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Buying real estate in Turkey (transfer of ownership certificate)

Buying real estate in Turkey (transfer of ownership certificate)

It is quite straightforward to buy real estate in Turkey in terms of the process itself. The point buyers should be careful with is fraud schemes. You can hear now and then foreigners telling you stories of some individuals or firms acting as realtors or even someone out of the industry trying to scam innocent buyers. That is why it is of utmost importance to check the legal purity and any other limitations applied to the selected property. All real estate objects in our portfolio have already run through appropriate verification procedure.

The buying process starts with signing a contract between seller and buyer (or their authorized representatives). Our sales managers then will submit documents received from you to the organization, whose responsibility is to perform examination of certificate of the property in question. Further transaction processing will be carried out by the Land Registry Directorate, while we will also accompany this process to make it smooth and easy for you.

Turkish legislation imposes some restrictions on foreigners planning to buy property in Turkey. As a way of example, it is legally prohibited to buy property not registered at the Land Registry Directorate or property within military security areas.

IMPORTANT NOTE:  According to terms of Law No. 6302 (which made amendments to Art. 35 of the Land Registry Law No. 2644), starting from 18 May 2012 principle of reciprocity for foreigners buying property in Turkey is revoked.

Both buyer and seller have to arrive at the Land Registry Directorate to complete the process of transferring the certificate of ownership to the name of the new owner. However, you may authorize real estate agency representative to act in your name. If the power of attorney is issued abroad a certified copy and an approved translation have to be prepared.

Documents required to obtain a certificate of ownership by foreign nationals

  • Original and a photocopy of the foreigner`s passport;
  • 2 passport-size photographs (taken no more than 6 months ago);
  • Taxpayer identification number (obtained in Alanya within 15-20 minutes).

Dealing with mortgage as an encumbrance when buying real estate

When buying real estate with mortgage encumbrance, an appropriate three parties (buyer, seller and legal representative of the bank which granted a loan for purchase) agreement has to be signed.

When the mortgage is paid off, the bank issues a special certificate, which is sent by mail to the Land Registry Directorate. The Land Registry Directorate official will register cancellation of the mortgage and the encumbrance is deemed withdrawn.

For further information, please contact our sales representatives.

 

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Aysha

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