Step by Step Buying Guide
What Steps Does the Buying Process Consist of?
The property buying process is the set of steps involved in purchasing real estate, such as a home, land, or commercial real estate. It ranges from identifying buyers' needs to researching potential properties, making offers and negotiating, and finally completing the purchase. The process can be complex and involves a series of steps that need to be carefully managed. This article will discuss the key stages of the property-buying process.
1. Step: Contract and Deposit
Once the sale agreement is reached, a purchase contract is drafted, requiring signatures from both the buyer and seller and the deposit payment. It's crucial to thoroughly review the contract before signing it to ensure all agreed-upon terms are accurately reflected. This may include details such as whether household appliances are included, any additional services like painting, and the agreed payment terms. Upon contract signing and deposit payment, the agreement becomes legally binding. If you are buying property from the project with installment payment, then the construction finish time and penalties if the project is not finished on time should be in the contract. The deposit amounts are typically between 5 to 10% of the property's value. However, it's worth noting that our company advises against depositing more than 10% of the total property cost.
2. Step: Appy to Transfer of Ownership
Turkey's title deed transfer process closely resembles several other European countries. To initiate the ownership transfer for a property, the seller is required to submit an application along with the following documents:
- Foreign currency exchange certificate
- Passport copy
- Turkish Tax number
- Statement of Identity Information Form
- Appraisal Report
These documents are essential for facilitating the legal transfer of property ownership in Turkey. Ensuring all required paperwork is accurately prepared and submitted is crucial to avoid delays or complications in the title deed transfer process.
3. Step: Transfer of the Ownership
After completing the necessary procedures, the buyer and seller must meet at the Land Registry Office to transfer ownership. Foreign buyers must get assistance from a sworn translator who is available at the office. Following the transfer of ownership, the remaining balance of the property's cost is settled with the seller before signing the final documents to transfer ownership. When you sign the documents with the officer, this finalizes the property ownership transfer process in Turkey.
How to Apply to Transfer of Ownership?
Individuals need to schedule an appointment through the TAPU center website to initiate the TAPU application process. During the appointment, the required documents are submitted to the relevant department. Upon submission, buyers receive a state tax payment number via SMS, which they settle at the bank. A confirmation message specifying the date and time for the final signing meeting is sent after payment. Subsequently, buyers are poised to receive their title deed. Once stamp duty is paid, another SMS is received, indicating the final signing appointment. This marks the culmination of the title deed transfer process.
