Much has been made in the press in recent years about the dangers of buying a home abroad – especially in light of the collapse of the Spanish property market. However, here in Turkey there are plenty of safeguards to ensure your Turkey property is above board and ‘kosher’ as it were.
At Oceanwide Properties Turkey we have guides on how to go about investing in a property in Turkey – what you’ll need certification-wise and the proper legal channels you need to go through to ensure that your investment is sound and worry-free.
How to Make sure Turkey Property Investment is All Above Board
The first thing that it’s absolutely essential to do when deciding to buy a property abroad in a country such as Turkey is to secure the services of an estate agent who can speak both Turkish and English (if you’re from the UK). If he or she can’t speak Turkish then make sure they have a translator with them who can – and preferably one who is local and familiar with cultural niceties.
Obviously check the agent’s credentials. At Oceanwide Properties we are listed with a number of the main certification bodies such as the:
- · National Association of Estate Agents (NAEA) – www.naea.co.uk
- · European Confederation of Real Estate Agents (CEI) – www.webcei.com
- · International Consortium of Real Estate Associations (ICREA) – www.worldproperties.com
- · International Real Estate Federation, UK Chapter (FIABCI) – www.fiabci.co.uk
- · Turkish Federation of Real Estate Associations (TEMFED) – www.temfed.org.tr
- · Fethiye Chamber of Commerce and Industry (FESO) – www.fethiyeesob.org.tr
It’s also crucial to make sure you ascertain the services of a well-respected Turkish property lawyer. Hiring a lawyer can, of course, prove expensive. However in relative terms nothing else matters. That’s because it’s essential to ensure the purchase of your property is ‘above board.’ A lawyer will check that the property has a habitation licence for instance, and whether or not it incurs a no-go penalty for being in a military area. More than that though, a lawyer will always give you peace on mind that you’re on the right track legally.
The Turkish Buying Process
Once you’ve seen a property you like and have agreed sales you’ll need to secure it with a deposit (a sum around 10 per cent of the total property price). The next step is to get a contract drawn up by your solicitor. Then it’s a case of showing your passport and the property deed (TAPU).
Legal documents are next. A background check will be held. Then there is the next step – registering the details with the Land Registry. This can be done in person or via power of attorney. At this stage the property becomes yours!
Buying a property in a foreign country is obviously exciting but scary. And that’s why teaming up with a Turkey estate agency such as Oceanwide Properties is essential. If you’d like to know more about the whole Turkish buying process the please do contact us. We’d be more than happy to show our current portfolio or just discuss the whole idea of moving to a country such as Turkey.