A two-stage process awaits those who want to buy real estate. The first of these is the municipality transactions and the second is the transactions that must be done at the Land Registry Office.
In municipal transactions, an application is made to the municipality where the property is located. The current value of the real estate is determined. The current market value is the determination of the value of the property by comparing it with similar properties in the same location. Past tax debts are determined and expected to be paid, if any. If there is no debt, a document stating that there is no debt is provided together with the current price document.
After the current value is determined, the title deed fee of the property must be paid. A fee of 2% is charged from the buyer and seller. Fees and title deed capital are deposited into the bank account of the title deed directorate. After the fee payment is made and the receipt is received, it is time to collect the relevant documents and apply for the title deed.
These documents;
• The original and one photocopy of the buyer and seller identities
• Two passport photos of the seller and the buyer (must be taken within the last six months)
• Deed document on the seller and its photocopy
• Unexpired TCIP policy document or policy number
Mortgage Papers
If the property is purchased with a loan, the property will be mortgaged by the bank until the loan payment is completed. For this reason, there are documents that need to be obtained from the bank. In addition, contact information of the bank official dealing with the mortgage should also be obtained.
If there is a mortgage on the purchased property, the related debt is officially assumed. The buyer should be aware of this situation. If the property is not known to be mortgaged, a lawsuit may be filed.
Trade by Power of Attorney
Power of attorney is known as the authority that a person gives to another to act on his/her behalf (formal agreement etc.). Power of attorney is done at the notary public or the consulate. Power of attorney can be given to real or legal persons.
When the title deed power of attorney is used with foreign citizens, the power of attorney must be translated into the relevant language by a sworn translator.
If the property to be bought and sold is known, the location and parcel information of the property, as well as the duration of the power of attorney, should be specified in the power of attorney.
After the title deed transfer process takes place, the buyer should go to the relevant municipality for property tax transactions within the same year.
As the SakoLife family, we support you, our customers, with our expertise in real estate investment and analysis consultancy in all these processes.
