What is the real estate valuation report and how to get it?

The valuation report is a compulsory report to protect foreign real estate buyers. On this page, you can find information about the documents you will need when receiving a valuation report for your real estate and the compulsory valuation report.

Expertise Report | Real Estate Valuation Report in Turkey

According to the new application of the General Directorate of Land Registry and Cadastre, it is obligatory to obtain a real estate valuation report in real estate sales to foreigners as of 15 February 2019 (it will be valid for all real estate sales soon). This report shall be made by 2 sworn valuation experts authorized by the CMB (Capital Markets Board). Experts see the real estate in place, examine the plans and documents in the municipality and the title deed, and write valuation reports accordingly.

What is the real estate valuation report?

The expertise report is one of the compulsory documents when foreign citizens buy real estate in Turkey. This appraisal report is an important document, as it will determine the tax value of your real estate. With this document, you pay the right amount of tax when you receive real estate and pay a housing loan. This obligation also prevents the defrauding of foreigners. It is also used in the calculation of real estate value for foreigners who want to get Turkish citizenship through investment.

Foreign investors have to receive expert reports before applying for title deeds. Real estate valuation lasts about 2 days. Later, the officer in charge examines other real estate prices in the region and prepares a report of up to 20-35 pages.

As MC GROUP PROPERTY, we only work with officials authorized by the CMB. The average price of this expertise report is between 3,000 - 4,000 Turkish Liras + VAT. Price, location, and properties of real estate vary depending on the features. In addition, this report is valid for 3 months and a land registry application should be made within 3 months.

While the valuation report is released for real estate within a period of 2-3 days, feasibility reports for hotels, work, or land may take from 2 weeks to 1 month.
 

What is the Turkish deed, also known as the title deed?

It is a legal and official document that determines the property rights of a property. The document also contains information about the property and the owner.

General Directorate of Land Registry and Cadastre (General Directorate of Land Registry and Cadastre - Tom) is responsible for the land registry and archive. Every city in Turkey has a land registry office operated by TKGM. TKGM is an institution inherited by the Ottoman Empire to the newborn Republic of Turkey.

Land Registry Types in Turkey (Land Registry)

Within the Turkish deed, there are various types according to the nature and property of the immovable. It can be divided into two categories:

1. Blue Land
This title deed, a title deed, and common property are written in mind. Blue ones in Turkey are exported for real estate that does not comply with the city planning plan and is primarily used for agriculture. It can also be defined as follows:
Note that shared title deed owners often have less control over the property. It also restricts the owner's ability to decide on the sale, care, and care of the property. Hosts with the title of common property are not allowed to receive mortgages on the property.

2. Red title deed
This is a property title that shows the individual ownership of the units listed in the Turkish title.
The term "condominium" or "floor easement" refers to the title of a commonly used property for commercial or housing properties. In the form, there is a confirmation box that shows which category of the purchased property belongs to.
        
        * Floor Easement: Sometimes it is also referred to as construction servants. The title indicates that the development or construction activity of the property is continuing. The title of a floor easement reflects the allocation of units that are "under construction" according to the source approval.
        * Floor Ownership: After the development phase is completed, the property is supervised by local municipal authorities to verify the completion of the construction. They give a settlement or residence permit that allows a title to be translated into the full property to the next level.
        * Devr Mulk: This title allows you to buy a fractional or time-shared share. When a property is adopted for a certain period, it is offered.

How can I get the Turkish deed?

The MC Group Property team will take the necessary appointments for your purchasing process (cadastre and registry office) and take the necessary appointments for your purchasing process and take it to the necessary state administrations to obtain the title deed of your property. This procedure is a regular procedure for purchasing property in Turkey.

After selecting a property and signing the contract in the agency office, we will apply for an appointment at the Land Registry Office and submit all the necessary documents. You can go through this process with our sales specialist, but for this, you need to give a power of attorney that will allow us to move on to your name in the notary office.

During the deed transfer, both the seller and the buyer (or the person determined by you in the power of attorney) must be present. The sworn interpreter is always in the land registry office.

What are the documents required for the title deed transfer?

After deciding on which property you want to buy and the purchase price, you can start your title deed. We can help you with pleasure or follow the steps below.

The following documents should be provided for the deed transfer:
         * Buyers Tax Number (Tax Number)
         * Passport photocopy and translation
         * Valuation Report
         * SELLER'S ID card or passport
         * Rayiç Certificate

All these necessary documents are prepared by our sales specialist and transmitted to the Land Registry Directorate and the land registry deed (title deed) is issued. You can prepare them yourself and join your appointment in the land registry office.

What are the steps for getting the title deed?

The title deed or Turkish deed receiving procedure is as follows:

Step 1: Determine who will pay the title deed fee.
Step 2: Send an application to the municipality and pay the real estate tax.
Step 3: After applying to the General Directorate of Land Registry, make an appointment.
Step 4: Pay the fee
Step 5: Buyers and sellers are required to come to the title deed at the agreed time.

The cost of getting the Turkish title deed

There are some expenses related to the deed transfer in the purchase and sale of real estate in Turkey.
      * Turkey, which is generally known as stamp tax, is 4%of the purchase fee.
      * When the deed transfer or exchange is carried out during sales or purchase, this duty tax must be paid. In most cases, the seller specifies the sales price and pays the buyer commission.

How long does it take to get a title deed in Turkey?

The deed transfer is completed within 3-5 days; Payments made to the land registry office must be made by the buyer on the last day of the transaction.
After receiving the title deed of the property, we will help you as MC Group Property with water and electrical subscriptions.
 

Opening a bank account in Turkey

Opening a bank account in a different country may seem complex and difficult, especially for citizens of foreign nationals and those who do not know the function. However, this process is quite easy in Turkey and it takes up to a maximum of a few days depending on the documents you are ready to. First of all, the MC Group Property team will be with you to ensure that this process passes as smoothly as possible.
 
 For foreign nationals, the guide to opening a bank account in Turkey
 
The process of opening a bank account in Turkey is simple and fast. Many foreigners use Turkish bank accounts for mortgages and money transfers. In all banks in Turkey, such invoices and personal payments facilitate many lives through digital applications and mobile banking services offers you. You can choose between public, private banks, and even international bank branches in Turkey. As international relations between Turkey and countries around the world grow up, banks now offer English -speaking personnel to make it a much more trouble-free procedure.

Therefore, opening a bank account in Turkey has become a very simple process day by day. To receive all your financial services working in the banks of Turkey, you will need a few documents to open a bank account, a residence permit, or a Turkish tax number.
 
As an account holder, you can even apply for automatic payment of all your invoices through Turkey internet banking, which is the most suitable solution for residents who do not live permanently in Turkey.
 
Documents required to open a bank account in Turkey:

* Passport (Identity Certificate)
* Tax ID number in Turkey (tax number)
* Address evidence (home service invoice or lease agreement in your own country)
 
If you have a residence permit in Turkey, this will accelerate the account opening process. The account opening process lasts only one day, provided that all documents are submitted to the bank. Some of the biggest banks can provide you with a debit card on the same day and open internet banking immediately. As the MC Group Property team, we will be with you anytime.
 

There are procedures before and after sales that need to be followed when buying a property in Turkey and real estate insurance in Turkey is at the top. This property insurance covers earthquakes. The Turkish government must authorize and regulate your title deed. You must have DASK insurance for your property before receiving a water and electricity subscription.
 
Turkish Earthquake Insurance, which is known as DASK, which is the abbreviation of the Natural Disaster Insurance Institution, is compulsory earthquake insurance for all kinds of property. To receive a water and electricity subscription, you will need to prove that you have such Turkey housing insurance.
 
DASK Insurance DASK subscription in Turkey is compulsory for every property owner. Apartments, villas, and holiday house insurance should be renewed every year before the end of the existing insurance. In Turkey, DASK Real Estate Insurance is around 200 - 350 TL and you can get it from any bank and insurance company. There are a few easy steps you need to watch to insure your home in Turkey.
 
To apply for DASK insurance for all properties in Turkey, you need the following documents and information:
 
• Tax Number (Tax Number)
• Personal phone number (valid in Turkey)
• Address of the right property
• Number of folds of your property
• Year of construction of your property

The cost of your property varies depending on the ground and size.
 
MC Group Property will provide you with a suitable guide for you to easily secure your property insurance.
 

What is the tax identification number in Turkey?
 
This is a nine-digit number given to real estate buyers, property owners, investors, or to anyone who plans to stay in Turkey for more than 90 days. This is like a unique taxpayer reference number (UTR number in the UK) assigned to everyone living in Turkey.
 
If you want to buy or invest in a property in Turkey, you must apply for a tax identification number. This process is also simple and fast. In the future, the tax reference number will show how much tax you need to pay for your property and will facilitate all other tax objectives. For investors who wish to establish a business or limited company in Turkey, the tax identification number is required to evaluate tax returns, including Corporate Tax.
 
The tax number is also an important requirement for opportunities such as a Turkish bank account, water and electricity subscription, and residence permit fee.
The procedure for receiving a tax number in Turkey is simple and fast. All is to photocopy your passport and apply to the tax office. After saving your data, you will receive the tax number directly.
 
After receiving the tax number, you can easily take other management steps, such as opening a bank account and investing.
 
The MC Group Property team will gladly help you at every step you need to get your tax identification number in Turkey.
 

Subscriptions in Turkey

As a part of the after-sales process, we help you to obtain water and electricity subscriptions in Turkey as well as to obtain Turkish Real Estate Insurance (DASK insurance covering natural disasters). After the deed is transferred to you, these steps are fast and easy. You can also give us the power of attorney so that we can continue to ensure public service subscriptions in Turkey and on your behalf.

Once all subscriptions have been completed, we recommend that you regulate an automatic payment order from your bank account for all the properties you have purchased in Turkey.

Electricity subscription

What worries most of the new arrivals after finding their perfect houses in Turkey is how to subscribe. The supply of home electricity in Turkey is an easy process that takes about 2 days to complete your subscription. Electricity is provided by special suppliers and the subscription fee is between 250-500 TL. The MC Group Property team will help you in this process.

You need the following documents to apply for an electrical subscription:

    * DASK insurance
    * Photocopy of title deed
    * Settlement
    * Tax number
    * Passport (original and photocopy)
    * Personal phone number
    * Subscriber number

Water subscription in Turkey

Real estate water supply in Turkey is one of the first steps you should take to prepare for your new life in Turkey without any water shortage problems. It will take a few days for electricity and water subscriptions to prepare all documents and meter readings. Water subscriptions are provided by municipal offices and the subscription is around 800-900 TL because it is an official supplier company in the Antalya region. The MC GROUP PROPERTY team will also help you in this process.

You need the following documents to apply for a water subscription:

    * DASK insurance
    * Photocopy of title deed
    * Settlement
    * Passport (original and photocopy)
    * Personal phone number
    * Subscriber number