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At BuyCappadocia Property Services; We pride
ourselves on our integrity and the fact that we place professional ethics and
standards above all other considerations, and our representatives are thoroughly
familiar with every legal aspect of purchase. We feel very strongly that once
you have purchased with us that this is the "real beginning" of the relationship,
not the end. We speak fluent English. Your detailed questions and concerns
will be understood, and in turn our information and answers will be clear and
straightforward.
Prior to Your Purchase
Having selected your ideal property, you will want to be absolutely certain of
the legalities of the process and particularly your rights in a foreign country.
This is where BuyCappadocia Property Services will ensure impartial and expert
assistance is given in guiding you through every step.
Prior to your purchase BuyCappadocia Property Services will explain to you in
detail all the relevant fees and taxes payable on a Turkish property, so that
you can adjust your finances accordingly. As a rough guide, you should budget
that the combined total of all these amounts will be approximately 2% of the
declared purchase price. Once you have placed a deposit on the property, we can
recommend a legal advisor, who will ensure that all the paper work is followed
correctly and that you understand fully all the contractual obligations involved.
If wished our lawyer will also conduct a full search for your protection.
Please note that it is standard practice in Turkey for the buyer and seller to
each pay a 4% agent's commission (unless otherwise agreed). These standard terms
are offered by all Turkish estate agents. Purchasing real estate from a non
licensed agent with no or lesser commission may seem attractive but is often
disastrous and costs much more in the long run.
Finances
Once you have decided to buy your future property, it is necessary to arrange
your finances. To secure the sale you must make a minimum deposit of 5% of the
total price of the property and make a sales agreement. International money
transfer takes 2 up to 5 days depending on the method you choose. If you need
the money transferred within 1 or 2 days you can contact Western Union (affiliated
with the bank in Urgup-Cappadocia), the fastest international money transfer in
the world. If you plan to buy with cash from a cash advance on a credit card, be
sure to explain to your credit card company that you will be making a large
transaction while in Turkey before you attempt to make the cash advance. Most
credit card companies will not allow abnormally high unauthorized transactions
to occur in Turkey, in an effort to guard against fraud.
Before the deposit is paid to the seller we can help you prepare a sale
agreement using an authorized translator as a witness and/or an English speaking
lawyer. The approximate cost of a lawyer is £350 for a sale agreement. This fee
can increase depending on additional legal services, such as power of attorney.
We can also help you open a bank account (any currency) at a local bank either
in Urgup - Cappadocia should you decide to transfer money (for a deposit) before
you arrive in Cappadocia or while you are here.
Completion
The entry in the property register in Turkey is not performed by a public notary,
but by an official of the Property Registry Department (in Urgup or in Nevsehir
if you are buying a Cappadocian property). If the buyer wishes to have the sale
authorized by the notary the must pay a 0.3% authorization fee out of the
property price. It is legally compulsory for both sides (the seller and the
buyer) to be present at the entry together with an authorized translator for the
transfer of the title deed. If the property is to be in joint names both parties
must be present for completion. This means that buyers must be in or return to
Turkey. However, it is possible to authorize another person to act in your
behalf through power of attorney. This is a very convenient and legal way to
complete your purchase while saving time and travel expenses for you. With power
of attorney we can act for you in the submission of your passports, in the
transfer of money to the seller, the payment of sales tax (which is 3% total -
1.5% from the buyer and 1.5% from the seller) and in the exchange of the Title
Deed. On completion of the transfer the Title Deed - which is called Tapu -
will be produced in your name(s) and we can safely hold it for you until you
return to Cappadocia. Ownership is only obtained at the moment that the building(s),
if under construction, has been completed and the full amount has been paid.
Post Completion
In addition to compulsory earthquake insurance (DASK) renewed once every year
and construction insurance paid by the builder/contractor (in the cases of
construction), we advise all new property owners to arrange private building and
contents insurance. We can arrange this on your behalf to concur with the deed
transfer or completion date. Such an insurance policy usually costs 30 - 100 GBP
per year for a normal furnished 2-3 bedroom house. This cost can be paid in cash.
You would be required to make an inventory list of all the contents and the
value of the building to be presented to the insurance companys agent. For
further information on insurance please contact us.
You are required to register the utilities connected to your property in your
name. You must also register your ownership of your property with the local
government for council and waste tax. There is also a small charge for
registering your ownership with the water and electric company.
Annual property tax is collected by the local government at the rate of 0.3% for
houses (on average about £20-30 per year) and 0.3% for developed lands (calculated
according to the value for each square meter determined by the local government).
However, new properties are 1/4 exempt from the annual property tax for 5 years.
All properties are subject to revaluation every 5 years for tax purposes.
Your property may be resold and the proceeds of the sale may be transferred out
of Turkey. There is no time restriction for reselling property after having
bought - once registered in your name you can immediately resell your property.
Letting
If you require support with letting and/or management please contact us. This
service is currently only available to our customers. Our company also includes
a travel agency so your property can be legally letted to avoid tax fraud.
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