Glovision Real Estate works in Istanbul through to provide all real estate services, in addition to this, our team spreads awareness in the field of real estate. In this article, you will learn about the fees for buying real estate in Turkey and the taxes and expenses that you may face when buying a property in Turkey.
Real Estate Appraisal Fees
A real estate appraisal report is required in every purchase of a property in Turkey, and this report helps the buyer by avoiding paying huge amounts of money for a real estate
The agencies that evaluate real estate are licensed and affiliated with the government, and accordingly, the evaluation of the property you obtain is transparent and guaranteed.
The most important thing is that this real estate appraisal report is issued before the transfer of ownership, as it is considered one of the papers necessary for the transfer of ownership, and its presence means that the buyer has obtained all the necessary information regarding the price of the property that he will buy, and often the real estate buyer pays the costs of this assessment which may differ from one property to another and its value is about 1000-1700 TL. And sometimes it is paid by the construction company.
Transfer Fees and Charges
After you confirm the purchase of the property and transfer its price to the old owner of the property, the process of transferring the ownership of the property, i.e. Tapu, to your name, must take place, and here you must pay 4% of the property’s price, which will be registered in the Tapu Department.
This property transfer tax is either paid by the buyer (which is the most common case), or it is paid equally between the buyer and seller, or the seller himself pays this tax, and this is done by an agreement between the two parties in advance.
This tax is canceled as a facilitation from the Turkish government on the reconstruction of some areas, in which case you will not have to pay this tax because the building in which you will buy is exempt from paying the transfer tax.
Notary Expenses
In order to be able to buy a property in Turkey, you must translate the passport and certify this translation with the notary in Turkey, which is called "Noter", and all partners in buying the property must do this process if the property is being purchased by more than one person, and the value of these expenses with translation fee is about 40-50 dollars per person.
Lawyer's Fees
Usually, when you have a reliable real estate agent to buy your property through, you will not need to have a lawyer, but you apointed a lawyer, he will charge amounts that depend on the amount of services he will provide you, and this value is subject to supply and demand and is never fixed, the lawyer may accept the value of 500 a dollar or more.
In case of buying a property with the aim of obtaining Turkish citizenship, and to ensure the safety of papers and accurate follow-up, it is preferable to appoint a lawyer to supervise the file of obtaining Turkish citizenship for you, and therefore you have the option to pay a value that, according to the lawyer, is around the amount of approximately 3000 dollars.
VAT Tax
The value of the VAT varies between properties, and in general it can be said that properties with a net area of less than 150 square meters will have a added- value tax of 1% of the property's sale price.
If the net area of the property is more than 150 square meters, or the property is commercial, the value of this tax may be 8% or 18%.
This tax exists if the property is new and sold for the first time, and does not exist in the case that the property is generally a resale, and the person responsible for paying the value of this tax is the buyer, so you must know whether the property’s price includes VAT and to know the value of this tax before buying.
Real Estate Agent Fees
Real estate agents provide their various services with the aim of working and earning in the end. Either the real estate agent collects his fees from the seller, or he collects these fees from the buyer, and there are those who collect fees from both parties, meaning that the matter is completely subject to the agreement, and if Fees will be collected from you by a real estate agent, which in Turkish law is about 2% of the value of the property.
Glovision does not charge you any fees for its real estate services, but rather these fees are collected from seller.
DASK Earthquake Insurance Fee
Insuring your property against earthquakes is mandatory in Turkey, as it is not possible to proceed with your transactions without this insurance and its value is very small, but it varies slightly from one region to another, as well as increases with the increase in the area of the property, and it can be said that the amount of 30-50 dollars may cover these fees, with Note that this insurance is annual, that is, it must be renewed every year to ensure access to earthquake insurance services.
Administrative Fees Within The Apartment Complex
According to the administration of the housing complex, there are fees to be paid when you receive the property for the first time, which are to be paid to the management of the housing complex for the services it will provide you as an initial subscription cost, which is paid for one time, and has nothing to do with the fees for the monthly services "returns" that you pay.
This value may amount to a few thousand Turkish liras, and it may not be requested from you, and this depends entirely on the administration of the residential complex and its policy in providing services.
Basic Service Subscription Fees
To obtain water, electricity, internet and gas subscriptions in Turkey, there are fees that must be paid in addition to a power of attorney that must be made to the person who will do this, unless you are the one who will do so, and this value does not exceed 3000 Turkish liras in general and you pay it only once.
A Summary
In sum, most fees and costs to be paid are clear and will be paid either to an official office of a government department, or to a person by agreement.
The most important question remains! Is the property I'm buying really what I aspire to, and does it meet all my expectations?
The mission of the Glovision Real Estate team is to meet these expectations that you have. With a large real estate options in Istanbul, With us you will definitely be able to find what you aspire to yourself, and live up to your dreams, and through a wide and customized package of services, achieving your dream in a real estate will become an easy and smooth reality. Contact our team now, we are here for you.
Transfer Fees and Charges
After you confirm the purchase of the property and transfer its price to the old owner of the property, the process of transferring the ownership of the property, i.e. Tapu, to your name, must take place, and here you must pay 4% of the property’s price, which will be registered in the Tapu Department.
This property transfer tax is either paid by the buyer (which is the most common case), or it is paid equally between the buyer and seller, or the seller himself pays this tax, and this is done by an agreement between the two parties in advance.
This tax is canceled as a facilitation from the Turkish government on the reconstruction of some areas, in which case you will not have to pay this tax because the building in which you will buy is exempt from paying the transfer tax./VAT Tax
The value of the VAT varies between properties, and in general it can be said that properties with a net area of less than 150 square meters will have a added- value tax of 1% of the property's sale price.
If the net area of the property is more than 150 square meters, or the property is commercial, the value of this tax may be 8% or 18%.
This tax exists if the property is new and sold for the first time, and does not exist in the case that the property is generally a resale, and the person responsible for paying the value of this tax is the buyer, so you must know whether the property’s price includes VAT and to know the value of this tax before buying.
Real estate appraisal is a document or document that is extracted at the request of everyone who wants to buy a property and wants to know more details about this property, especially with regard to the current property price in the market.
Real Estate Appraisal Fees/Transfer Fees and Charges/Notary Expenses
/Lawyer's Fees/VAT Tax/Real Estate Agent Fees/DASK Earthquake Insurance Fee/Administrative Fees Within The Apartment Complex/Basic Service Subscription Fees
