Turkey, where Asia and Europe meet

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Brief Info About Turkey
Official Name : The Republic of Turkey
Capital : Ankara
Population : 67.8 million (as of 2000)
Official Language : Turkish (uses Latin Alphabet)
Currency : New Turkish Lira (YTL) prononced "ye T le" as of 01/01/2005

 
Buying Property in Turkey
Foreigners may purchase land and property in Turkey under their own names. There are some areas where foreigners are not allowed to buy, to avoid raising property prices to levels Turkish people cannot afford - a precaution we think is very sensible. (The regulations for ownership are outlined in the 'Turkish Civil Code', for a foreign person purchasing a property.

When you choose the property that you decide to buy, Firstly you have to put down a small amount of deposit (usually £3000 - £5000 cash) as a holding deposit. Please note that foreign cheques are not accepted in Turkey. But they do accept Travellers cheques.

We proceed to write out your contract, on the same day that you pay your deposit, item per item the contract is very clear on instruction on how the process works, and on how the owner of the property who sells his property to you, would like his payments made to him. The owners instructions are listed in your contract, and signed on the same day.

This process takes between 16 and 20 weeks for all your papers to be returned from Izmir, hence is why we give our customers to pay up to the 4 month payment plan to allow for the time it takes for your paper work to return from Izmir.

Please note that it is very important for you our customer to understand that when you give power of attorney this means that we only have power to act on your behalf as the buyer, this legal notary paper means that in no way can we sell your property, it is purely active only for the buying and NOT for selling process.

Normally, you sign a paper at the notary, giving us the power of attorney to handle transactions in your name. This is to save your time and money, flying to Turkey to sign the deed-papers. (You can do it yourself if you don't mind the hassle of going to the Turkish Embassy in England and flying to Turkey. Alternatively you can also appoint a lawyer for an arranged fee without the need to travel.

The paperwork takes less than an hour. Then the papers will be sent to Izmir as mentioned above. When the papers come back from Izmir, we call or e-mail you and then you send the 75% balance of the property price, plus the agent's commission. Then all the paperwork and procedure is finished and the title deed of your dream home is registered under your name. Money Transfer is not a complicated process. All you have to do is open an account with a Turkish bank, of your choice; free of charge and when you receive the official papers, give your estate agent or a solicitor, power of attorney, to access your money from the Turkish account, on order to pay the vendor. For your own peace of mind, you do not have to place any money into the account before this time. Prior to coming to Turkey however, all you will need is the sort code, account number and home bank details to ensure trouble free transactions and initial transfers.

The taxes and general expenses cost £400-500 changes can vary depending on the price of the property you buy. This includes the money to be paid at the deeds office and so on. In Turkey, estate agents do the job of the solicitor; officially you do not need one. But obviously if you wish to use one, you can. A solicitor would cost around £500.00 upwards depending on the area.

Courtesy of our friends at http://www.turkishhomes4sale.com

 

 

 

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