Purchasing Process
The following information is intended to help you understand the process of buying a property in Bodrum and to give you an indication of the obligations of overseas home ownership.
Once you have decided on which property to purchase, go to the solicitors’ office where the sale agreement will be drawn up. The solicitor will make sure that the title of the property is checked; that the person who is selling the property actually owns it; whether there are any charges on the property; where applicable that building licences and permissions are in order; and that the terms and conditions stipulated by the seller are checked for fairness. The sale agreement will be translated from Turkish into English by the legal translator. The solicitor, legal translator, buyer and seller will sign the sale agreements, and each party will get the sale agreement in Turkish and in English.
The deposit and legal fees are usually paid at this stage.
The solicitor will then arrange for the paper work to be sent to the title deeds office for the transfer of the title deeds into your name. The title deeds office will send the passports and title deeds to Izmir for the military check. This military check is only to determine that the area the property is in, is not within a certain kilometer radius from a Turkish military base (this could take 3 to 6 months).
You can give the solicitor in Turkey, Power of Attorney to sign for the release of your title deeds from the title deeds office once the title deeds have been authorized. Giving your solicitor Power of Attorney does not give him/her any claim over your property, it will be your name and picture on the title deeds.
A payment plan will be drawn up and given to you along with receipts for monies paid.
After the title deeds have been authorized, it is the time when you need to usually pay the balance due of your property, the buyers tax, earthquake insurance and the water and electricity connection fee.
The release of the title deeds from the title deeds office is signed in the presence of the notary by the buyer and the seller. You can either attend the signing in person or appoint someone as power of attorney to attend on your behalf (which your solicitor can do for you).
The solicitor will then arrange for the new title of the property to be registered with the local council office (for property tax purposes).
A guide to the legal costs involved
The solicitor’s fees £250
Notary charges approximately £60 for power of attorney and translator
Buyers tax : 1.5% of the sale agreement price
Government tax: Approximately £100 - £300 depending on location
Property tax : Approximately % 0.5 to % 0.6 of property price, paid yearly, depending on type of property and location.
Water & electricity connection fee : Between £200 - £350 depending on type of the property and location.
When purchasing property, the buyer will be responsible for paying the water and electricity connection fee.
Earthquake Insurance : Depends on property price and location.(required by law)
