Buying Property in Turkey, Buy Property in Bodrum, Villas in Bodrum
Filed under Property in Turkey
There are many reasons why people choose to buy property abroad whether for an Investment, a Holiday home, retirement or a lifestyle change.
Turkey is a growing country where house prices are still comparatively inexpensive and can only go up, combine this with the reduced cost of living, lower taxes and better weather and you end up with an attractive package.
The process of buying property in Turkey is relatively straight. However it can take a little time as a military clearance process is required that can take between 3 to 6 months. This is because foreigners are not allowed to buy property in the military, strategic and security zones of Turkey. In practice, the military sign-off is a formality – it is only undertaken to ensure that the land on which the property you’re buying stands does not fall within the restricted zone.
Once you have found your home, you must sign a reservation contract, which will hold the property for a limited period, and pay a small holding deposit (usually £2000).
It is customary for buyers to grant POA – Power Of Attorney – to their chosen law firm which gives the lawyer authority to act on your behalf in a legal or business matter. Your lawyer will check the TAPU (title deeds) to ensure the property belongs to the owner, check it complies with building standards and that there are no outstanding charges against the property. You then sign a preliminary contract of purchase, which commits you to the sale and pay a deposit of around 30%.
At the end of the process when you have fully paid for your Turkish property the title deed transfer will take place at the land registry office and you will receive a habitation certificate. This document also includes information regarding construction authorisation, completion date of the construction works, the land registry office records on the property, address and size of the property, specifications of the independent parts in the property, and the owners.
For purchase costs you should budget on six to seven per cent of the purchase price for fees as you will need to pay a deposit, legal fees, taxes and agent’s commission.
You can find detailed information for Villas in Bodrum and Apartments in Bodrum at buying Property in Turkey.