Before buying the property in Istanbul, you should be ensured that the technical and legal responsibilities are fulfilled. In this sense, it will be useful for buyers to get information about the issues that they should pay attention to in order not to have problems during the sale of a property in Turkey.
Restrictions on Selling a Property in Turkey for Foreigners
The 2012 regulations in the Land
Registry and Cadastre Law No. 6302 on the Acquisition of Real Estate by
Foreigners in Turkey offer great opportunities. Foreigners
have had the right to acquire real estate in Turkey since 1934. However,
this right was limited to the “principle of reciprocity”. In accordance
with the principle of reciprocity; only citizens of countries that gave Turkish
citizens the right to acquire real estate in their country could acquire
real estate in Turkey. The number of countries that could acquire real
estate from Turkey was limited to 53. With the 2012 regulation, foreigners
were given the right to acquire real estate in Turkey unconditionally, without
seeking the principle of reciprocity. Today, citizens of 183 countries
can buy real estate in Turkey. However, there are exceptional cases of this
regulation. Foreigners, especially from countries bordering Turkey, are
prohibited from acquiring property in some border cities. If it is
understood that your country of citizenship is not among the aforementioned 183
countries or it is understood that you are subject to the borders of the
neighboring country, the house sale will not take place.
Commitment Factor
The legal arrangements made in the Land
Registry and Cadaster Law were not only the number of countries. In the
previous law, the area of immovables to be acquired by foreigners was limited
to 2.5 hectares. As of 2012, when the law was changed, the real estate
purchased by foreigners does not exceed 10% of the area of the district where
private property is located, but can be up to 30 hectares in total throughout
the country. This figure can be increased up to 60 hectares by the decision
of the Council of Ministers. The undertaking to be signed by foreigners during
the sale of the property is related to this surface area. Foreigners sign a
letter of undertaking stating that the immovables they own in total within the
borders of Turkey do not exceed 30 hectares and agree to liquidate the excess amount
and convert it into value in case the contrary is proven.
Military Security Zones are the Exception
During the title deed transactions where
foreigners are a party to the sale of a property in Turkey, another point of
attention is that the area where the said property is located is close to the
military security zone or the prohibited area.
Properties cannot be sold to foreigners in areas close to areas declared as 1st
or 2nd degree military security zones. If the property you want to buy in Turkey
is under these conditions, your property sale cannot be made.
You Must Make an Appointment from Land Registry Offices
For property sales transactions, you
need to make an appointment with the land registry and cadastre offices in
Turkey. You can do your property sales transactions
by being at the relevant Land Registry and Cadaster Office at the appointment
time. On the other hand, you can sell the property without coming to Turkey.
When you apply to the Land Registry and
Cadaster Representatives opened by the Ministry of Environment and
Urbanization abroad, your real estate sales process is carried out. Land
Registry and Cadaster Representations are limited to certain countries for now.
Documents Required During Home Sale Must Be Complete
During the sale of the property in
Turkey, you should make sure that the documents requested are complete and in
the desired form. It is not possible to sell a real
estate with missing or incorrect documents.
·
Identity document or
passport of the country of citizenship: You should
make sure that the passport with the identity document of the country of
citizenship, which has a photograph on it, has not expired.
·
Real Estate Valuation Report: The validity period of the real estate appraisal report is 3
months. The sale of the house must be completed within 3 months of purchase.
Real estate valuation report can be obtained from institutions determined and
announced by the Capital Markets Board (SPK).
·
Real Estate Declaration
Document: The real estate declaration document,
obtained from the municipality to which the property is connected, must be
available during the house sales transactions.
·
Passport Photo: During the sale of the property in Turkey, passport photos of the
seller and the buyer are requested.
·
Compulsory Earthquake
Insurance Policy: Sales cannot be made without the
compulsory earthquake insurance policy of the house.
·
Tax Identification Number: The tax identification number is among the documents requested
from foreigners during the sale of the house.
·
*Power of Attorney: In the event that either the seller or the buyer is unable to
attend, a representative can be appointed by power of attorney. Power of
attorney prepared in Turkey must be arranged in a notary public with a
photograph. In addition, it should be ensured that the content of the power
of attorney includes private information about the house, such as home address.
A power of attorney can be issued with the same content in Turkey's
consulates abroad. If the power of attorney is the foreign country's own.
