Common questions about buying / renting a property in Side.
Real Estate Agent’s commission
According your agreement with your real estate agent.
The registration tax – when buying a property in Turkey – is 4% of the value stated on the Tapu. Since this stated value is almost always much lower than the real value of the property; the registration tax is a lot less than 4% of the purchase price. This explains why the average total purchase cost is maximum 4%, while just the registration tax is already 4%.
Property valuation expertise
Since February 15, 2019, it is mandatory to prepare an appraisal or Turkey's Valuation of Real Estate report on every international property sales.
The appraisal report is essential when you buy a property in Turkey. The report is available at the Tapu office also known as the General Directorate of Land Registry and Cadastre. It takes roughly 2.500-3.500 TL plus VAT to prepare an SPK validated report based on the city and characteristics of the property.
The costs for the registration of the title deed and drafting the Tapu; like fees for the translator and the notary ratification of the translation, passport photos. These expenses amount in total not to more than 800 - 1500 Turkish lira usually.
Connection water and electricity
Connecting water and electricity: you should provide up to a maximum of 600 Turkish liras for these services. So far the cost of acquisition; but then there are of course also the annual fixed costs.
The annual fees and taxes in turkey are very low.
Annual Property tax is between 0.3%-0.4% of the value stated on the Tapu, paid once a year per one owner. Garbage tax is approximately 50-60 Turkish lira per year.
Maintenance fee (Aidat) is depend on the services and facilities of the Residence, In Side area maintenance fee is approximately 800 - 1500 Turkish lira per month for apartments and 2000 - 3000 Turkish lira per month for private villas with garden and pool. Maintenance fee is changing once a year according decision of all owners at General Owners Meeting and declaring services and budget for small repairs for the communal areas.
Property Incurances including DASK (Earthquake insurance) and supplementary incurance are approximately 2000 - 2500 Turkish lira per year and depend on the value of your property and sq.m.
The owner of the villa or apartment in Turkey is able to apply for residence permit for himself and his family. Our company is providing full support for residence permit application as a part of Aftersales service free of charge, if you bought property with us.
All property you will see in our web-page are freehold. All property are checked by us personally and we offer property with full pack of the documents, habitation licences and necessary registrations.
Foreigners can obtain finance through many of Turkish banks. Usually banks offer up to 50-70% of the property value. Repayments are made over a term no more than 20 years and have to be not over than a third part of your income. More details are individual and depend on the valuation of the property you are planning to buy.
It is possible. Property can be bought/sold remotely without coming to Turkey, through a legal Power of Attorney for whoever acts on your behalf in Turkey, and the Power of Attorney is issued at the closest Turkish embassy in your home country.
The procedure of purchasing Real Estate in Turkey is quiet easy. According to the legislation of the Republic of Turkey the Real Estate sale and purchase transaction operations may be executed only by the licensed companies. Side Homes Real Estate company passed accreditation on 28 June 2019 in accordance with the current legislation of the Republic of Turkey, the company’s employees have Personal Vocational Qualification Certificates. Basing on our long-time work experience, we recommend to make a purchase in two stages and plan your visits to Turkey respectively.
Stage 1. It takes 3-4 days.
Step 1 – Viewing tour. A professionally organized Viewing tour together with a strong and stable company will considerably help you in searching for the Real Estate. We recommend to dedicate 3-4 days to the property viewings, work out on documents and get familiar with the district, local infrastructure, and understand how far do the suggested objects correspond to your needs and life style. During your inspection trip with us, we will ensure that you visit as many properties as possible, offering a large price range to make sure that you really get value for your money. We will have initial talks on the phone, emails and possibly face to face meetings. Prior to your viewing trip, we will have researched plenty of homes and real estate in Turkey for you to see. After all, buying a home in the sun is a big decision to make – we want to ensure you make the right decision. That's why we spend our time building a very good rapport with you.
Step 2 – Deposit Agreement execution and reservation of the chosen object for the further sales and purchase transaction. At this stage a seller and a buyer execute a Preliminary Deposit Agreement. The information on transaction parties, Real Estate object, Real Estate transfer terms and transaction settlement conditions, liabilities of the parties are set down in this agreement, as well as the object additional expenses are recorded in it. The client needs only a passport for travelling abroad during the contract signing. The document is executed in two copies and in two languages, in Turkish and in English. A Deposit Agreement itself doesn’t have any force of a document, confirming transfer of the property title, even if it is certified by a Notary Public. You shall get TAPU (Property Title Certificate) for it. In Turkey the title system of Real Estate title registration is valid, it means that the public authorities in the name of the Cadastre Directorate execute property documents, warranting transaction compliance and legitimacy at the state level.
Step 3 – Obtaining tax numbers and opening a bank account. In order to sign a Deposit Agreement, it’s enough to have a passport for travelling abroad, but for the final registration of the object property and obtaining TAPU you will need other documents. If a buyer can’t/doesn’t want to prepare the documents for registration of the Real Estate property by himself, he may execute a Notarial Power of Attorney relating to our company’s adviser, who will complete all formalities on his/her behalf. A buyer, including a foreigner without a Permanent Resident Card, shall have an Individual Tax Number in Turkey – this is a mandatory requirement for Real Estate registration, bank account opening, execution of the agreements with community facilities and telephone service and Internet providers. The procedure is easy and it takes only few minutes. In order to get an Individual Tax Number you shall come to a Tax Inspectorate District Department (vergi dairesi), submit a passport and file application. In order to execute transactions a bank account in Turkey shall be opened. We work with the GARANTI bank. It is easy, because in the future you may pay for the community facilities from this account. You’ll also need it if you register residency. GARANTI bank has Internet-banking, so the account management complications shall not appear. For opening an account you shall have: • a passport for travelling abroad and its copy; • tax number in Turkey (an official document from the Tax Inspectorate). You may open an account in a Turkish bank in Euro, GBP and Turkish liras. You may open three currency accounts at the same time. You may deposit the money at once. There is no deposit minimal amount, at the opening the account may be even empty. Dedicate a half of a working day to it, together with our adviser you will get and execute all required documents. In the future these documents will be necessary for the property title registration. After the first step completion and before property title registration you’ll need only to organize monetary funds transfer to your Turkish account in full within the terms, settled in the Deposit Agreement.
Stage 2. It takes 5-8 working days and it is executed in the dates, set down in the Deposit Agreement.
Step 1 – Property titles registration
Day one. The sellers and the buyers, accompanied by our advisers, meet at the Cadastre Directorate for filing a property title transfer application. Our advisers will preliminarily prepare a complete set of the documents. The sellers and the buyers shall have only the passports for travelling abroad with them. The Cadastre Directorate receives the application and the handed over set of the documents for verification and confirmation of possibility of property title transfer execution.
Day two. Usually, during the second day the Cadastre Directorate executes documents verification. Upon verification completion, the Cadastre Directorate informs our advisers on the date and time of transaction execution.
Day three-five. Two hours before the time of transferring property titles, set by the Cadastre Directorate, the sellers and the buyers shall meet with us for settlement payments execution. Together with our advisers, the sellers and the buyers go to the bank for transferring transaction amount to the sellers and required tax payment. Further, the seller, the buyer, our advisers and a notarial/sworn interpreter meet at the Cadastre Directorate at the appointed time. At registration of the transactions with participance of foreigners, who don’t speak Turkish, the signature of a sworn interpreter and also the complete interpretation of the Sales and Purchase Agreement content to the parties is a mandatory condition of agreement legitimacy. Here the transfer of TAPU, main property title document, is executed.
The registration procedure takes two-five working days. All required documents will be prepared by our specialists. The payment to the seller will be executed in the day of the new property title acquisition (TAPU) in accompaniment with and under warranties of Side Homes advisers.
Step 2 – Property registration in local administrating authorities and connection to the community facilities, property registration at the public utilities managing company. The final transaction stage is execution of the documents with the community facilities providers (electricity, water, telephone, Internet, utilities services) for the new Real Estate owner. We’ll also prepare the required set of documents in advance. The reissuance will be executed in complete accompaniment of our advisers.
And the latest, but no less important: we’ll accompany the transfer of the keys and the property from the seller to the buyer.