Selling a Property in Turkey
Selling a property in Turkey can be a lucrative endeavor, whether you’re an expat looking to move elsewhere or an investor seeking to capitalize on the country’s growing real estate market. However, the process can be complex, involving legal, financial, and administrative steps. This article will guide you through the essential steps involved in selling a property in Turkey.
Property Valuation:
Before you list your property, it’s crucial to determine its current market value. You can hire a licensed appraiser or consult with a real estate agent who has a good understanding of the local market. Accurate pricing will attract potential buyers and ensure you get a fair return on your investment.
Hire a Real Estate Agent:
Working with a qualified real estate agent in Turkey is highly recommended. They will help you market your property, find potential buyers, negotiate offers, and navigate the legal aspects of the transaction. Look for an agent who is experienced in the local market and has a good track record.
Gather Necessary Documents:
To sell a property in Turkey, you’ll need to gather various documents, including:
- Title deed (TAPU): This proves your ownership of the property.
- Iskan (habitation certificate): Required for residential properties.
- Enerji Kimlik Belgesi (Energy Performance Certificate): Mandatory for all properties.
- Property tax records and receipts.
- Proof of paid utility bills.
Title Deed Transfer:
Once you have a buyer and selling a property, you’ll need to initiate the title deed transfer process. Both parties (seller and buyer) should be present at the Land Registry Office or hire a legal representative to complete the transaction. The buyer will pay the purchase price, and you’ll sign the property over to them.
Taxation and Fees:
Understand the tax implications of selling a property in Turkey:
- Capital Gains Tax: If you’ve owned the property for less than five years, you may be subject to capital gains tax.
- Property Transfer Tax: This tax is generally shared between the buyer and the seller.
- Real Estate Agent’s Commission: Typically, the seller covers the agent’s commission, which is usually around 3% of the property’s sale price.
Payment and Currency Exchange:
Ensure that the purchase price is paid in Turkish Lira (TRY). If you and the buyer agree to use a foreign currency, consult with a bank or currency exchange service to handle the conversion at the current exchange rate.
Notary Approval:
By selling a property, some may require notary approval. This step involves the verification of the property’s legal status, including any outstanding debts or encumbrances.
Transfer of Utilities:
Inform utility providers (electricity, water, gas) about the property transfer to ensure a smooth transition of services to the new owner.
Finalize Legal and Financial Details:
Review and finalize all legal and financial details with the assistance of a legal advisor or notary public to ensure a seamless property transfer.
Handover of the Property:
Once all the legal and financial matters are settled, hand over the property to the new owner and provide them with all necessary documents, including keys, access cards, and manuals for appliances.
Closing:
Selling a property in Turkey involves several steps, from property valuation to title deed transfer. It’s essential to work with experienced professionals, such as real estate agents and legal advisors, to ensure a successful and hassle-free transaction. Understanding the local tax regulations and documentation requirements is crucial to avoid any complications during the process. With the right guidance and preparation, selling your property in Turkey can be a rewarding experience.
Contact us:
At our agency, we have licensed agents who are committed to making your journey toward your goals much easier. We are here to assist you every step of the way by offering customized solutions to our esteemed clients. Please do not hesitate to reach out to us for any help you may need.