Would the buyer has the right to get residence permit?
After purchasing a property, the buyer has the right to apply for residence permit. The Immigration Authority of Turkey is the decision maker whether the buyer might get a residence permit or not.
Are you real estate developer or real estate agent?
In house Global is not a developer. We provide consultancy and marketing services for the investors.
How to find a property: Is it necessary to use a real estate agent?
The land registry system used in Turkey was initially formed by the Ottoman Empire, and gradually developed into the existing system over the years. It is a reliable and secure system, whereby every piece of real estate transaction is officially registered. Land registry records are public; therefore, the rights of third parties, who acquire ownership or an interest in any form of real estate in land registry records, are respected. Beyond the official ledgers, information regarding the legal status of real properties (ownership rights, rights registered in favour of third parties, encumbrances, etc.) is also maintained in a computer system called Takbis. ( Tapu Kadastro Bilgi sistemi)
What are the main types of purchase agreements?
Purchase/Sale Agreement (Direct Acquisition): According to Turkish law, the sale of a property can only be completed before the relevant land registry with the attendance of both the seller and purchaser.
– Promise to Sell Agreement: Prior to the sale of property, the seller and purchaser may enter into a preliminary “Promise to Sell Agreement.” This is the only preliminary agreement that can be validly executed between the parties and, in order to be binding, it should be prepared by and signed before a notary public
Is there a compulsory property insurance requirement?
According to the Law on Natural Disaster Insurance, “compulsory earthquake insurance” (DASK) must be held for the property. The title deed registries and the institutions providing utility services will not perform any transactions regarding the property if this compulsory insurance is not held. Apart from such mandatory insurance, the owner of the property may, at his/ her own discretion, insure the property against risks, including, but not limited to, theft, fire, flood, storm, etc.
Is there any possibility to change the payment plan?
It depends on the construction companies to supply more flexible payment plans. So, whereas some of them might change the payment plan, some others might not.
How would a buyer to save his rights in under construction project?
According to the sales agreement and Turkish laws regarding the construction sector, the buyer can ensure receiving her/his investment. In addition, there are several projects which grant the title deed, once paying the whole value of the property, even if the projects are still under construction.
If the client bought a ready flat, would it be able to get the title deed immediately?
Yes, ready construction project means ready title deed.
Is the purchase by Turkish lira only or it could be by Dollar?
Both ways are possible depending on the agreement with the construction companies during the sales process.
Is it necessary to hold a tax number to acquire a property?
A tax number is requested from the buyer at the time of the property acquisition before the land registry. A foreign real person may obtain a tax number by applying to any tax office, together with a copy of his/her passport (translated and certified by a notary public).
What are the fees and taxes related in property purchase?
After purchasing a property, in order to get title deed there is a tax payment, which is 4% of sales value of the property and some additional fees which are identified by the municipalities and government. These fees are not more than 1 to 2% of the of the property value.
Furthermore, there is an annual property tax, which should be paid to the municipality, depending on the property’s current value.
What is the importance of getting Turkish citizenship?
Turkish citizenship might give you a bunch of priorities, amenities and a unique chance, which provides you a comfortable personal life, such as enjoying a free education and healthcare services.
It also means one of the easiest way to visit Europe by the Turkish passport, which can allow you to enter more than 77 countries without visa.