Real Estate Buying Process
The process and procedures of buying a property in Turkey is not much different than any other country. The logic is the same BUT the language and the the way transaction takes place is different and the bodies that process the various parts of the smooth buying process or perform searches maybe different than what you expect. The only major difference would be that transaction might take place between two weeks to 7-8 weeks. The reason for that is there will be various international government checks. This usually takes only 2 weeks BUT might take 7-8 weeks.
We hope that you have found a suitable apartment, house or a building plot ( vacant land ) to buy to move forward with the buying formalities.
If you have not found one yet you can either search them on the internet including here . Or If you are coming for a holiday you can view some properties or take a special trip to Turkey. It would be our pleasure to show you all the available, good properties. If you wish you can chose to use some of our holiday services such as airport transfers etc.
Below we are explaining the buying process step by step. In this guide you will see that a good Estate Agent (who represents you) is the main organizer of all the activities. He/she gets together all the parties involved which includes the solicitor, the government parties, the seller and if there is one the financial institution. This is necessary for the smooth transaction.
Find an estate agent ( we can be your agent if you chose us so ) and find and choose your property or plot of land if you want to have your own property built with your own design ideas. Even if you find a property online from other website it is a good idea to have an estate agent to represent you. If you are in town let us know. You can come and visit our office and we will show you all there is.
After you decide on a property and the price is agreed on with the seller your Estate Agent will will draw up “contract/agreement” to be signed by you and the seller. You will commit to buying by paying a good faith deposit (either by wire transfer or cashier’s check) to your Estate Agency escrow holding account to be passed on to legal team at closing and then to seller, like in any other country. The deposit amount will be determined at the time of negotiations. You and your estate agent can decide on the amount and offer to seller.
Unless you have a valid reason for withdrawing from the “the sale agreement” the deposit is non-refundable. If seller withdraws from “the agreement” he/she will have to return the deposit plus a penalty.
At this stage we will need the photocopies of the passports of everyone who will be on the deed.
After that there will be some international government checks on you. Depending on what you are buying, a property (apartment, house etc.) or a building plot (vacant land), it will take about 2 to 8 weeks to complete this check-up. This process is a must and out of control of your agent.
Turkish government will contact your local authorities for your background check. If you are not accepted, your deposit will be returned.
The process takes faster if you are buying an apartment or house most of the time. About 2 weeks. But if you are buying a vacant land, a building plot, it takes usually longer. The reason is it need to be assured that the land you are buying will not be used for schools, fire stations police station and other local and federal governmental purposes. As mentioned this can take up to eight weeks. Usually it is done in four weeks.
Once all the searches have been completed free and clear, we move to final steps of closing.
You will need the balance of the sale price ready. You can either pay by cashiers check, wire transfer etc. If you have got a mortgage we will need the documentation showing the money is secured. Your estate agent will arrange to meet the related parties at the “deed/title” office to transfer the deed of the property to your name for the exchange of the balance you owe.
Your estate agent will still help you with your other needs if you like him to, such as fire insurance, theft insurance, maintenance and small repairs etc.
Enjoy your new home! Welcome to Turkey and and this beautiful, gentle, Mediterranean life of living!