So you are looking to buy a property in Turkey? But what is the best way to go about it and what are some of the considerations that you must look for? Because of the political instability, the Turkish real estate market is witnessing a bit of slowdown and now might be the best time to purchase a house there. Therefore, we have put together some of the essential tips before you proceed making a major investment in the Turkish city.
Search for the Right Broker
The primary step in looking houses for sale in Turkey, especially internationally, is searching a genuine broker you can trust. You can search online for the real estate agents who specialize in selling properties to the foreigners. Nothing can replace the local searches and the parent company of the reputable franchises, as they might direct you to English speaking agents, depending on where the buyer wants to buy the house.
Search for Place where you can and cannot buy Property
While looking for property in Turkey, the most essential aspect thing is to ensure that it is a property you can actually purchase, as Turkey has special title deeds that are all open to the foreign buyers. Make sure that the property you purchase should have no debt on it and must have a habitation license in the place. This license allows the buyer to get the mortgage on the property.
Hire a Lawyer
Buying a property comes with various factors which can be negotiated; therefore, buyers should also work with a lawyer they can trust upon. Hiring a lawyer will help you go smooth with all the legal proceedings so that you don’t face any issues in getting the house named after you.
Do the Calculations
You can expect to pay a commission of 3% on the purchase price to the real estate agent, lawyer’s fee of 1%, 2% as a deed transfer tax, and a registration fee for the transaction at the land registrar office. Apart from it, other charges include passport translation, a value-added tax of 18% if the structure exceeds 150 square meters.
If you are looking houses for sale in Turkey, remember the property must not be built on a disputed land, it must not be close to the military land, and it cannot be held in the names of multiple people. Your lawyer should ensure that you are buying exactly what you wanted and the lawyers need to look into the background of the developer and must advise you about their reputation ideally.
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