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BUYING PROPERTY IN TURKEY
Let me start with saying that The government extends the residence permit from three months to one year for house buyers from oversees with a law change, aiming to eliminate obstacles in front of the foreign buyers.
There are more Estate Agents in Turkey than mosquitoes! I do not know which one will provide you the best service as I have not purchased any property myself from an estate agent.
I always suggest to my friends to not hurry into purchasing a property in the first place unless they are %100 sure, Especially if you want to live there. I say rent a place for some while before you decide to make the big move.
If you are not happy with the area or what ever it is, pack your bags and move to another rented property. You will not have this chance if you own the property. Depending on the area, you can rent a nice property for a reasonable price especially if you decide to pay upfront a significant amount such as six months down payment. This I guess is alot better then investing 150K in to unknown.
Please read a usefull article sent by a british lady who purchased a Villa in Fethiye Calis, where she shares her experience in buying property.
Being on holiday can be rather different compared to living there, unless you are loaded with cash and can afford to go out every single night out. Plus you need to get to know the real locals not just the waiter..
Are you going to let out your place ? Take into consideration that not many people do make money from rental.
Well, it is not my place to tell you what you need to do but I can advice you to speak to of loads foreigners in the area before you make your big move.
When buying a property in Turkey, the legal procedures are really quite straight forward. However, in order to avoid any problems I recommend :
Use a VERY good English speaking estate agent, make sure this agency can provide you with loads of contact details of foreign clients. Most of all take your time and under no circumstances do not rush into anything.
Whatever you do, do not buy a property through a friendly waiter, hotel receptionist , friend of a friend etc. , the price is greatly inflated in most of these cases and Title Deeds etc can not be easily checked.
Make sure the Title Deed is properly checked (see below)
Once a property has been chosen, You must carry out the searches on the Title Deeds and ensure that it's clear of debts and that the seller is actually the person detailed on the Title Deed.
Thereafter a deposit (usually 10% - 20% of the asking price but sometimes as much as 75% for new build properties) is placed in a bank account in Turkey (by electronic transfer) and paid to the seller on your behalf.
There is then a wait of 3 - 6 months for the paperwork to be cleared by the officials & army departments in Izmir, Ankara, Mugla. As soon as the Title Deeds Office receives clearance from the army department confirming that the property in question is not within an military area, the remaining balance plus any additional costs are transferred to the same bank account and the Title Deeds can be exchanged.
Unlike the UK, it is not necessary to use a solicitor to conduct the conveyancing for you. The Title Deeds formalities can all be carried out in your absence, by leaving a Power of Attorney with your solicitor.
Should you decide to use solicitor ,you need to go to notary to arrange this Power of Attorney (there is an official translator within the notary's office to ensure that you understand the Power of Attorney),-open a bank account in your name and take the necessary photos required for the paper work.
Not exactly my favourites, they can be a big pain in the arse, do your homework well before you purchase any, check out the neigbours and the mangement.
Below are some information which I have gathered from several websites on the net for your information (rules and regulations may have changed since).
Housing Cooperatives are legal entities established in line with Law No. 1163 and aim at providing their partners (or participants) with residential flats or houses.These entities are one of the most favourable methods of acquiring a property among Turkish citizens, who are generally at the middle income levels.
Tax advantages and relatively cheaper loans provided by State organizations, great potential for economies of scale, and convenient financing requirements evenly distributed to a time scale extending to a couple of years are some of the appealing features of these entities.
However , right management of a cooperative is of high importance. The Board should assure a sound financial status and employing the right contracting company which will construct the complex is very crucial. Unless a good Board which is composed of trustworthy and talented people is office, the designated targets may not be attained. In this regard , if you are planning to purchase a flat, house or villa on a complex, as a part of a cooperative, you are strictly advised to search for all important and relevant aspects. You can hire a professional to do this on behalf of you. In case you need professional help, please be sure that you assign the professional in question through a sound Power of Attorney.
The following information briefly explains how cooperative mechanism works. Cooperative has to have at least 7 partners (or participants or members). The Articles of Association (AA) has to be stamped by a notary public and to be registered to the Trade Registry. The followings are to be clearly stated in an AA.
Cooperatives have to arrange partnership notes in the name of each partners and these documents have to be signed by participants and the Representatives of the cooperatives. These notes are delivered to the partners and indicate that the note holder has a legal partnership in the cooperative. Main decisions regarding cooperative activities are made by the General Assembly, composed of partners. Usual General Assembly meeting has to be held within a period up to 3 years following the previous meeting. Participants are officially invited to General Assembly meetings by the people authorised to represent the cooperative. These representatives are selected by the General Assembly.
Bringing the partnership to an end is allowed by the Law. In some cases, there might be some special time restriction clauses in the AA. AA may envisage that partnership cannot be brought to an end within a period up to 5 years following the date of partnership. If any force majeure conditions are specified in the AA and a participant falls in a force majeure, then he is exempt from such time restriction. Partnership rights can be transferred to others or sold out. According to the regulations,Any partner is allowed to ask the Board of a Cooperative to provide him/her with the information about the financial status of the cooperative.
A Cooperative dissolves when/if :
All works envisaged by the AA have been materialized and the properties have been registered in the names of the participants.
The General Assembly decides upon that the Cooperative will no longer continue.
Bankruptcy is declared.
Relevant Courts have made a decision to dissolve the cooperative.
Another cooperative takes over or purchases it.
Usual General Assembly meeting has not been held for at least 3 years.
The relevant ministry finds out that the cooperative can no longer attain the designated targets.
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