When we talk about the issue of real estate ownership, we must be aware that each country has special laws regarding matters of sale and purchase, and in December of 2005 the Turkish parliament in the capital "Ankara" issued a new law that gives foreigners the possibility to own real estate within Turkish lands in order to increase real estate investment in Turkey, but the law was issued according to the principle of reciprocity, which is that a foreigner can buy inside Turkey if the Turkish can buy in the same foreign country.
As an investor or a foreign person thinking of owning a property in Turkey, it is important that you familiarize yourself with the steps and documents required for this:
First: Extracting the tax number:
It is a special number given to every tourist or foreigner residing in Turkey, and the importance of this number lies in facilitating all your transactions inside the country and facilitating the movement of buying and selling, and it is known inside Turkey as (Vergi No).
Second: Opening a bank account for the buyer:
The buyer must open a bank account in a Turkish bank, in order for the buyer's original country's currency to be converted into Turkish currency directly through the bank, and the account opening also facilitates the movement of money transfer easily.
Third: Choosing the property and knowing its price:
Before buying any real estate, the buyer must choose the property and the right place for it and know the real estate prices in Turkey well, as each region and every city differs from the other and the prices vary among themselves, so the buyer must visit the websites specialized in the field of real estate with the presence of a real estate advisor.
Fourth: Signing the purchase contract in the presence of a legal attorney:
Before signing contracts and paying any money in Turkish real estate, the contract must be reviewed well with a legal lawyer specializing in real estate matters so that it is not exposed to any fraud cases, and the purchase contract must consist of several items written in the language, Turkish and the language of the buyer and the signing of the two parties then receive the title deed
Fifth: the papers required to complete the purchase process:
A copy of the buyer's passport.
A copy of the project building permit and its registration document in the area to which the property belongs.
A copy of the title deed of the property, to be transferred later to the new owner.
Copies of all company documents, such as: the company’s establishment license, a copy of its commercial activity, a copy of its register in the Chamber of Commerce.
Sixth: Waiting for the completion of the procedures according to the legal period:
In the event that the buyer is a foreigner and he is the first to buy from the project, meaning that the property is not old and is resold, the real estate registration process in his name may take a period ranging from 45 days to 60 days, and this delay is due to the investigation carried out by the military department of the Turkish Ministry of Defense In the capital, Ankara.
It is also worth noting that the property tax in Turkey amounts to about 4 percent of its price, and it is paid at 2 percent by the seller, and the same is from the buyer, and not all of it is on the buyer.