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Buyers Guide
The following information is intended to help you understand the process of buying a property in Turkey and to give you an indication of the obligations of overseas home ownership. * Once you have decided on which property to purchase; * A payment plan will be drawn up at the office of Keyshead International and will be given to the client along with receipts for monies paid. * The deposit (appr. 1500 Euro) and legal costs will need to be paid at this stage Please note: (Deposit and legal costs are non refundable.) * in the the solicitors' office the sale agreement will be drawn up. The solicitor will make sure that the title of the property is checked; that the person who is selling the property actually owns it; whether there are any charges on the property; where applicable that building licences and permissions are in order; and that the terms and conditions stipulated by the seller are checked for fairness. The sale agreement will be translated from Turkish into English by the legal translator. The solicitor, legal translator, buyer and seller will sign the sale agreements, and each party will get a copy of the sale agreement in Turkish and English. * If you would like to give the solicitor in Turkey Power of Attorney to sign for the release of your title deeds from the title deeds office once they have been authorised, we can take you to the notary office to have this done (only during week days). Please note that giving the solicitor Power of Attorney does not give us or the solicitor any claim over your property, it will be your name and picture on the title deeds. * The solicitor will then arrange for the paper work to be sent to the title deeds office for the transfer of the title deeds into your name. The title deeds office will send the passport copies and title deeds to the Aegean Army Base in Izmir for the military check. This military check is only to determine that the area the property is in, is not within a certain kilometer radius from a Turkish military base this can take several months. * Once the title deeds have been authorised, you will be informed by your solicitor. This is the time when you need to pay the balance due for your property, the buyers tax, earthquake insurance and the water and electricity connection fee. We will inform you of all payments that need to be made at this time (as reflected on your payment plan) * The release of the title deeds from the title deeds office is signed in the presence of the notary by the buyer and the seller. You can either attend the signing in person or appoint someone as power of attorney to attend on your behalf. * The solicitor will then arrange for the new title of the property to be registered with the local council office for property tax purposes. A guide to the legal costs involved The solicitor's fees and the legal translator's costs are between € 700 and € 1000 Notary charges approximately £80 up to £ 120 / € 118 up to € 178 for power of attorney. Other Costs Agency fee : 3% - 5 % of total property price (resale properties). Buyers tax : Approximately 1.5% to 3% of the title deed value of the property depending on location. Military clearance fee : Approximately £180 - £500 / €267 - €740 depending on location. Property tax : Approximately 0.5% to 0.6% of property price, paid yearly, depending on type of property and location. Water & electricity connection fee : Between £200 - £400 / €296- €592 depending on the type of the property and the location. Earthquake Insurance : Depending on property size and location. This is compulsory. Property on a complex: There is an annual maintenance charge of £170 / €252 - £750 / €1,110
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