FAQ: Selling property In Turkey
Selling property in Turkey for foreigners can be a bit difficult and there are a few things that you need to keep in mind if you are planning to sell your property in Turkey.
First, you need to be aware of the Turkish laws that govern the sale of property to foreigners. These laws can be complex, so it is important to consult with a lawyer who specialises in Turkish property law. In this post, we will answer frequently asked questions if you are about to face a property sale in Turkey.
1.How do I sell my property in Turkey?
Both you and the buyer will need to prepare a number of documents in advance and submit them electronically to the Turkish Land Registry Office System according to Property Law in Turkey. Once they are accepted, both you and the buyer must make an appointment in order to sign the title of deed transfer in the presence of the responsible officer.
2.Do I need a Turkish lawyer to sell my property in Turkey?
No, it is not required to use a Turkish qualified lawyer. If however you live abroad and you do not speak the Turkish language, it is always advisable to use a Turkish lawyer to take care of the sales documents and to represent you in the Turkish Land Registry Office.
3.Do I need to give a Power of Attorney to my lawyer to sell my property in Turkey?
If you need to be represented by a Turkish lawyer, you will need to provide him with a valid power of attorney for Turkey. If you need more details on the subject, you can refer to our article about Turkish Power of Attorney.
4.What documents are required for selling my property in Turkey?
The main documents are:
A valid Power of Attorney giving authority for the specific sale, if you will be represented by a Turkish lawyer
The existing Title of Deed of the property
A Valuation Report for the property from the municipality or a valuation company (on which the calculation of the sales tax will be based)
The DASK Insurance Policy (which is a compulsory Earthquake Insurance that all properties must have)
A Foreign Exchange Purchase Certificate, which has to be produced by the buyer
5.How high is property sales tax in Turkey and who pays the tax?
Who pays the tax is not predefined, but is arranged between the parties. The current rate is 4% of the purchase price, as calculated in the Valuation Report, and the tax is generally paid half and half by the seller and the buyer.
Should you have any further questions about selling property in Turkey, please do not hesitate to contact us. UT Legal, through its offices in London and Istanbul will handle for you all procedures concerning the sale and will represent you through a Power of Attorney in Turkey granted to UT Legal in the UK, so, you will not have to travel to Turkey.