REAL ESTATE PURCHASE OF FOREIGN REAL PEOPLE IN TURKEY

SCOPE

In 2012, with the 2644 amendments to the Land Registry Law on foreign real persons in Turkey it has abolished many of the barriers to buying real estate.

1. The "Mutuality" Condition in the Purchase of Real Estate by Foreigners has been abolished.

by Turkey, the country of foreigners who want to buy a real estate in Turkey researched If Turkish citizens were allowed or not to buy the real estate. This was called the principle of reciprocity. In 2012, the principle of reciprocity was abolished with the amendment made in Article 35 of the Land Registry Law.

Removed the requirement to replace the Council of Ministers, the power to determine which citizens of immovable property and limited real rights are granted in Turkey will be allowed to acquire.

2. A foreign real person can buy real estate up to 30 hectares at most.

It is limited in amount to acquire real estate in Turkey by foreigners, by Article 35 of the Land Registry Law. This limitation is determined by separate criteria as country and district.

Accordingly, it may be a foreign property owner up to a maximum of 30 hectares in Turkey. The Council of Ministers has the authority to increase this amount up to 2 times.

The amount of real estate that foreigners can buy cannot exceed 10% of the total of the privately owned real estates of that district.

3. Foreigners Cannot Buy Real Estate from Military Prohibition and Security Zones.

Foreigners can not buy real estate in the military forbidden zones and security zones in Turkey. If they want to buy real estate in other areas, written permission will be obtained from the military units in the region.

4. Foreigners are obliged to develop a project in real estate in land or field nature within 2 years and submit it to the approval of the Ministry.

Foreigners in Turkey will purchase the property for offices, residences, offices, shops, etc. in front of the timeshare property used or intended, there is no obstacle.

However, for real estates purchased as a field or land, it is obliged to prepare a project within 2 years from the date of purchase and submit it to the approval of the Ministry. With this regulation brought in Article 35 of the Land Registry Law, it is aimed to ensure that foreigners buy real estates in the nature of land or field for a specific project.

5. Buying Property in Turkey is Enough to Get Residence Permit

11.04.2013 Date of publication in the Official Gazette and entered into force on foreign real estate located in Turkey must Article 31 of the Law of Conservation International foreigners can obtain short-term residence permit for 1 year. Unless the real estate is sold, the 1-year short-term residence permit will be renewed every year. Due to the Law on foreign 42.madde with the remaining 8 years of continuous residence permit will be granted permanent residence in Turkey.

6. Attention will Matters who want to buy property in Turkey

In Turkey, real estate purchase and sale transactions must made in the Land Registry Office.Real estate purchase and sale transactions not made in the Land Registry Office are legally invalid. For this reason, we recommend that foreigners who will buy real estate pay the sales price while signing the title deed registry at the land registry office. In order to purchase real estate, a total fee of 4% will be paid, including the buyer 2% and the seller 2%. These rates are calculated over the sales price of the real estate.

If the title deed of the real estate to be purchased cannot be obtained immediately or if the real estate is to be purchased from the project, we definitely recommend making a real estate sales promise agreement from the notary. The promise of real estate sales contract made at the notary will give the buyer the right to apply to the court and transfer the real estate in his name, if the real estate title is not given in the future. After the real estate sales promise contract is made at the notary, it should be taken to the Land Registry Office and annotated to the land registry. In this way, if the contract is annotated to the title deed, the seller can no longer sell the real estate sold to his foreign customer to any third party. If he sells, the person who first annotates the real estate sales promise contract to the title deed may apply to the court and request the registration of the real estate in his own name. The real estate promise to sell contract has to be issued by a notary, and in this case, a fee of 5.4 per thousand is charged by the notaries over the sales price.

If the title deed of the real estate to be purchased cannot be obtained immediately, or if a real estate sales promise agreement cannot be made by a notary, a written contract must be made between the buyer and the seller. The contract must contain the information of the real estate to be purchased in full, sales price, payment terms, etc. This contract between the parties will not have the same results as the promise to sell contract issued at the notary. For this reason, we recommend that you insist on the promise to sell contract made at the notary. These contracts cannot be annotated to the title deed, and when the real estate is not given to you, you cannot apply to the court and request the real estate to be given to you. You are only entitled to a refund of the money you have given. Again, these contracts cannot be annotated in the Land Registry.

Before making any payment, we recommend that you examine the title deed record of the property to be purchased and find out whether there are liens, mortgages or limited real rights on it. Apart from that, we recommend that you investigate the current zoning status of the real estate, whether it is in military or security areas.