Title Deed Conveyance (Tapu Transfer) Expenses
Title Deed conveyance is mostly in Europe and some in the world is transferred by a Public Notary. In Turkey, property registration and title deed conveyance is transferred only by Land Registry and Cadastre Directorate. It is called in Turkish as Tapu ve Kadastro Genel Müdürlüğü. Public Notary has no right on title deed registration here. Turkish State collects %4 of "declared property value". Law says; 2% seller and 2% buyer pays the conveyance tax. Despite law is saying like that, general customs in Turkey; BUYER pays full Tapu expenses. We remind you to keep in your mind to negotiate this issue before buying the property. You may ask the seller to obey the Turkish Law, not to the general custom.
Despite that Property Tax in Turkey is 4% of the value, sellers may "not" declare the real sales value. Please ask to our sellers the difference between the sales value and declared property value.
For each transaction Land Registry and Cadastre Directorate asks about one time 80 USD administration tax. This tax amount may change each January and it will be valid for all year.
Electricity abonnement costs may vary from a house to another house. The power given to the house is the main price determination reason. Once you connect to your home first time you pay generally between 125 USD and 300 USD. If you just transfer the abonnement on behalf of a new name, you pay between 20 USD and 50 USD as deposit. Energy per kwh costs approximately 0,12 USD.
Water abonnement cost is generally same in all around Turkey. It is approximately 150 USD for the first time abonnement. If you transfer the abonnement on behalf of a new name, you pay 40 USD as deposit. 1 m3 water cost generally 1 USD.
Land Line Telephone abonnemet connection costs 5 USD. It costs per unit 0,04 USD. Monthly rental fee may vary from abonnement type to another. You may only get a land line telephone registered on your behalf if you have residence permit in Turkey.
Annual Property Tax
Municipalities receive 0,1% of the declared property value yearly tax. You may pay each year between February and May.
Power of Attorney Expenses
If you will not be present at title deed (tapu) delivery and to connect water and electricity it is advised to give a power of attorney to Istanbul Homes equipped staff.
Giving Power of Attorney at Notary Public costs appr. between 140 Euro and 200 Euro depending on the people amount.
Real Estate Agent Fee
Istanbul Homes as a licenced real estate agency receives 3% + VAT property service fee over the actual sales price of the property from both parties.
Lawyer Service Fee
If you demand, Istanbul Homes may help you to find an independant lawyers in Istanbul. Lawyers asks generally is 1% of the purchase price of the property and minumum amount of 1.200 € + 18% VAT.
There is an obligatory insurance called as DASK in Turkey. This insurance polis is just for earthquake protection of the property. DASK is a mandatory document for water and electricity abonnements. a DASK polis costs between 35 USD and 250 USD depending on the land value of the property.
Istanbul Homes advise you to have surely a FULL RISK insurance which will protect you against theft, fire, additional earthquake damage cover and many other risks. Because this polis related to the real estate and furniture value price may vary from one home to another home.