Procedure of Purchasing
Foreigners can purchase real estate just like Turkish citizens according to the Turkish Law on ‘Property Purchase By Foreigners in Turkey’. You can find the information down below and follow the instructions and required documents. We will be helping you with your purchasing in Istanbul and also assist you with our market knowledge and experiences.
Process of decision making and list of requirements
At the first step before buying, you should decide your requirements. This is the most important part. You should decide number of bedrooms, size, location, your maximum budget etc. for your investment or vacation or both of them. After deciding those, making your decision will be much easier. In Turkey, Istanbul has the best opportunities for investing for real estate. For now or the near future, you might be able to make your own decisions for your personal investments.
Your budget will affect your major needs for your investment and it will limit your options. That will make your decision making process hard and limit your matches. But our professional consultants will be guiding you during your buying process and evaluate the alternative choices for you and will find you a suitable investment with the requirements you mentioned.
Documentation and deposit
After you decide your investment property you want to buy, you pay your refundable deposit. This is for guarantee that you will buy that property. You can make your payment in cash or with credit card in some offices. Your deposit money is refundable most of the time and you can take it back in a specific duration. For more information, please consult to our private staff.
Just right after you complete your deposit money, you documents will be prepared for signing. The contract will include your floor plan, payment schedule and it will be in Turkish and English( in completed projects, the payment is generally in cash, but in not finished project there can be some arrangements for payments. A long term payment schedule can be prepared until the construction is completely over).
After signing the contract, the paperwork are going to be done. You will need your passport and its translation approved by a notary office. Your translation must be done by a sworn translator. The documentation also needs your full address and contact information. Sometimes, your father’s name can be required. To open a bank account in Turkey, you will need your passport, a notarized translation of your passport. In addition to these, a residence bill is needed that shows your original full address from your own country and also your Turkish Tax number which you get from tax office.
At first, be sure that you made your notary approved passport. Then you will get your tax number from tax office, and with your tax number you will be able to open your bank account. Our professional staff will be happy to guide you throughout the procedure.
Further for the contract, you will need to have your passport for the official paperwork. Further thy also require your full home adress and contact details. Some projects also require your father’s name. If you want to open a bank account in Turkey, the documents that you need to provide are; an original passport, notarized passport translation, any utility bill showing your original home address from your own country and a Turkish TAX number.
You will need to have your passport translation which will be approved by a notary first. This translation should be translated by a sworn translator. With the translation of your passport you are able to get your Turkish TAX number from the Tax Office and then you will be able to open your bank account. During this process, our professional investment consultants can and will be more then happy to assist you again.
It is so easy to do. You can transfer your money from your country online. Currency differences are not important. Developers bank accounts are generally opened regarding that and that what’s why they have bank accounts in most preferred currencies like USD, EURO and TL for our country. If you want to make your wire transfers easier, you can open an account in Turkey and complete your transfers much easier. But you should be careful that you make your transfer directly to your developer’s account but not to third parties. Your direct payment also will be a proof for your purchase. If your project is completed, generally the payments are cash, but if it is still in construction, there can be a long term payment plan.
Our professional staff will be happy to help you and guide you for specific projects and properties.
The Title Deed Process and Key Delivery
When you decide to buy a flat in Istanbul you have to wait for the finish of the construction and then you get your title deed. Your sale contract guarantees your rights of purchase on your flat until the finish if your project is not over yet.
When the project is over, to get your title deed takes 2 or 3 months. The procedure is: send your application to Title Deed Office, The Title Deed office will send your documents to The Turkish Military Head Office to check if your flat is in a restricted area or a military zone.
This procedure is standard and formal. Just right after your buy is approved, you will go to Tittle Deed Office that we mentioned above( notarized translation of passport), in The Title Deed Office you will sign your documents for your ownership. Then you can give authority to a lawyer to finish and follow the rest of the purchasing process on behalf of yourself. That will help you to save time and effort and also help to finish your purchasing without problem. Leave it to professionals.