VILLAS FOR SALE IN TURKEY
Purchasing a property in Turkey is
far easier than in most european countries and we hope
the notes below will assist you.
Foreigners may purchase
land and property in Turkey under their
own
names
provided that properties are not located close to
Government buildings, military airport,
etc.
When
a sale is agree, an application has to be made to
the local Land Registry
Office. The title may
be transferred once checks have been made to ensure
the property meets all
necessary requirements (see below).
A lawyer/solictor is not needed in Turkey although
it makes sense to consult
one for your own piece of mind.
Costs around £300 to400.00.
During the transaction,
the seller declares that he has recieved the
purchase price from the buyer.
This is a process that can take
a few weeks as the Land Registry office needs the
official permit papers from the military administration
.
A 1.5% duty both for the purchaser
and seller must be paid. In addition,
there is an annual property tax, collected by the local
government at the
rate of 0.1% for houses and 0.3% for developed lands.
Currently new properties are exempt
from 25% of the annual property tax for 5 years.
All properties are subject to revaluation every year
for tax purposes.
Currently
the acquired property may be resold and the proceeds
of
the sale
may be
transferred out of Turkey.
There is no time restriction for reselling property
after having bought, you
can get it registered in your name and resell it
the next day. The buyer must pay a 3% agent's commission.
These are standard terms offered
by all Turkish estate agents.
Remember, that to reserve a property you will need
a 10% deposit.
Cash is
the easiest way to pay the deposit but understandably
most people do
not want to carry around thousands of pounds/ euros
etc in a foreign
country.
The easiest thing to do, is open a bank account in
the resort area of your
choice (preferably on the day of your arrival)
and then if you have taken
cash, deposit it in the account.
Alternatively
inform your bank in your present country that you
will be opening a bank account in Turkey and that you
may be requesting
a money transfer to this
account. Allow 3-5 working
days for the transfer of funds to Turkey.
Travellers
cheques can be used but can take a while to process
and you will
end up paying commission.
It is also possible to use credit cards but
once again can take a while to
process, hefty commision and sometimes the
transaction can be stopped by
the credit card company because they suspect
a fraud is taking place.
It is very easy to open a bank account
in Turkey and if you need any help
please call one of our agents.
FOR A SELECTION OF VILLAS FOR SALE
click here
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