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There are lots of people buying property in Turkey; some are investing in holiday homes whilst others are purely looking at it from an investment point of view and may never even use the property themselves. It is very important that everyone looking to buy a property in a new and emerging market knows and understands the procedures involved.

When the time comes that you have found the ideal property for you and you would like to proceed with the purchase then you can generally follow these steps through the buying process:

Reservation Contract: This is the contract that will take the property off the market for between 2 -4 weeks whilst any selected legal advisors carry out the necessary searches on the property in question. There will also be a reservation fee required at this point too, which generally amounts to between €3000 & €6000.

If at this stage there are any legal problems and you are unable to proceed with the purchase then you should be entitled to a refund of the reservation fee already paid. However, if you do not proceed with the purchase due to a change of heart then legally you are not generally entitled to receive a refund of the reservation fee.

The reservation fee will be used as part payment towards the property purchase price if the sale continues.

Preliminary Contract: If everything is in order with the reservation contract and relevant fee then the next step is Preliminary contract. You will now be given a detailed account stating the results of the legal checks. If the account produces satisfactory findings then you need to sign the preliminary contract and pay the required deposit, which on a re-sale property is around 10% and on a new off-plan property is around 30%, although this might vary from development to development.

Also at this point it may be necessary for the vendor to apply for permission for you to buy the property in question.

If you are purchasing a new off-plan property you will generally be expected to make stage payments throughout the construction of the property. These stage payments do again vary from development to development and will be detailed to you at the beginning of the purchase process.

Please complete:

If and when all parties, the vendor and the purchaser, are satisfied and ready to proceed the sale/purchase is now complete. The relevant taxes need to be paid by the purchaser and the final deed of sale (TAPU) is signed. Once this has been done then the land ownership is transferred to the purchaser.

Property Purchase Tax is payable on receipt of the deed of sale (TAPU) and is 3% of stated value of the property.

Real Estate Tax is annul charge similar to Council tax in the UK and is 0.1% for residential property.

VAT is paid on property with a net area of up to 150m² on Turkish property and equates to 1%.

Stamp Duty is paid at 1.1% of the property purchase price stated on the contract.

When buying off-plan properties in many European countries the developer is required to provide a bank guarantee to ensure that if they were to go bankrupt before completion of the development then your money would be 100% safe and secure. However this is not a legal requirement in Turkey and as such is it is imperative that you seek out those developers with a proven track record and run no risk of running out of capital during the construction process. We at Universal Property Agents only work with such developers and choose our developments very carefully to ensure there is little or no risk to our clients.

Finally: The final stage is very important. It is now time to celebrate your property purchase with a bottle of champagne and enjoy!

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