Steps to buy a property in Istanbul
Steps to buy a property in Istanbul. Istanbul is a favorite hub for real estate investors. Buying real estate in Istanbul, Turkey requires careful planning and informed decisions. Therefore, in this article from Ebla Real Estate, we will tell you the steps to buy a property in Istanbul.
Steps to buy a property in Istanbul:
Determine the type of property and the purpose of buying:
Before diving into the real estate market, clarity on the type of property and its purpose is crucial. Are you seeking an apartment, a villa, or a commercial space? Define whether it’s for personal use, investment, or a combination of both.
It is worth noting that setting the goal of buying a property in Istanbul will directly help you get the best offer, in addition to saving a lot of effort and money.
Determine the financial budget for purchasing a property in Istanbul:
Understanding your financial capacity is among the steps to buy a property in Istanbul. Calculate a realistic budget, encompassing not just the property price but also additional costs such as taxes and fees. Align your budget with your long-term financial goals.
Relying on a licensed and reliable real estate company:
Navigating Istanbul’s real estate market requires a reliable guide and this is among the steps to buy a property in Istanbul. Choose a licensed and reputable real estate company with a proven track record. Seek recommendations, read reviews, and verify credentials to ensure a trustworthy partnership.
Working with a licensed company ensures adherence to legal and ethical standards in real estate transactions. Moreover, a reliable company streamlines the transaction process, minimizing complications and delays.
Furthermore, established real estate companies often have access to exclusive listings that may not be available through other channels. In addition, experienced agents from reputable companies possess strong negotiation skills.
Region:
Istanbul is a city of diverse neighborhoods, each offering a unique charm. Identify the region that aligns with your lifestyle and preferences. Consider factors such as proximity to amenities, transportation, and potential for future growth.
Explore offers:
Once you’ve defined your region, start exploring property listings and offers. Dive into the market to analyze various options that match your criteria and budget. Keep an open mind and consider a variety of properties.
Real estate tours:
Among the steps to buy a property in Istanbul is to get a feel for the properties by participating in real estate tours organized by your chosen company. Physical visits allow you to experience the neighborhoods, assess the surroundings, and envision your life in your potential new home.
Choose suitable property:
As you explore different properties, evaluate each one based on your criteria. Consider factors such as size, amenities, condition, and future potential. Choose the property that resonates with your preferences and meets your needs.
Ensure the integrity of the legal status of the property:
Before committing to a property, ensure its legal integrity. Verify that the property is free from legal issues. Engage legal professionals to conduct due diligence and provide assurance regarding the property’s legal standing.
Signing the purchase contract:
With the chosen property and legal clearance, proceed to sign the purchase contract. Ensure that all terms, conditions, and details are clearly outlined in the contract.
Procedures for transferring property ownership in Istanbul:
The buyer of the apartment must come to Istanbul to conclude the purchase contract transaction, or to appoint a trusted person to act on his behalf, through an official agency from the consulate of the country of origin, or the Turkish embassy located there.
After having gathered all the necessary documents for the application of the title deed which are:
- Buyer’s Tax Number (Vergi Numarası)
- Original and copy of the foreign buyer’s passport (a translated copy is also required).
- Appraisal report.
- Seller’s ID card or Passport.
- Rayic document.
- Earthquake insurance policy.
- In addition to the receipts for transferring the value of the apartment in Turkish lira from the buyer’s account to the seller’s account.
The buyer has to submit them to the Land Registry and Cadastre Office. Then, an appointment will be given to you by this same office for the final signatures.
Then both parties sign the title deed conveyance agreement, and finally, the officer of the Land Registry and Cadastre Office gives the printed version of the title deed to the buyer.
Thus, we provided a guide on the steps to buy a property in Istanbul.
Edited by: Ebla Group Real Estate
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