CLOSING COSTS
The closing costs for a foreign buyer purchasing real estate in Turkey may vary
depending on the location, property type, and purchase price. However, some typical
closing costs may include:
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Title deed transfer fee: This fee is payable to the Land Registry Office and is usually 4% of the declared value of the property.
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Property appraisal fee: This fee is paid to the appraisal company for assessing
the value of the property, and it usually ranges between 1,000 and 2,000 Turkish Lira (TRY). -
VAT (Value Added Tax): If the property is newly constructed, then the buyer may
be required to pay VAT, which is currently set at 18%. -
Notary fee: This fee is paid for notarizing the sale contract and is usually around 0.75% of the purchase price.
-
Legal fees: The buyer may choose to hire a lawyer to help with the transaction,
and the legal fees can vary depending on the lawyer's experience and the
complexity of the case. -
Translator fee: If the buyer does not speak Turkish, then they may need to hire a
translator to help with the transaction. -
Real estate agent fee: If the buyer uses a real estate agent to find and purchase
the property, then they may be required to pay a commission fee. This can vary.
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It is important to note that these costs may vary and buyers should consult with a local
expert to get a more accurate estimate of the closing costs.