How To Purchase Property In Turkey

Recent developments in Turkish laws regarding ownership of property in the country

have opened the doors to people from all around the world to buy property in Turkey. More and more people have discovered that Turkey is an ideal location to own a vacation home. This beautiful and diverse country has much to offer in the way of culture, scenery, and cost of living. With the assistance of rental and maintenance companies, purchasers are sometimes even able to make a little money by renting their home to other vacationers when they are not using the property themselves. With a little know how and the right professional by their side, purchasing a home in Turkey has become a popular and profitable option for people around the world.

Before beginning a search for a home in Turkey, it is essential to have a reputable real estate company to guide you through the process. Look specifically for agents that have experience in working with foreign buyers. It is also recommended that a buyer works with a solicitor to research the titles to any properties that they are considering purchasing. A number of properties in Turkey have been found to be encumbered by outstanding liens and other title problems. A real estate agent can assist in finding information or in helping to select a solicitor to make sure that the process proceeds with as little difficulty as possible.

The first step to buy property in Turkey is to make a verbal offer on a home. This, too, can be coordinated by a real estate agent. Once the buyer and seller agree on a purchase price, a contract is written. After the written contract is signed, the buyer is expected to put down a deposit of between 4 and 10 percent of purchase price. It is important that the buyer is committed to the sale, because this deposit will not be refunded unless there is a problem with the title or the seller backs out.

A final contract has to be produced by the Land Registry Office to buy property in Turkey. At this point, the buyer needs to apply for a new title to the property. The actual title can take several months to be received by the purchaser, though. Each step of this process requires the signature of both parties involved. If the buyer is a living outside of the country, they can appoint a Power Of Attorney to sign the necessary documents. Many foreign buyers will prefer to read through and sign the contracts themselves, though, so travel arrangements must be made. Each step of this process can be coordinated by a real estate company that specializes in foreign real estate transactions for greater ease and peace of mind.

by: James P Martin

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