BUYING PROPERTY IN TURKEY - 2
According to statistics, the rate of foreign nationals buying property or land in Turkey has been rising since 2015. While 22,428 foreign nationals bought a property in Turkey in 2017, this figure increased to 40,044 in 2018.
As property sales to foreign nationals continue to increase, we will share some informations for real estate owners and the buyers to be informed about this sitution.
What are the Documents Required for the Deed Transfer Process?
The documents that must be submitted at the title deed in order to sell a property to foreigners are as follows:
- Real estate deed,
- Identity document or passport (Translation of the passport may be requested if deemed necessary.),
- Real estate fair value certificate to be obtained from the municipality,
- Compulsory Earthquake Insurance (DASK) policy,
- If the transaction will be carried out with a power of attorney issued abroad, the original and notarized copy of the sworn translation of the power of attorney.
It is also necessary to obtain a real estate valuation report. The valuation report, which determines the current value of the real estate, is considered valid for 3 months from the date it is issued. The valuation report, which indicates the value of the real estate in the period to be purchased, must also be recorded in the online TAKBİS system of the General Directorate of Land Registry and Cadastre.
If the foreign who does not speak Turkish among the persons who carry out the title deed transfer process, a sworn translator must be available.