Wednesday, June 28, 2017

Checklist for property in Turkey

It is hard not to get tempted by a holiday home in sunny Turkey close to the sea.

But before you decide to go all in and buy your own holiday home there are a few but very important and essential criteria that the holiday home in question must fulfill.

Type of ownership
Also in Turkey there are different types of ownership. Make sure that your property is a owner-occupied property and not part of any company, joint venture or time-share.

Are a foreigner allowed to own?
Not all properties in Turkey can be sold to foreigners due to restrictions on location and type. Make sure that your property can be sold to you as a foreigner.

Make sure that no debt or any kind of ipotek are transferred to your name via the purchasing contract or transfer of title deed.

Ferdi iskan (habitation certificate)
Make sure that the ferdi iskan of the property is either already in place or can be easily issued. 
Ferdi iskan is connected to another permission named ön iskan. 
In case the ön iskan of the complex/ building is not present you must be aware and understand the consequence of this.

As a general rule you should only buy property in case the ön iskan is either already in place or can be issued without any further delays.

Contract of sale
The contract of sale must be thorough and detailed. 

The most important clauses are:
- Terms and conditions for payments
- Hand over
- Guarantees
- Termination of the contract

The title deed as well as seller and buyers ID must be a part of the contact as attachments.

Make sure that it is always seller himself who personally signs the contract of sale.
Do not accept that a real estate agent or another 3rd party signs on behalf of seller.

Unless it is clearly specified in the contract all payments must always be paid directly to seller.

Please note that the above only represents the absolute most important things to consider.

We also recommend you to always carry out a detailed check on the property that you are planning to buy. 

Read more about that in the blog "Essential checklist before investing in a holiday home in Turkye".

Let us know in case you have any questions, we are right here to answer them.