Selling property in Turkey is a significant process that requires a precise understanding of the legal terms and requirements.
Whether you are a foreign investor or a Turkish citizen, knowing the necessary procedures helps facilitate the sale process and ensures you get the best possible price.
In this article, we will detail the steps to selling property in Turkey, the required documents, imposed taxes, the possibility of selling through an agent, and the best time to sell property.
What Are the Steps to Selling Property in Turkey?
To sell a property in Turkey, you must follow a series of steps that ensure the process runs smoothly and in accordance with Turkish laws. The steps include:
Verify Property Ownership:
Check the validity of the title deed (tapu) and ensure the property is free of any debts or mortgages.
Property Appraisal:
Obtain a property appraisal report from an authorized institution, as this report has been mandatory since 2019.
Prepare Required Documents:
Gather all necessary documents such as ID card, title deed, and appraisal report.
Negotiate with the Buyer:
Negotiate the final price and prepare a sales contract that includes all details and terms.
Read more: Real Estate Investment in Turkey 2024: Your Complete Guide
Obtain Necessary Approvals:
In some cases, the sale process may require approvals from local authorities.
Transfer Ownership:
Go to the tapu office to complete the ownership transfer procedures and pay the tapu fees, which amount to about 4% of the property's value.
Receive Payments:
Ensure the receipt of the down payment or the full amount from the buyer using reliable payment methods such as bank transfer.'
What Documents Are Required to Sell Property in Turkey?
To complete the property sale process, you need a set of essential documents, including:
Personal ID or passport.
Title deed (tapu).
Property appraisal report.
Seller's tax number.
A recent personal photo of the seller.
Read more: The Most Important Advantages of Buying Property in Turkey 2024
Is real estate profits tax imposed when selling a property?
Yes, when selling a property in Turkey, a tax is imposed on the real estate profits. The tax rate varies depending on the period in which the property was held, ranging from 15% to 35% of the profits generated. It is necessary to consult a tax advisor to ensure compliance with tax laws and file the necessary returns in a timely manner.
Can Property in Turkey Be Sold Through an Agent?
Yes, a legal agent can be appointed to complete the property sale process on your behalf.
The legal agent can handle all legal and administrative procedures, saving you time and effort. This requires signing a power of attorney at the notary and presenting it to the relevant authorities.
Read more: What are the Conditions for Buying Property in Turkey
What Is the Best Time to Sell Property in Turkey?
The spring and summer seasons are considered the best times to sell properties in Turkey. During this period, the demand for properties is higher, which increases the chances of getting a good price. Additionally, good weather makes it easier for potential buyers to visit and inspect the property.
Read more: Real Estate Ownership Law for Foreigners in Turkey 2024
Procedures to Follow When Selling Mortgaged Property in Turkey
Verify Mortgage Status
Initially, check the mortgage status on the property. This can be done by visiting the title deed office (tapu) and obtaining a detailed report on the property.
Communicate with the Lender
Contact the lender (bank or financial institution) that holds the mortgage.
Pay Off the Mortgage
The mortgage must be paid off before completing the sale process. The seller can use part of the sale proceeds to pay off the mortgage or agree with the buyer to include the mortgage payment as part of the deal. After payment, an official release letter is obtained from the lender.
Lift the Mortgage from the Title Deed
Submit the release letter to the title deed office to remove the mortgage from the property record.
Prepare Required Documents for Sale
Prepare all necessary documents, such as the title deed, property appraisal report, and a copy of the mortgage release letter.
Complete the Sale Process
Go to the title deed office with the buyer to complete the ownership transfer procedures.
In conclusion, The process of selling property in Turkey requires following specific steps and adhering to legal requirements to ensure the process runs smoothly and achieves the best results.
If you are looking for a seamless and hassle-free property sale experience in Turkey, Rumeli Real Estate is your best choice.
With a specialized team and extensive experience in the Turkish real estate market, Rumeli Real Estate offers comprehensive services, including property appraisal, document preparation, and legal advice.
Contact Rumeli Real Estate today to ensure the best possible sale deal for your property.
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