We continue our series of summarized articles on real estate in Türkiye. Today’s focus is on the costs associated with the title deed transfer, an essential topic for buyers to avoid unexpected expenses that could disrupt their purchase plans.
To make it easier, we’ve divided the costs into two categories:
- Mandatory for Everyone
- Mandatory for Foreigners Only
1. Mandatory Costs for Everyone
a) Property Price: Paid by the buyer.
b) Real Estate Consultant Fee: The commission agreed upon with the real estate company.
c) Title Deed Legal Fee: 4% of the property price. Typically paid by the buyer, but it can also be shared (2% each by the buyer and owner). In some cases, the real estate company may cover the entire cost as part of a discount campaign.
d) Circulating Capital Fee: Approximately 3,549 TRY.
Circulating Capital Fee for foreigners: Approximately 9,092 TRY.
e) Property Tax: A small annual tax (1/1000 of the municipal valuation, known as belediye rayiç bedeli). Since the municipal valuation is always lower than the market value, this tax is minimal. If the current owner has unpaid property taxes, they must clear them before selling the property, as it’s mandatory.
f) DASK Insurance: Compulsory earthquake insurance is required for residential buildings (apartments, villas, etc.) and varies based on the property’s value. It is not required for land purchases.
g) Utility Subscription Charges: Opening or transferring subscriptions for electricity, water, gas, and internet services is necessary and generally inexpensive.
h) Compound Dues: Monthly payments (aidat in Turkish) required in residential complexes with shared facilities like pools or gardens.
2. Mandatory Costs for Foreigners Only
i) Passport Translation and Notary Fees: Required for non-Turkish documents.
j) Turkish Tax Identification Number: Generally free, though certain cases may incur costs of up to $100.
k) Appraisal Valuation Report: Determines the property’s real value to protect foreigners from overpricing, costing around 14,000 TRY.
l) Sworn Translator Fees: Necessary if any party involved does not speak Turkish.
These are the key expenses involved in the title deed transfer process in Türkiye. By understanding these costs in advance, you can ensure a smooth and stress-free property purchase. We wish you success in your investment and happiness in your new home!
Please note that the costs mentioned above are approximate and may vary depending on the specific circumstances and prevailing rates at the time of your transaction.