If you want to live or invest through real estate in Turkey, it is extremely important that you know the required documents during the purchasing process and understand what they are required for. Here are the documents you need to have a title deed in our country and complete the purchase procedure:
• Foreign Exchange Document
A recent change obliges foreigners to use Turkish Lira when purchasing property in Turkey. In order to convert your own currency into Turkish Lira, you must first transfer it to a bank in Turkey and obtain this document, which also records the amount of foreign currency you exchanged and your name, surname, passport or foreign identity number on it. The Bank will provide you a Foreign Exchange Document that will confirm that the currency has been changed to Turkish Lira for you to present to the Land Registry Office.
For more information on the subject: What is a Foreign Exchange Document?
• Valid Passport
Having a valid passport is also extremely important in order to buy real estate in Turkey. The information in your passport, of which you will submit a copy for the procedures, must be translated by a sworn translator and certified by a notary public in Turkey.
• Tax Number
You need a tax number for opening a bank account and other financial transactions in Turkey. You can apply online for this number and visit a local tax office with a copy of your passport to collect it.
• Bank Account
The title deed to your potential property is not registered in your name unless the money used to purchase is transferred directly from your personal bank account, in Turkey or abroad. And to open a bank account in Turkey, you will need a proof of your current address, such as an electricity or water bill from your current country of residence.
• Appraisal Report
The report written as a result of the evaluation of the value of a certain immovable (real estate) using scientific methods and the analysis of all the factors that affect/create the value by the experts is called the real estate appraisal report. Foreigners who want to buy real estate in Turkey must obtain this report, which determines the valuation of the said real estate, in order to complete the title deed transfer.
• Compulsory Earthquake Insurance (DASK) policy
Compulsory Earthquake Insurance is a type of insurance that came to the fore after our country was in the earthquake zone and there were major losses due to it. It is a guarantee for the material losses that will be caused to your building by earthquake and earthquake-induced fire, explosion, tsunami or landslide risks within the limits of the policy. It is one of the documents required when buying and selling real estate in Turkey.
• Biometric Photos
The title deed will have the photo of the owner and therefore you will need your current biometric photos to be attached to the title deed of the property you are going to buy.
If you are considering buying a property in Turkey, but looking for professionals to carry out the procedure for you, as GRAND EMLAK, we are ready to be with you at every stage.
