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Sales Procedure

Buying property in Bodrum is a lot easier than one would imagine, in fact simpler than in most other European countries. Foreigners may purchase land and property under their own names provided that properties are not in a restricted area (i.e., located along the coast from the western part of Bitez through Turgutreis).

A sale is agreed by signing a contract between the buyer and the seller and a percentage deposit is usually paid at this point (depending on the terms of the agreement).  A contract will also be signed with the agent for their agency fee. For off-plan property a payment plan is agreed for the various stages of the building project.

In order for a foreigner to acquire the title deeds of a property or "tapu", an application has to be made to the local Land Registry Office. The title may only be transferred once checks have been made and permission granted from the Aegean Military Headquarters.

While waiting for clearance it is possible to get the keys to a house and to move in immediately (again depending on the wording of the sales agreement). This is done by paying the full or almost full amount which can be protected by a lien or "ipotek" which prevents the deeds from being allocated to anyone but you except in the case of full refund of your money (minus the deposit). The minimal cost for an "ipotek" is off-set by the peace of mind it brings.

A lawyer/solictor is not required in Turkey but we advise you use one and will be happy to recommend some reputable English-speaking firms if you so desire. Once you have signed a contract and paid a deposit you can give Power of Attorney to the lawyer (for purpose of purchase only) who will then deal with the paperwork on your behalf without you having to be here. If you are to be present for the transfer of the deeds a government registered translator must be present

While still in Turkey you will need to set up a bank account (one must first get a tax I.D. number from the tax office) for future payments and this can be done in Turkish Liras and any other currencies of your choice.

A "transfer duty" both for the purchaser and seller must be paid at time of deed transfer. In addition, there is an annual property tax, collected by the local municipality (different rates for houses and developed lands). All properties are subject to revaluation every year for tax purposes.

The acquired property may be resold and the proceeds of the sale may be transferred out of Turkey. There is no time restriction for reselling property after having bought, you can get it registered in your name and resell it the next day if you want. At the present time you will be exempt from paying capital gains tax if sold after 5 yrs. of ownership.

Please don't hesitate to contact us for any questions that you may have...