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HOMEKalkan Property For Sale
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Buying Property in Turkey FAQ'sCan all foreign nationals purchase property in Turkey? Can I borrow money to purchase my Turkish property? How negotiable are the advertised asking prices? How can I pay the deposit to secure my property? Can I open a Turkish bank account from the UK? Are transactions completed in Sterling or Turkish Lira? How long will it take to complete the purchase? Do I have to return to Turkey for the completion? How do I arrange power of attorney? Is a UK power of attorney acceptable? If later I sell my property can I take my funds out of Turkey? Do I need to make a Turkish Will? Can all foreign nationals purchase property in Turkey?Most foreign nationals can purchase property in Turkey. Agreements are usually reciprocal between governments. For a full list of nationalities which can purchase please click here! Can I borrow money to purchase my Turkish property?Finance can be arranged either through remortgage of your permanent home in your home country, or by arranging a Turkish mortgage on your property in Turkey. For further details please see Turkish Mortgages How negotiable are the advertised asking prices?Advertised prices like in all property markets are open to offers being made and we can advise you on what is a sensible level of offer. Property however is not like items for sale at the local market where bargaining starts at 50% of the asking price. Prices for the Lavanta development will not be discounted. How can I pay the deposit to secure my property?There are several ways you can pay the deposit money:
1. Is self explanatory but not always practical depending on the amount of cash you need to bring with you. 2. For this to work sucessfully the local banks must accept your card. As a general visa is fine but maestro is not accepted locally. You will need to tell you credit card company that you plan to make a large cash withdrawl otherwise they can stop the transaction for security checks. 3. Not all UK money institutions will accept a fax or phone authorisation for a foreign transfer. You must check with your bank or building society before you come to ensure this is possible and if so what documentation they require. Many sellers will accept a goodwill deposit/reservation contract from you when you are here. This would be around 1% of the purchase price, with the understanding that the sales contract be completed and the balance of the 10% paid within a given timeframe after your return home. A good will deposit is generally non refundable. Can I open a Turkish bank account from the UK? What documents do I need to open an account?It is not possible to open an account at a Turkish bank remotely from the UK. You must be present at the bank to open the account and require a Turkish tax number, your passport plus one other form of identification to do so. You do not need to place funds in the account but most banks levy a small administration fee for setting up the account. Accounts can be opened in many currencies e.g. Sterling, Euro, Dollar and New Turkish Lira. We would recommend you open both a Sterling and a Lira account. We also recommend you sign an authorisation form to send fax authorisations to the bank from the UK. You will find this useful for the future. Currently Turkish Banks available in Kalkan are Denizbank, Yapi Kredi Koç Bank, AkBank and Garanti Bank. Turkish Bank accounts can be opened for you remotely if you have covered this responsibility in power of attorney to your lawyer. Are transactions completed in Sterling or Turkish Lira?Generally most property transactions in this region are completed in Sterling. If the property is advertised in Sterling then the contract and payment will also be in Sterling. Euro or Dollar are equally acceptable and the rate of the conversion will be agreed at the contract date. How long will it take to complete the purchase?The main determining factor for completion is the arrival of the military permission for the purchaser. The application for the permission is made by the agent or lawyer through the local land registry office. Once the application is made all parties must await its return. Currently the time taken is around 10 to 16 weeks. Do I have to return to Turkey for the completion?Unless you have arranged for your power of attorney to be given to the agent/lawyer then yes. The transfer of the title deed of the property is a process completed face to face either by the buyer and seller or their representatives at the local Land Registry Office in Kas. How do I arrange power of attorney?Power of attorney is arranged through the Notars office. Our nearest Notar is in Kas. Generally you will need to visit this office along wth the person to whom you are giving the power of attorney. If you are arranging power of attorney to a local lawyer then they will be registered with the Notar and we can assist you with the power of attorney in their absence. To complete a power of attorney you will need:
The Notars office is open Monday to Friday only so factor these days into your stay if you are planning to complete in this way. Is a UK power of attorney acceptable?A UK power of attorney document can not be used. It is however possible for your Turkish Lawyer to send you the copy for an English language version of a Turkish Power of Attorney. This must be notarised and legalised in the UK before being sent to Turkey, where it will be translated back to Turkish and Notarised at the Turkish Notary. This method will cost you more than arranging a Turkish Power of Attorney when you are here, but is usefull in certain circumstances. If later I sell my property can I take my funds out of Turkey?Yes. There is no restriction on foreign currency i.e. Sterling, Euro or Dollar, movements into or out of the country. Do I need to make a Turkish Will?If you wish to have total discretion as to how your assets are distributed, then yes. Wills are made at the Notary and should be overseen by your lawyer, to who you can simultaneously give power of attorney to administer your estate including application for probate/ payment of taxes etc in the event of your death. |
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