What are the risks and is it safe to buy a property in Turkey in 2022?
Property purchase procedures Turkey
Buying a property in Turkey works most probably a bit different in comparison with the purchase procedures in your home country. In Europe most property transactions take place at a notary. In the United States it is quite common that the transaction is organized with an independent “Escrow” account service.
Property Title deed exchange Turkey
In Turkey the exchange of title deeds and property documents is arranged via a governmental institute called “Tapu” office. All property details and ownership documents are organized in this database. However the transaction of funds and actual payment is always organized by the buyer and seller themselves. This important aspect makes buying a property in Turkey way different in comparison with other countries.
Transaction of funds to purchase a property in Turkey
The transaction of funds always takes time on the same day at the same moment on the “Tapu” Exchange date. Therefore a foreign property buyer always needs to have a Turkish bank account. There are several ways to transfer funds to the seller on the “Tapu” exchange date. Option 1 is to make a wire transfer, option 2 is to handover a cashier cheque and the last option is to hand over cash, which is still a common practice is Turkey. Aegean Locations is guiding all their customers with this activity and together with our contacts at various banks, we prefer to work with a transfer or cashier’s cheque.
Licensed Real Estate Agency Turkey
Furthermore we always advice our customers to work with a licensed real estate brokerage like us. Buying a property without a real estate agent can be a very risky activity, since a foreign property buyer needs to do a thorough control on all title deed documents. Aegean Locations checks if a certain property does not have a registered loan as well.