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 are transferred only by Land Registry and Cadastre Directorate. It is called in Turkish as Tapu ve Kadastro Genel Müdürlüğü. Public Notary has no right to 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 3% of the value, sellers may "not" declare the real sales value. Please ask our sellers the difference between the sales value and declared property value.
For each transaction Land Registry and Cadastre Directorate asks about one time 260 TL 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 approximate 550 TL. If you just transfer the Abonnement on behalf of a new name, you pay approximate 400 TL. Security deposit is included in these prices. Security deposit is 53.60 TL. Energy per KW/h costs approximately 0.41 piastre.
Water Abonnement cost is generally same in all around Turkey. It is approximately 525 TL for the first time abonnement. If you transfer the Abonnement on behalf of a new name, you pay 53.60 TL as a deposit. 1 m3 water cost approximately 15 piastres.
Land Line Telephone Abonnement connection costs 15-20 TL. It costs per unit monthly rental fee may vary from Abonnement type to another. You may only get a landline telephone registered on your behalf if you have a residence permit in Turkey.
Annual Property Tax
The property tax of the houses is calculated as 2% in metropolitan municipalities and 1% in non-metropolitan areas. The rate of commercial properties is calculated as 4% in metropolitan municipalities and 2% in non-metropolitan areas.
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 are approximately 500 TL including the interpreter.
Real Estate Agent Fee
Istanbul Homes as a licensed 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 independent lawyers in Istanbul. Lawyers ask generally is 1% of the purchase price of the property and minimum 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 150 TL and 250 TL 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.