Property Purchase in Turkey – New Regulations for Non-Turkish Clients.
Buying a property overseas is always a bit nerve wracking. No matter how much homework we think we’ve done, there are always some aspects of the process for which we need to put our trust in others even though we might not be feeling completely at ease with this.
Now, in Turkey, we have the situation where the current government has been implementing new regulations for various stages of the buying and selling process, both to make the process more secure for the client and to increase the income to the treasury from property transactions. The latest changes are very important and need to be understood and adhered to for a smooth process, so make sure that your agent or representative are aware of them.
Turkish Property and the new rules
Up until today (04/03/2019) no survey or home report was required. People were able to make an application to the deed office and use any sworn interpreter recognised by the deed office to complete their sale / purchase. This is no longer the case and the new regulations are as follows:
As of 04/03/2019 and going forward.
- Each Property will need to have an up to date property / home report (we recommend this to be done on the same month of the purchase)
- It takes a minimum of 3 working days up to a week for this report to be finalised.
- The current cost for this is 1,800 Turkish Liras with a copy of the report, 1,500 Liras without a copy of this report.
- Who will pay this cost? There is no strict clarification for this as long as it is paid. Common sense would dictate this is to be paid by the owners or share the cost 50/50 if both parties are amenable to this.
- This document is normally submitted to the Deed Office by the company who did this report.
- Currently (March 2019) all of the current sworn interpreters’ competency reports have been disregarded by Mugla District Deed Offices, this was due to new requirements from the license holders by the Deed Offices of Mugla. All competency reports must be obtained again by a higher court in Izmir. The earliest date is October 2019 for this, hence buyers and sellers must be represented by a Turkish Person / professionals / real estate agents, etc.
- Due to above changes, until the translators have their updated licenses, clients wishing to sell or buy must give power of attorney to their representatives via local Notaries otherwise they will not be able to purchase or sell properties for the time being. The only exception to this is if the client can demonstrate that they are fluent in Turkish and fully understand the process.
- How much will this Power of Attorney cost? At the time of writing it is around 500 to 700 Liras, plus interpreter fee of up to 200 Liras.
- This will result in a week requirement for the deed transfers which it used to be a one working day until the end of February 2019.
We are happy to bring this information to your attention and we will update as we are aware of any changes to this.
If you wish to speak to a member of our team regarding these changes, please contact us and we will be happy to assist you.
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