The coronavirus pandemic has hit all sectors of the Turkish economy, but most industries have already found a way out of the crisis. For example, real estate sellers (construction companies and real estate agents) worked out a new, effective sales tool - buying an apartment online.
How can you sign a deal remotely? How to buy a new home without inspecting it and sign a contract remotely? In fact, it can be simple as that. Many developers offer an option to buy a property remotely. Thinking about relocation? Now you don't have to waste your holiday on inspecting properties in Turkey. The only thing you need to do is open your browser and check out our website to find the best property deal.
Process of buying an apartment online
The whole process can be divided into eight stages, which include:
- selecting an apartment;
- signing a contract with a seller;
- making a deposit;
- collecting papers required to register the deal;
- opening an account in a Turkish bank;
- paying for the deal;
- registering utilities;
- transfering the ownership and TAPU.
Selecting an apartment
First, you should decide what city and district suits you most and then look for a development project there. To inspect a property remotely, not only do sellers offer detailed photos, but also real-time video tours where you can examine the whole apartment and its all details A buyer just chooses the time when to inspect a property and a messenger for a video inspection. An online inspection tour helps make the right decision, whether a property is worth buying or not.
Signing a contract with a seller
A seller and a buyer make a deal and sign a contract. A contract includes all information about a property and the parties, payment terms and other rights and obligations of both parties. To sign a contract, a property buyer only needs to have a passport. The contract is signed in 2 copies and in 2 languages: in Turkish and in the language a buyer speaks.
Now Turkey has a title system of acquiring property rights. This means that it is only the Cadastral Office or Property and Land Registration Office who is responsible for preparing title deeds.
Making a deposit
A buyer pays a deposit when booking a property. The size of the deposit may be 5-10% of the value of the property (we recommend that you specify it in the contract as a separate clause in the section: "Penalties"). Please note that if a buyer changes their mind and decides not to buy a property, they lose their deposit. If it is a seller who cancels the deal, then according to the contract a seller is obliged to return the double deposit.
Collecting papers required to register the deal
To complete property registration and get a TAPU (a title deed), you will need:
- submit a power of attorney. When buying an apartment online, you do not have an opportunity to sign a deal in person, that is why you need a power of attorney so that your representative (for instance, a real estate agent) could do it for you in Turkey.
- get a tax number. You can do it online and for free.You just need to fill out a form on the website of the tax office (you will need your passport and to write an application).
Opening an account in a Turkish bank
Opening a bank account in a Turkish bank is not mandatory. You can open it at your discretion. However, an account in a local bank is a great option that will make your life in Turkey much easier. With a bank account, you will be able to pay for utility bills. In addition, a bank account is required when applying for a residence permit. To open an account you need:
- Valid passport;
- Turkish tax number;
- Proof of address - usually a recent utility bill or rental contract.
You can open an account in euros, US dollars or liras. The whole procedure takes just several minutes, after which you can immediately replenish the balance.
Paying for the deal
You can pay for the transaction in liras, dollars or euros. The most common currency when paying for property is euro.
In most cases, payment is made by bank transfer.
As a result of the transaction, a buyer gets a title deed - TAPU, which indicates:
- Address of the plot where the property is located;
- Photo of the owner (you will need to submit 2 photos);
- Details on the registration of the land plot in the Cadastral Office;
- Status of the land plot (data from the Cadastral Office);
- Land area;
- Type of ownership;
- Price of real estate;
- Information about previous owners;
- Information about new owners;
- Date when the previous owner bought the property;
- Registration number of the previous owner's TAPU (it changes when there is a new owner);
- Information on registration of new TAPU;
- Date when the new owner bought the property;
- Seal of the cadastral department, signature of the authorized person.
You can get a TAPU only if the property is fully paid, the whole procedure takes about 3-5 business days.
Registering utilities
After you have registered your new home in Turkey, the next thing you need to do is signing contracts with utility suppliers. When buying an apartment in a new building, you will have to obtain an Iskan – a technical passport for the apartment, and then sign contracts with utilities suppliers. When buying secondary housing, the property must already have an Iskan.
To register utilities you need:
- Valid passport;
- TAPU;
- Individual Iskan;
- Insurance;
- The serial numbers of the water meters (you can find them in the entrance hall of the block, under the stairs or in the technical rooms where there are water switches and electricity meters);
- Application for connecting utilities;
- Notarized power of attorney for your representative.
Transfering the ownership and TAPU
A seller and a buyer (or their representative, for instance a real estate agent) have a meeting at the Cadastral Office, where a buyer is issued a TAPU, the main document confirming the property ownership in Turkey.