Nova Global Realty gives a full service in every step of your property purchase. We provide you consulting in Istanbul real estate market, buying procedures, financial, legal and tax issues, etc. and then offer you a wide range of properties according to your preferences.
Buying a property in Istanbul is a simple process. When the Turkish buyer and the seller (Turkish or non-Turkish) agree on the terms and conditions of the deal, the closing can be completed in one day. It is also a very simple process for the foreign buyers with an additional procedure when you work with a professional, experienced agent. It only takes between 4 weeks and 12 weeks and in average 5 weeks longer time for the foreign buyers.
In accordance with the Article 35 of the Land Registry Law No. 2644, amended by Law No. 6302, which entered into force on 18 May 2012, the condition of reciprocity for foreigners who wish to buy property in Turkey is abolished. It is important to clarify whether there is reciprocity between Turkey and your country. However, today the new law allows 183 countries to buy property in their own names and the rest of the countries Turkey does not have the reciprocity need to purchase a property through their own registered company.
To transfer the title deed on your own name, the seller / developer applies to the Land Registry Office for transferring the title deed on the buyer’s name. If the buyer is a foreigner, then the Land Registry Office will send the application to the military for the checks because there are some legal restrictions for foreigners in buying property in Turkey. Please see the restrictions below;
- People with foreign nationality can buy maximum 30 hectares of property in Turkey in total and can acquire limited in rem right It can be increased to 60 hectares by the Foreign Ministry.
- Foreigners cannot acquire or rent property within military forbidden zones and security zones.
- People with foreign nationality can acquire property or limited in rem right in a district/town up to 10 % of the total area of the said district/town.
- Legal restrictions do not apply in setting mortgage for real people and commercial companies having legal personality which are established in foreign countries.
We pre-check the projects whether it meets any of these restrictions and if not then offer to our international clients. We have not seen any refused applications yet if the project does not meet the restrictions. To receive the military approval of the application it takes between 4 (weeks) and 12 weeks and 5 weeks in average. If a title deed is issued to a foreign buyer before in the same project, it takes shorter time.
Once you decide to buy a property, we have the following steps;
1-Reservation deposit: to take the property out of the market, you will have to give a reservation deposit of 650USD to 5.000USD depending on the value of the property. The exact figure will be confirmed individually with the seller/ developer at the time of purchase. When the deposit is paid, a receipt is given and written into the sales contract. The amount will be deducted from the final sale price.
2-Sales contract: The seller and the buyer draw up a sales contract. This will include information such as the details on the property, paid reservation deposit, agreed sale price, payment terms and conditions and snagging list if any. In most cases, the sales contract is signed after the down payment. You will need to provide two passport size photographs of the person whose name will be on the property deeds plus a full photocopy of your passport.
3-Title deed (Tapu) process: The title deeds which include utilities connection, are transferred by the developer on the buyer’s name on the completion of all payments. The title deeds transfer process begins when the buyer provides Power of Attorney to the developer/Nova Global /the lawyer who will deal with all bureaucratic issues. These days this takes between 4 weeks and 12 weeks and 5 weeks in average.
Documents needed to apply to the Land Registry Office for transferring the title deed on your own name.
1-Tax number (We can assist you in getting the tax number. You need to be present at the tax office. We just need your passport and the copy of it at your present. We take care of it in a few minutes.)
2-Translation of your passport by a sworn translator through a notary (You do not need to be present to get this done. However, we need your original passport. We get the translation of your password by the sworn translator and then get it authorized by the notary. The translation of the passport costs about 40TL and the notary authorization about 75TL.)
3- 2 Passport size pictures (to have 2-4 more pictures is recommended)
4-Power of attorney (Nova Global/Developer/Your lawyer can get a power attorney to take care of the title deed procedures, connecting the utilities for you. A sworn translator has to be at the transaction of the power attorney at your present in the notary. The translator costs about 150-200TL and the notary costs 300-350TL. That takes half an hour to one hour.)
If you sign a power of attorney for the title deed procedure, you just pick up your title deed when it is ready when you come to Istanbul otherwise, you have to be present at the Land Registry Office to transfer the title deed in front of an officer who records you as the official property owner.
Although it is possible to buy your property with a power of attorney without coming to Istanbul and seeing the property, that is not for everyone. We suggest our clients especially the ones that are going to use the property to come and see the property.