|Date:||Thursday, October 14, 2021|
When making the decision to buy a property in Turkey, the investor must study everything related to the real estate market.
Title Deed Procedures for Foreign Buyers
When deciding to buy a property in Turkey, the investor must study everything related to the real estate market in Turkey. One of the most important points to focus on is getting to know the title deed procedures, that document that shows ownership and guarantees the legal right of the apartment owner in Turkey.
First, what is (Tabu) “title deed”:
It is the document that regulates a specific property, and proves the ownership of the property of the person mentioned in the document, and mentions information about the property, real estate survey numbers, and specifies the location of the property.
Types of title deeds
First, the real estate easement deed:
The property is registered with a subordinate title deed when a property is purchased in Turkey as part of a project under construction. The easement deed is the title deed in which each section of the property is registered separately, in other words, when the construction company plans the project and sets the plan for construction on the plot of land, and obtains approval for construction
The project is divided into sections (number of apartments within the building), and each apartment is organized with a special deed showing the location and area of the apartment and its information.
The type of property is included in such bonds (construction land) due to the non-completion of construction work. When the construction work is completed and the property is ready to move in, the owner is given the full title deed.
Second, the full title deed:
When you buy apartments in Turkey within projects ready for delivery and housing, you are given a full title deed of your apartment that proves your ownership of the apartment and preserves your legal right. The full specifications of the property are mentioned in the title deed "Tabu" in terms of the area of the property, its type of commercial or residential, and others.
It should be noted that the real estate registry of the apartment should be disclosed before purchasing in order to find out whether the property is subject to restrictions such as seizure or foreclosure, and the real estate registry department must be reviewed for detection and inquiry because restrictions, if any, are not mentioned in the title deed.
Third, the transitional title deeds (participation bond):
It is a type of real estate title deed that proves the buyer’s ownership of the property, and we do not advise the Arab investor to do so because in most cases, the transitional title deeds (participation bonds) are for old buildings that were built before 1999, and most of these buildings were damaged by the 1999 earthquake. They are subject to obligatory restoration works imposed by the Turkish government to strengthen the foundations and columns, and we do not advise Arab investors to go for this type of building. As for the new buildings built after 1999, participation bonds are not used as a purchase system.
What are the title deed procedures for foreign buyers in Turkey?
These are simple and easy procedures if you are committed to providing the required documents correctly and completely
The required documents: a personal identity of the owner of the relationship or his official agent, in addition to a personal photo of the seller and two personal photos of the buyer to be delivered to the Real Estate Records Department, in addition to some other required documents:
- An earthquake and catastrophe insurance policy can be obtained from insurance companies
- The real estate registry document that belongs to the property, which is secured by the seller and the buyer verifies its authenticity
- A document called the common allowance and obtained from the municipality to which the property belongs
- In the event that an amount is borrowed from the bank to purchase the property, not from providing documents indicating it
- We remind you of the importance of submitting these documents completely and correctly, otherwise violators may be exposed to taxes that may reach 25% of the total tax value.
Land Registry Fees - Tapu Fees in Turkey
The real estate registry fee (Tabu) is one of the important items that must be taken into account before buying a property, because it is not a small payment, as it amounts to 2% of the property price, imposed by the state on both the seller and the buyer. Although there is no clear and explicit text in this context, fees are usually charged to the buying party, meaning that the buyer pays 4 percent of the total value of the property as a fee for the real estate registry, for example: if the price of the property is 100 thousand Turkish liras, The value of the title deed fee will be 4 thousand Turkish liras!
Therefore, it is necessary to take this amount into consideration, and to agree in advance between the two parties, on the method of payment clearly between the seller and the buyer.
In the event that there is an intermediary between the seller and the buyer, the commission that the intermediary will receive, in addition to the expenses incurred when paying the property sale fees, must be determined.
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