What is the Valuation Report
The real estate appraisal report concerns real estate acquisitions in Turkey.
It includes photos of the property, the price of similar properties, title deed information, the exact location of the property, appraisal of the property’s value, checking the property’s debts status and its state.
It is carried out by persons and companies approved by the State in order to protect future buyers.
We know that buying a home in a foreign country needs a lot of research. To make it easier, we highlighted the extra expenses you have to incur to buy a property in Turkey.
• Title Deed Transfer Fees
The General Directorate of Land Registry and Cadastre carries out the transfer procedures. Both the buyer and the seller must be present, unless one of the parties issues a Power of Attorney for final signature.
4% of the declared value of the real estate must be paid to the land registry office.
• There are other charges and taxes, but totaling 2,500 TL includes the following:
• Passport Translation and Notarization (additional 300 TL for each person)
• Translation of address document and Notarization for opening a Bank Account
• Sworn Translator
• Power of Attorney (Optional)
• Obtaining a Tax Number
• Cadastre Tax (Land Registry and Cadastre Fee)
In addition, the Land Registry and Cadastre Directorate also receives a one-time transaction fee, the Revolving Fund Fee approximately 400 TL.
• Lawyer Expenses
At Future Homes, we pride ourselves on providing the best possible service for our clients and we are happy to make sure you get all the help you need to get the most value out of it.
Future Homes has sales contracts prepared by our company lawyers.
However, you can choose a lawyer for trust. We offer you a list of several English-speaking independent lawyers to choose from. The lawyer fee is on average 3.000 USD + 18% VAT.
• Real Estate Tax (Yearly tax)
As a matter of fact, the Real Estate Tax you have to pay every year is 0.2% in metropolitan municipalities and 0.1% in non-metropolitan areas. The tax rate for commercial real estate is 0.4% in urban areas and 0.2% in non-metropolitan areas. The government uses taxes to finance water and sewage improvements, provide law enforcement, fire brigade and other items deemed necessary.
• Property and Earthquake Insurance
Earthquake Insurance (DASK) is compulsory on square meter basis in Turkey. However, risks that may occur during and after an earthquake are covered by the Compulsory Earthquake Insurance.
The fee varies between 150 TL and 250 TL depending on the area of the real estate purchased in Turkey.
In fact, property insurance provides protection. For example; fire, theft and inevitable natural damage.
Also this includes special types of insurance such as fire insurance, flood insurance, earthquake insurance, house insurance, or boiler insurance.
In addition, property insurance provides financial repayment to the building owner in such cases.
• Electricity and Water
Electricity and water connection charges vary from county to county.
• Electrical Connection Fees
Obviously, if you buy the first subscription, you will pay between 100 TL and 500 TL in total for the new connection registration, electricity meter and additional deposit fees.
The transfer fee is equal to the deposit and DASK amount.
• Water Connection Fees
In addition, if you purchase the first subscription, the connection registration fee and additional deposit fee is around 775 TL in total.
• Telephone and Internet
Obviously, you can get a phone and internet connection if you have a residence permit. Türk Telekom and TTNET are nationwide and hold the majority of the market.
There are also special packages for new subscribers if you sign a two-year contract. A common package, which usually includes phone calls, broadband internet and TV satellite packages, costs around 130 TL / month.
• Maintenance Fee (Aidat)
Obviously, anyone who buys an apartment in communal buildings will also have to pay a monthly maintenance fee called the “Aidat”. This fee is used for the electricity of public areas, swimming pools, shared facilities such as garden maintenance or security.