1. What is your purpose of buying real estate in Istanbul?
Depending on your reason for buying property in Turkey, the type of property you should choose (workplace, shop, apartment, etc.) may change, and the value of the immovable you must choose may also change. (You may need to purchase real estate worth 400,000-USD to obtain citizenship and 75,000-USD to obtain a residence permit.)
Your reason for acquiring real estate in Turkey may be to obtain Turkish Citizenship through investment.
As of May 2022, due to Turkish Residence Permit New Rules 2022, the easiest way to obtain a residence permit in Turkey has been to acquire real estate worth 75,000-USD in metropolitan cities and 50,000-USD in other cities. Your reason for acquiring real estate may be to obtain a residence permit.
Purchasing real estate in Turkey may also be just an investment.
2. Clear your doubts about the property.
Real estate agencies, which generally offer real estate purchasing services to foreigners, may try to sell flats such as 1+0 or 1+1 with very small m2, flats such as 40-50 m2, only suitable for citizenship, for very high amounts. Prefer to buy a suitable real estate according to the average market values of the region. If you think that the real estate is above the market average, you can evaluate other real estates.
It is also possible to obtain a report from an independent real estate appraisal company regarding the value of the real estate.
3. Act with the right information. Evaluate your risks.
When searching “Property in Istanbul or Turkey” “How to buy real estate in istanbul” on Google, there is no legally correct information on any of the internet pages that appear.
There is no correct information in any of the sections specified as the sales contract on the internet pages. Articles in the form of “Guide to Buying Real Estate in Turkey“, mostly prepared by real estate offices and real estate companies, do not contain legal information. It is seen that false information has been given that a price close to 10% of the real estate value must be paid as the “down payment” price and that this price cannot be recovered if the sale is abandoned.
We recommend that you take advantage of the help of a real estate attorney to buy real estate safely.
In Turkey, both the real estate sales contract and the real estate sales promise (immovable sales pre-contract) must be made in an official way.
The immovable sales contract is valid only if it is made in front of an officer at the land registry office. Contracts between the Seller and the Buyer are not binding.
The preliminary contract for the sale of the immovable, on the other hand, will only be valid if it is made at the land registry office or notary public.
Based on the agreements between the parties and the preliminary contract of the immovable, the buyer cannot claim the ownership of the immovable by litigation. The buyer can only request a refund of the money paid. Even if the money paid is not in Turkish Lira but in a foreign currency such as USD or Euro, if there is no special provision in the contract, he will be able to request these money back in Turkish Lira and incur losses due to the exchange rate difference.
Another issue is what will happen if there is a tenant in the real estate to be purchased? It is very difficult to evacuate the tenant in case of purchasing flats or workplaces with tenants in Turkey. According to the Turkish Code of Obligations, the lease agreement automatically continues with the new owner. Also, you can’t ask the tenant to pay any amount of rent you want. The law quite protects the rights of the tenant. For this, if there is a tenant in the property you want to buy, some legal steps should be taken beforehand. For example, a tenant’s “declaration of eviction” can be a pretty good solution.
4. Plan your banking transactions in advance and complete your documents.
For most foreigners, one of the first issues to be decided is how the payment will be made. If a bank loan is to be applied to purchase the real estate, then the advantages and disadvantages should be clarified by negotiating with many banks.
Many banks in Turkey will ask for documents in different forms for real estate loans. Using a bank loan may be advantageous for foreign investors, but it will prolong the process. This requires planning.
The thing that foreigners who want to buy real estate in Turkey will need the most will be the completion of the documents before the sales application is made through the WEB TAPU system.
- * 2 biometric photos in the form of 6*4
- Notarized translation of passport
- Tax identification number
- Currency purchase document
- Real estate valuation report
- Translator paperwork
- Real Estate Fair Value Certificate
- The receipt of payment
- DASK insurance
- Power of attorney for transactions made with a proxy
5. Buying property expenses in Turkey.
The items of expenses to be covered by those who want to buy real estate in Turkey will be briefly as follows;
- Title deed fees : Title deed fees in Turkey are up to 4% of the real estate sales value. The seller is responsible for 2% of the title deed fee and the buyer is responsible for 2%. However, according to the unwritten application in Turkey, the buyer pays the entire fee.
- Revolving fund fee : The amount to be transferred to the land registry office
- Translation costs
- Notary Fees
- Bank charge for foreign currency purchase document
- Real estate valuation report
- Translator costs
- Payment of attorney’s fees
Is it obligatory to hire a lawyer when buying real estate in Turkey?
It is not obligatory to hire a real estate lawyer while buying property in Turkey. However, it is recommended that foreigners get support from a lawyer or a law firm that provides real estate attorney services in the process of buying real estate.
Do foreigners who want to buy real estate in Turkey have to acquire Turkish citizenship?
Foreigners who want to buy real estate in Turkey do not have to obtain Turkish Citizenship. It is possible to purchase real estate for investment purposes only.
However, foreigners who want to acquire Turkish Citizenship with the acquisition of immovable will need to pay attention to many conditions.
We offer legal services when buying real estate in Istanbul or Turkey.
When purchasing real estate in Istanbul or Turkey, we recommend that you first consult with real estate lawyers or law firms that can provide you with legal support in this regard. You can get help from your lawyer in all subsequent processes.
Real Estate Attorneys / Lawyers who provide services to foreigners in purchasing real estate plan the real estate purchase process, prevent your money and time from being wasted, guide the sellers and make you feel safe.
Our Real Estate Buying Attorney Legal Service
- To ensure that you take the correct steps for real estate investment,
- Making sure that you choose the real estate suitable for your purpose in purchasing the real estate,
- To secure your money and investment,
- Establishing the right communication with the seller or real estate agents,
- To provide legal support if you are going to take a bank loan,
- Preparing the documents you need when purchasing real estate,
- Supervising or preparing the contracts you need to sign when purchasing real estate,
- Avoiding being scammed
Memduh Remzi BAL
Lawyer / Attorney in Turkey
Send Mail : email@example.com
Call Us : +90 212 909 86 34