: DAB (Abbreviation of Döviz Alım Belgesi - Foreign Exchange Document) is a required paper to show that a foreign buyer has paid for the property with foreign money changed into Turkish Lira, as Turkey wants to strengthen its currency. Banks issue this paper based on a rule called "Capital Flow Circular" right before transferring the payment. The sellers can also obtain DAB documents afterward, but TEKCE doesn't recommend this as sellers (companies or individual sellers) are NOT aware of this rule which is applicable just to foreigners. Many foreigners encounter issues if the seller doesn't know how to get DAB. TEKCE issues this document immediately upon sale, preventing any potential problems.