Purchase Expenses in Turkey

Expenses of Property Purchase in Turkey

The Appraisal Report:

The appraisal report is an essential and obligatory document that shows the value of the real estate before the title deed transfer in sales done to foreigners. The cost of the SPK validated appraisal report is approximately 1.500 TL. This cost changes depending on square meter and features of the real estate. Buyers pay this fee directly to the SPK validated expert. Completion time of valuation report lasts within 2 - 3 days.

Conveyance Tax:

3% of the declared value to the General Directorate of Land Registry and Cadastre is paid as conveyance tax on the final signature day. Official service fee (Döner Sermaye harcı) is 260 TL in 2019 to be paid additionally with conveyance tax.

Conveyance:

Conveyance (Title Deed transfer) is not performed by a Public Notary in contrast to most European countries but by an official of the General Directorate of Land Registry and Cadastre. It is a legal requirement for both sides (the seller and the buyer) to be present at the conveyance application. It is possible to authorize another person by giving a Power of Attorney at Notary Public. Title Deed (proof of ownership) is called as "Tapu" in Turkish. You pay expenses when you buy the property;

All other Title Deed Transfer Related Costs

There are several tiny costs to collect needed documents and taxes. Passport translation at Notary Public, sworn translator costs at Notary Public, giving the power of attorney (or sworn translator fee in case you sign), documents preparing for getting tax number, documents for opening bank account, photos, cadastre tax on application and other expenses in order to get Title Deed (Tapu). Trabzon Homes receives 2.500 TL for all above costs before application.

Real Estate Agent Fee

Registered and licensed real estate agents are entitled to receive 2% + VAT service fee from both the buyer and the seller.

Lawyer Service Fee

If required, Lawyer/solicitor service fee is 1% of the purchase price of the property, the minimum amount of 1.200 € + 18% VAT. Please ask for purchasing process details for your case and the legal entities. If you demand, we may advise you, several independent lawyers.

Property Tax (Emlak Vergisi in Turkish)

The property tax rate of the houses is calculated as 2% in metropolitan municipalities and 1% in non-metropolitan areas. Tax rate of commercial properties is calculated as 4% in metropolitan municipalities and 2% in non-metropolitan areas.

Property and Earthquake Insurance

Property insurance protects your house and furniture collectively against many risks such as fire, earthquakes, internal water flooding, landslide, snow weight, flood, theft, glass breakage, electrical damages and terror. Property insurance provides financial reimbursement to the owner in such cases. Property insurance is not compulsory.

Known as DASK, Earthquake insurance is compulsory in Turkey. Earthquake insurance contains some of the losses and damage that earthquakes can cause to your property and belongings. It pays for reasonable costs to the owner in the event of quake damage.

Electricity and Water Abonnement Costs in Trabzon

The electricity and water abonnement fees in Trabzon varies from district to district.

Electricity abonnement;

The abonnement transaction fee is approximately 150 - 200 TL. DASK fee is 50 - 150 TL. Additional deposit amount to be paid in each abonnement is 120 - 250 TL. The transfer fee is as much as the deposit amount and additional dask amount, if dask' time has expired.

Water abonnement;

The abonnement transaction fee is approximately 140 - 200 TL. DASK fee is 50 - 150 TL. Additional deposit amount to be paid in each abonnement is 40 - 80 TL. The transfer fee is as much as the deposit amount and additional dask amount, if dask' time has expired.