Turkey real estate market presents a great investment opportunity of owners. There are thousands of apartment and villas for sale by owner in Turkey. Some houses for sale by owner in Turkey are furnished while others are not. Many investors decide to invest in the Turkey property because they assume that it will be included in the European Union. There are few of steps to follow when purchasing houses for sale by owner in Turkey.
Information on How to Buy Property For Sale by Owner in Turkey
The first step in buying a real estate is to choose a property. You can hire a real estate agent to find a suitable real estate.
Before deciding to buy the Turkey property , you must visit it personally. You should take a tour around the property and its neighborhood. After you have visited the real estate property, you should place a deposit so that it will be reserved for you. The deposit is about 10 - 20% of the property purchase price. You should confirm with the seller about how much deposit to place in order to secure the deal. After you have paid the deposit, you will receive a receipt. The deposit amount will be stated in the agreement.
When buying property for sale by owner in Turkey, you must provide identifications such as passport, and photographs. The real estate agent can help you by showing where to photocopy your passport and photographs. If you are not available physically to purchase the property, you have to visit the notary office. While at the notary office, you must put down your signature on the document to give the attorney power to carry out the transaction on your behalf. After that, you can go to the solicitor office. The solicitor will show you the document which is signed by you and the real estate agent. The whole process only takes a few hours.
Land Registry Office Application of FSBO Property
Later, the documentation will be sent to the Land Registry office. At the Land Registry office, the staff will create a new title deed for the new owner. Once this is done, the staff will send the document to the local Land Registration office. It can take 1 - 2 months for the local Land Registry to verify everything and issue the new title deed.
Investors must keep in mind that there are lots of fees they have to bear on top of the purchase prices of the houses for sale by owner in Turkey, shortly called FSBO. You must pay a 3% property value tax. The property value tax only needs to be paid one time after you receive the TAPU. Buyers who hired the solicitor must pay the solicitor's fee. The solicitor fee is about 800 - 1.000 Euro depending on which solicitor you hire. The notaries charge is payable by purchasers who are not present physically to carry out the transaction process. You must pay a 3% agency fee if you hire a real estate agent to search for a suitable property. The 3% agency fee covers the expenses of hiring a real estate agent including commissions and other types of charges. You will only have to pay the agency fee after the real estate sales contract is set up. You can negotiate with the real estate agency to lower the fee if you want to save money.
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