The Comprehensive Guide to Real Estate Acquisition in Turkey Part 3/3
The Comprehensive
Guide to Real Estate Acquisition in Turkey
(Part 3/3)
Step 8
Obtaining the Foreign Currency Purchase Certificate
In 2022, the regulation changed to make it mandatory for foreign buyers to obtain what is called a Foreign Currency Purchase Certificate (“Döviz Alım Belgesi”) by way of converting their foreign currency to TL. This document is among the documents that are required to apply to the title deed office for real estate purchase. The document is issued by the buyer’s bank. In order to obtain the document, the buyer is required to convert foreign currency into TL at an amount that covers the sale price at a minimum.
Step 9
Applying to the Land Registry Office (“Tapu”)
When all the documents are procured and the buyer is ready to pay the remaining sale price, the parties compile the required documents and the seller electronically applies to the title deed office for the real estate transaction.
Step 10
Paying the Property Transaction Taxes and Duties
When/if the title deed office confirms that all documents are in order, it notifies both the buyer and the seller by SMS and asks them to pay the relevant property transaction taxes and duties. This notification is usually followed by an appointment date and time.
Step 11
Paying the Sale Price
When/if the title deed office confirms that all documents are in order, it notifies both the buyer and the seller by SMS and asks them to pay the relevant property transaction taxes and duties. This notification is usually followed by an appointment date and time.
Step 12
Signing the Official Sale Agreement in the Land Registry Office (“Tapu”)
At the time of the appointment, the parties meet at the title deed office to sign the official real estate sale agreement in the presence of the title deed officer who drafts the contract and presents it to the parties. After the officer confirms that the seller has been paid and the buyer has no further questions about the transaction, the officer asks first the seller and then the buyer to sign the agreement. Video and sound recordings of the signing are collected and kept as permanent evidence by the state.
The ownership is transferred to the buyer at the moment of mutually signing the agreement. The following step, which is the printing out of the new title deed document, is for the buyer’s information and has no legal importance. The actual proof of ownership is permanently kept by the state in both electronic and physical ledgers.
Antalya lawyer Baris Erkan Celebi and his Antalya law firm offer legal counsel and representation for buying real estates in Turkey, including obtaining the foreign currency purchase certificate, securely paying the sale price, safely concluding the final sale agreement, and successfully acquiring the property.
