Welcome to Turkey and Korfez Houses! So you have viewed our properties and decided to purchase. There are two ways to secure your property;1. Reservation Fee To secure your property and freeze the price, a reservation fee can be made when a full deposit is not possible at the time of viewing. Once a reservation fee has been made we will not sell the property for a period of time, to be agreed between the parties, in order for you to arrange your finances and pay the full deposit. However, please note that this is time limited and we will until receipt of a full deposit continue to market the property. If there is any interest in this property you will be notified and given a choice to pay the full deposit or withdraw. The main benefit to the above arrangement is you can secure your home until you have made the necessary financial arrangements.2. Deposit A deposit of 10% of the purchase price is payable to secure your property. The property will be taken off the market upon receipt of clear funds and no viewings permitted. Payment can be made by cash, credit card or bank transfer and you will receive a receipt for this payment. See below.
Depending upon the type of property, a payment schedule will be drafted setting out the payment dates, including any reservation fee or deposit paid. If the project is off plan a payment schedule will be agreed over a 6 month time period from the contract date. For those completed projects we anticipate completion within 3 months depending upon military clearance timescales.10% of the purchase price is always retained by the buyer until final completion and receipt of the TAPU (Transfer Deed and Title Document).Whilst it is not a requirement to have property transfers or contracts executed by Solicitors in Turkey, we do recommend this for your piece of mind and 100% satisfaction. You are free to choose your own Solicitor either in your home country or in Turkey.
1. Power of Attorney to Solicitor
For those clients who are unable to be present for completion matters and transfer of the title deeds, should consider setting up a Power of Attorney, this can be your Solicitor or personal representative so that they can deal with the following matters;
* buying and selling property in the territories of Turkey
* for signing private purchase contracts
* opening bank accounts
* connecting to water and electricity utilities
* obtaining title deeds on behalf of clients
* obtaining tax number on behalf of clients
A power of attorney is a straightforward legal process with purchasing property overseas and is limited to dealing only with the transfer of property.
Firstly, you must go to a Turkish Notary Public, and have your passports translated into Turkish and then a Power of Attorney is drawn up. The Power of Attorney will be drafted and as this is always in Turkish there is always an official sworn translator present to translate the Power of Attorney into your chosen language.
When clients are not present in Turkey a Solicitor can send the Power of Attorney to the client. Clients will then need to go with this Power of Attorney to a Solicitor or a Notary in their country of origin and sign this in their presence and the Power of Attorney apostiled at the Commonwealth Offices if you are a British Citizen (or at the nominated institution by their government). The sealed Power of Attorney is sent to Turkey and translated into Turkish by an official sworn translator and certified at the Notary Public in Turkey.
2. Applying for Military approval to the relevant municipality.
The only restriction on foreign investment in Turkey relates to the following areas. Your Solicitor will carry out the compulsory Government checks to ensure the property does not fall within the following areas;
. Military zone
. Protected area
. Forest area
. Village area without cadastral division
. The military zones are determined by Turkish Army.
3. Land Searches
Your Solicitor will check the title deeds and building license. These checks are as follows;
. Ensure title deed of property is free of debts and other charges.
. Ensure the property is freehold property and can be purchased by a foreigner.
. Check current ownership of the property at the land registry.
. Check that the developer has all the necessary planning permissions and building licenses.
After all searches are obtained the Solicitor then proceeds to due up the Contract of Sale and apply for Military approval.
4. Contract for Sale
The Contract is agreed between the seller and buyer and if you require any special conditions they can be incorporated into the contract.
If the title deeds are clear the lawyer begins to draft the contract of sale between the buyer and seller. This contract must mention the following;
. All Property details.
. Payment Terms.
. Current situation of the property.
. Completion and delivery date.
. Penalties for both buyer and seller.
. Special agreed conditions in the property.
. Attaching technical specifications.
This draft is made up both in Turkish as in English. The draft of the contract is sent to the client. Client reads it, if client agrees terms and conditions, than they will give the Solicitor an approval and a confirmation to go ahead with the signing of the contract, if the client cannot be present. The client sends the original signed copies by post.
5. Transferring and Registration of Title Deeds (TAPU)
After obtaining military clearance and payment of the final 10% for completion the title deed transfer takes place at the local Land Registry Department. There is a legal requirement for both the buyer and seller to be present for this process unless a Power of Attorney has been arranged.
Please note that you will need to obtain a tax ID number (Vergi Kimlik Numarasi) – this is also required for opening a bank account, contracting goods and services (telephone, electricity, etc.) and dealing with local tax authorities. If you engage the services of a Solicitor they can arrange this for you or alternatively we will take you in person to organise this for you.
Clients have the option to hire an independent surveyor at any time in the transaction to provide a full report on the property they have purchased. The cost for this service varies but we estimate this to be about £140 for a full report.
Your Solicitor will register your new details with the local electricity and water companies from the date of completion on behalf of the client. Bills can be paid by direct debit and we can assist you with organising this or your Solicitor can assist.
All of Korfez Houses come with a 5 year building guarantee and standard 2 year guarantee for all electrical appliances.
Enjoy Your Home…