First, the cost of setting document in addition to the payable cost equal to 4% of property value stated in the document, mainly this cost is equally paid by both the buyer and seller, each of them 2%. Earlier this percentage was 3.3%, but according to supply and demand, and government regulations, the percentage increase to 0.07%.
Setting the Power of Attorney to Get the Document; due to this, someone else become your attorney in order to set the document at absence time of you. This work cost about 250-350 € at this region. The average cost of the notary is 600 TL (Turkish Lira).
A mandatory requirement to complete the process of buying real estate is to have DASK state insurance. This insurance covers 20% of the cost required to rebuild the property in an earthquake. However, the buyer can own an additional insurance to increase the level of insurance cover for all natural hazards and disasters. We do this service for our buyers using reliable insurance companies such as Allianz or Anadolu Sigorta in order to be sure that the entire processes are clear and obviously for our customers.
When the process of buying is finished, the buyer of property should register to the local authorities for the payment of council and waste tax to obtain residency for you. Meanwhile, the buyer has to do the requirements of register to water and electricity by the relevant companies. It should be noted that these costs are necessary and there is no way to leave them. This process can be made by lawyers too. In 2014, the cost of transferring water and electricity were 100 TL and 750 TL respectively.
Turkey has forced 3% of document cost for the buyer called agency cost. In selling real estate in Turkey, the cost is not paid for newly built properties, however, is required to re-sell this property. And in general, buyers have to pay 3.5% to 6.5% in order to complete own purchase, in addition the exact purchase price.
Testament, this cost is carried out by foreign buyers in Turkey. When the property is the name of the owner, in case of his/her death, the Turkish state law transfers the property of the deceased to his/her heirs. Therefore, foreign buyers ensure to be aware of all the provisions of Turkish law. To avoid any distortion or any other differences, always follow and get advice all discussed regulations your lawyer about transferring the property and the distribution of assets and standard inheritance law. Your lawyer should be able to help you in discussed issues and how to prepare official documents to the heirs in Turkey. Therefore, items listed above are some of the important things that you should consider before buying property in Turkey. Make sure that you are aware of all these, and follow your lawyer who has deeper knowledge of the laws and regulations.