PURCHASE PROCEDURE FOR PROPERTY IN TURKEY

From January 2006, new Laws have issued regarding purchases by foreign investors. Only land and properties can be purchased within municipal boundaries. Companies are able to purchase anywhere within Turkey, but a maximum land area of 25,000m2 can be purchased at one time.

Our company always investigates the tapu (Title Deed) to ensure that the property can be sold and there are no debts applicable.

 The actual purchase process is very simple and easy in Turkey.

 The following procedure is used:

1. A contract is drawn up between the Vendor and purchaser using either a local lawyer or one chosen by the purchaser.

2. A deposit is paid which varies according to the property and wishes of the Vendor.

3. Permission to purchase must be obtained from the Turkish Military Authorities in Izmir, we do this on your behalf.

4. The buyer can give "Power Of Attorney" to our staff, authorizing them to carry out all the formalities for the purchase and to give the buyer post purchase services. Power of attorney usually includes authorization to buy/register the property in the name of the buyer, official registration of water and electricity meters, insurance for the property, registration of property in the municipality departments, payment of local taxes etc. We would not have Power of Attorney over any other legal or monetary aspects.

5. Legal fees including a translator and Notary costs are usually paid by the purchaser.

6. Our charges of 3% commission are paid at the time of transfer of ownership to the purchaser.