ibak HOMES Buying Procedure
1.Foreign nationals may purchase most types of property in Turkey in their own names and the proceeds of the sale may be transferred out of Turkey.
2.Once you have found a suitable property the sales price is agreed.
3.It is necessary to pay a deposit to reserve the property and make staged payments according to the contract. Reservation payment of about 2000 pounds or 3200 euros preferably by bank transfer to BestBodrumvillas within 3 days.
4.The client should inform Bestbodrumvillas when we should expect to receive this payment.
5.It is advisable to use a solicitor to handle the purchase. If you would like to have a solicitor to handle you property transaction you can find one in Bodrum or you may wish us to advise a reputable solicitor which we will happily do. Costs vary depending on individual requirements. The solicitor will draw up a contract with all buyer/seller details, property details, payment schedule and other conditions such as clauses relating to the finishing of the property and extra items or work required by the client.
6.If a solicitor has not been appointed the sales contract is drawn up by Bestbodrumvillas or relevant developer in Turkey. After the contract has been signed the first payment should be made within 15 days or as agreed with client. If the client is not in Turkey the contract can be sent via email to the client for signing.
7.The contract will contain the Sellers and Purchasers full details (see below)
h.Any other relevant details such as optional extras.
8.The sales contract is signed by the developer and the customer. Then a copy will be given to all relevant parties.
9.The solicitor or Bestbodrumvillas will carry out all the necessary checks on the property paperwork and apply to the military for permission to release the TAPU to a client enabling then to take over the title deeds. The permission process takes at least 2 months and possibly longer. A translated copy of the clients’ passport and photographs are required for this.
10.The client may appoint a power of attorney (vekalet) for a nominated person or their solicitor to act on their behalf to transfer the title deeds.
11.The solcitior or Bestbodrumvillas will apply to the Military for the property to be registered in the client’s name which takes at least two months – this is only a formality as the location has already been determined as suitable for foreign buyers.
12.On receiving confirmation of the Military registration the Land Registry office can transfer the title deeds in the presence of the buyer and seller or with a power or attorney from the client. Property transfer tax is payable at this time.
13.Client pays the outstanding balance.
14.Client and Bestbodrumvillas or developer visit the Land Registry office together to complete the process for the transfer of the title deeds into the new owner name.
15.Bestbodrumvillas or the developer will give the client the keys.
16.We will arrange to insure your new property with earthquake insurance as this is compulsory (Before Exchange of Tapu)
17.There will be some additional connection charges for electricity and water, annual property tax which covers local services like council tax and general maintenance of the property.
18.The client then enjoys their place in the sun.
1.Opening a bank account. In order to open a Turkish bank account you will need to have a Turkish tax number this we can obtain from the tax office in Bodrum. (Passports and personal details needed.) Once we have obtained your tax number we can then take you to a bank and they will help you to open your account. (Passports, Tax number and personal details needed.)
2.Currently mortgages are not available to none Turkish citizens but we can offer you contact details of mortgage advisors who can help you with this.
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