FREQUENTLY ASKING QUESTION

What is the advantage of buying property in Turkey?

Since Turkey has been given the date of October 2005 for starting negotiations to become a member of E.U., you will be able to double and even triple your investment within a few years. Real estate prices are still very attractive in comparison with E.U. countries, take your chance to make a good investment for your future. And with the last changes in the regulations on property ownership for foreign citizens, buying a property is a lot simpler now and living cost is incomparably cheap compared to the majority of European countries.

Can I give Power of Attorney to the lawyer that she can take care of all the legal procedures?

Yes, when you give a power of attorney to the lawyer, He/she applies for the title deed on buyer’s behalf and secures the property until the title deed is received

Can I buy car/telephone line registered on my name?

Upon receipt of the title deed, so called ‘’Tapu’’, you need to apply to the Turkish Consulate in your country for a 1-year visa. Upon receipt of that, when you come to Turkey, you need to apply to the district’s Foreign Police Department for a residence permit ( 5 years) .Upon receipt of residence permit called the “ blue book’’ you can get a car/telephone/satellite line registered on your name. You solicitor will assist you during this procedure.

Are there any hospitals and schools in the districts of major cities as well?

In most of the districts there are at least two fully equipped private hospitals and one government hospital.
In each main towns there are at least one private college (primary and high schools) mainly with English as primary language and Turkish government schools and many
kinder gardens.

Is language difficult/is there many people speak my language?

The Turkish language belongs to the Ural-Altaic ,group and has an affinity with the Finno-Hungarian languages. Turkish is written with the Latin alphabet and is spoken by some 150 million people around the world. Many people from the young generation especially in the touristic areas speak foreign languages mainly English, German,French and Russian.

What are the reasons and opportunities for investing in Turkey for foreign investors?

-Newly administered investment regulations for the foreigners
-Agreements between Turkey and 39 other countries to promote and protect mutual investments as well as an agreement to preclude double taxation.
-The World Trade Organization considers Turkey to be one of the most dynamic countries.
-A well preserved European holiday destination.
-A modern infrastructure.
-A large labor force at relatively low costs.
-A very liberal investment climate, including free (international) movement of capital, profits, dividends
and salaries, free-trade zones and subsidies.
-A candidate member of the European Union.
-The country is strategically situated close to the Middle East and the European markets.
-Properties at still very low prices
-Environment full of history and culture
-Low living costs

What is title deed ?

Written instrument by which a person transfers ownership of real property to another
A deed must be properly executed and delivered in order to be effective. Additionally, the grantor must have freely intended to make the transfer at the time of the conveyance. Deeds are recorded at the local registry of deeds to give notice of ownership.

Can I buy a property in my name ?

Yes,you can buy a property in your name.Since 2002 the law has changed to giving foreigners the right to buy property and register their title deed in thier own names or their company names etc.

How do I pay for it?

The funds for the purchase should be transferred into the country through a Turkish bank and specifically identified for that purpose.

Can I open a bank account in Turkey?

Yes.All you require to open a bank account is your passport and tax number.

If I sell my property,can I take the proceeds back to my country?

Yes,you have legal right to take any proceeds back to your own country.

Should I be concerned with income tax on my rental profits?

There are currently no arrangements to pass your financial information back to the UK inland revenue so it is down to your own honesty to let the UK tax authorites know how much money you are making in Turkey as they have no duristiction to check. (of course this will change when Turkey become part of the EU)

Who inherits our property if one of us dies?

According to Turkish law,the property automatically goes to the next kin.To make ammendments to the title deeds,legal assistance is required.

Are there any extra costs of purchase?

Purchase tax,
Government tax,
Community tax,
Property tax( annualy paid from a fixed percent of the declared value)
Earthquake insurance(Required by law)
Solicitor fee
Water & Electicity connection fee ( Registration them on your name)
Maintenance fee ( if property is in a complex there is an average charge for maintenance)

How secure is buying property with Dream Homes?

We always use the services of a notary and English speaken solicitor to make your purchase, all property is freehold and correct licences are obtained before properties are sold. We are with you every step of the way and of course documents are translated into English which you are free to bring home and have your own solicitor check over if you wish.

When I take posession of my new home I do not want to drive, what can I do?

When you come back to complete your purchase we will collect you from the airport just as we did on your initial inspection visit. Our dedicated transfers team will always be available for you, not just while you are buying but also after your purchase for both yourself , friends and people renting your property. If you choose not to use our serivce, car hire is available from all airports, taxi’s are very reasonably priced and there is also a high quality public coach service to most areas at great prices.

If I have a problem after I purchase, do official offices speak English?

We are not just there for you when you are purchasing, whatever problems you, our aftersales service will do their best to help you.Also we have contacts with translator or English speaken solicitor if you require them.

I know that Turkey is not in the EU yet, what about healthcare?

Personal health care in Turkey is very reasonable, with excellent quality doctors and dentists, if you have a more serious problem you can take a visit to one of the greek island which is part of the EU and will provide NHS reciprocal health care.

When is Turkey going to be in the EU & why is it taking so long?

Turkey is a partial member of the EU already however before it can become a full member,. Full memebership is expected within 10 years.

Is there a lot of crime in Turkey?

No,if you are planning to settle in Turkey, many people find comfort because of the laws are weighted against criminals, no surprisingly it has one of the lowest crime rates in the world, much lower than the rest of Europe.

Which deal better ; new homes or used homes ?

You are likely getting a better deal when buying a used home. With the obvious rise in construction costs and the psychological factors – new homes can simply be little more expensive.

Is there a risk when we decide to purchase used home ?

When buying a used home, be prepared for the inevitable risk of breakdowns and repair costs. Always have the home inspected prior to purchase and be certain there are no kind of important structural problems.

Why you suggest a house when it needs renovation ?

Unlike a brand new home in a new subdivision, a house needs renovation quickly establishes true market value in the neighborhood. Brand new homes might take considerable time to establish real market value.

When buying a new home, what upgrades should we go for?

A lot depends on why you are buying the house. Are you buying it mostly as a home or mostly as an investment? There is a difference.
If you are looking at your home as an investment, then you buy from the smaller to medium size in the tract and spend only a minimal amount on upgrades. If you are looking at your purchase as a home, then you select upgrades that will enhance your quality of living.

Will I have a problem learning the Turkish language?

Turkish children are taught English as their second language and you will find communication with most people very easy.

Can I get my dog/cat with me?

Yes,but you must have a pet passport and vet documents.

I have heard that Turkey is a Muslim country,would that be a problem for me?

In Turkey there is no difference in equality for any person for reasons of race, color, religion, sex, handicap, familial status, or national origin.

What is the flight time from the UK?

Flight times to most areas are around 4 to 4 1/2 hrs

Which is better investment ;used homes,new homes or off-plans?

-Used homes make the best investments, particularly when purchased for below the fair market value. Look for homes that are selling due to unfortunate circumstances, such as foreclosure, divorce, or relocation.

-I'm sure you've heard sayings like these; "I bought this house 7 years ago and now its worth twice what I paid." Or, "I just installed new kitchen cabinets and now my home is worth a few thousand more than the cost to upgrade them." They are not kidding. Just upgrading the kitchen and/or bathroom(s) is one of the best ways to increase your home's value.
-Buying off-plan is also another investment tool.In this level most of the builders ready to sell under market value.And do not forget the famous word ;No pain, no gain.

What are your tips for the buyers ( inspection ) ?

Have your agent carefully research:

What are the maintenance fees for upkeep?

What have maintenance fees averaged in the past few years?

Is the building old and in need of repairs? Your agent should be able to tell you what repairs are scheduled for the next couple of years and show you a budget.

Does the current owner of your unit owe fees to the association?

Are there association rules that may unduly restrict you? Can you live with these restrictions anyway?

Do the association’s financial statements and budget show a reserve or is it scraping by each month?

Are there any lawsuits pending or anticipated by the association?

Are there any liens against your unit because of failure to pay homeowners fees or other issues?

What is the ratio of live-in owners to tenants? The larger the number of tenants, the more likely you’ll have maintenance issues and difficulty getting needed repairs.

Are there architectural guidelines that restrict your ability to remodel? Can you live with these restrictions?
If it’s a new development, or not yet finished, how many units are vacant or haven’t yet been sold? You don’t want to be left holding the financial bag for a developer who goes under.

What is the policy on use of the common areas and recreational amenities such as pools, cafeterias,etc? It’s better to know now than be disappointed later.

It would also be a wise move to have your real estate agent talk to neighbors and to members of the board of directors of the owners’ association.

In short, do everything you can to find out about any underlying problems that may exist with the association or with the owners’ association itself – before you commit yourself.

If possible, check the place out at different times of the day and night, so you’ll know if the neighborhood can be noisy or congested.

Also ask about privacy issues- such as noisy neighborhoods, thin walls, creaky flooring.

If you help me to do inspection in the house what points we should check ?

We are checking the following things:
Drainage
Foundation
Roof & Water Leaks
Paint
Plumbing
Wiring
Heating
Fireplace
Tiles

F.A.Q. WORDS

Title deeds The documents confirming the ownership of the land or the property   Viewing When a prospective purchaser visits a property that is on the market   Warranty A guarantee to accept responsibility for necessary repairs over a specified period of time.   Wet room A fully tiled room, including the floor, where a shower and steam/sauna facilities can be operated without the need for an enclosure   Stamp duty A tax you have to pay to the government when you buy a house.   Service or Maintenance charge An annual charge to residents by a management company to cover repairs and maintenance of communal areas   Reservation fee A small fee, usually between £500 and £1000 that a housebuilder will accept to hold a property before a deposit is paid. Commonly used to secure off plan property   Plot An area of land that a property is to be built on or already occupies   Penthouse A luxurious property that should be at the top of an apartment block. A penthouse should provide more space and a better specification than a standard apartment in the same scheme   Planning permission Consent granted by a local planning authority for any significant alterations to a property   Off plan When you buy a property before it has been built or finished   New build A property that has been built from scratch   Management company A company appointed to look after the communal spaces in an apartment block or on a development   Local council searches A process that will identify any plans that might affect your property, such as a motorway extension   Land Registry The government office that guarantees the titles to all registered land   Communal areas Areas in an apartment block that are shared by residents, like hallways and foyers. These are maintained by a management agency, and repairs and upkeep is paid for by an annual service or maintenance charge   Conditions/Terms of sale The terms in the contract as stipulated by a buyer or seller to which he will agree to buy/sell the house   Council Tax An annual charge paid by the occupiers to the local authority. This helps pay for services like refuse collection. The charge depends on the type of property you have and each home falls into a band, each carrying a different fee   Deposit An initial payment that is made when you exchange contracts. Usually ten% or more of the asking price   Fixtures and fittings All non-structural items, like curtain poles, included in the sale of a property   Freehold When the property and/or the land belongs to you or your dependents indefinitely   Power of Attorney You can give Full or Limited Power of Attorney to another person to act on your behalf in doing most things concerning buying and selling property in Turkey. We can explain the procedure and pros/cons when requested.   Stamp duty Stamp duty is payable at 3% of sale price. Usually 1½% payable by the buyer and 1½% payable by the seller. This is payable on the acquisition of title deeds.   Community charge If your property is part of a larger development, then your residents association will decide on the level of community charges. Currently the annual charge is €250.00 to €500.00 depending on location, property size and the level of service provided.   Cooperatives The cooperative form of shared ownership is much like a condominium, except that residents typically don’t actually own their particular units. Instead, a cooperative entity (usually a corporation) holds title to the land and building. In turn, the residents will hold ownership interests (such as stock) in the cooperative. Each resident shareholder will also have the right to:
• Elect the directors who oversee building operations
• Lease a particular apartment unit on a long-term basis, with an option to renew.

If you stil have question , please feel free to contact us
Turkey:
info@modarealestate.com

İreland:
sharon@modarealestate.com

Turkish Law Guide for Foreigners