When we talk about the subject of property ownership, we must be aware that each country has special laws regarding matters of sale and purchase, and in December 2005, the Turkish Parliament in the capital "Ankara" issued a new law granting foreigners the possibility of owning property within Turkish territory in order to increase real estate investment in Turkey but the law was issued according to the principle of reciprocity, which is that a foreigner can buy inside Turkey if the Turkish citizen can buy in the same foreign country.
As a foreign investor or person considering owning a property in Turkey, it is important to know the steps and papers required for this:
First: Extracting Tax Number:
It is a special number given to every tourist or foreigner residing in Turkey, the importance of this number is to facilitate all your transactions inside the country and facilitate the movement of buying and selling and it is known within Turkey as (Vergi No).
Second: Opening a bank account for the buyer:
The buyer must open a bank account in one of the Turkish banks, in order to convert the money of the buyer to the Turkish currency through the bank directly, and the opening of the account facilitates the transfer of funds easily.
Third: Selecting the Property and Knowing its Price:
Before buying any property, the buyer must choose the property and the right place for him and know the prices of properties in Turkey well, as each region and each city is different from the other and the prices vary among them so the buyer should visit the specialized websites in the field of real estate with a real estate consultant.
Fourth: Signing the purchase contract in the presence of a legal lawyer:
Before signing contracts and paying any money, the contract must be well reviewed with a legal lawyer specializing in real estate so as not to be subjected to any monument cases. The purchase contract should consist of several items written in Turkish and the language of the buyer.
Fifth: The required documents to complete the purchase:
Passport photocopy of the buyer.
A copy of the project's building permit and registration document in the propety’s area.
A copy of the title deed to be transferred later to the new owner.
Photocopy of all company documents such as: license for establishing the company, a copy of its commercial activity, a copy of its register in the Chamber of Commerce
Sixth: Waiting for the completion of the procedures according to the legal period:
In case the buyer is a foreigner and is the first to buy from the project, i.e. the property is not old and resale, the process of property registration in his name may take from 45 days to 60 days, and this delay is due to an investigation by the military department of the Turkish Ministry of Defense In the capital Ankara.
It is also worth mentioning that the property ownership tax in Turkey is about 4 percent of its price, and is paid by 2 percent by the seller, and by the buyer and not all of the buyer.