Tips For Foreign Buyers

Never sign a contract that you do not understand (for example - if it is in a foreign language).
Always ensure that you seek specialist advice from independent Solicitors, Architects and Surveyors before considering a purchase overseas. They should be proficient in your chosen country's laws and processes and also know the specifics involved in buying a property there.

Ensure you do not inherit a debt on the property before you purchase, which a solicitor should be able to check - i.e.: If the developer has borrowed money to build the development and this amount has been allocated against each plot as additional security to the developer's bank.

Check with the Estate Agent or vendor that you are aware of the costs charged by the legal and government authorities for purchasing a property in your chosen country.

Open a bank account in your chosen country and ensure you get a Certificate of Importation for the money you bring in from your home country.

Set up standing orders in a local bank account to meet bills and taxes. Failure to pay your taxes in some countries could lead to court action and possible seizure of your property.

Remember that bills do not end at the asking price. Lawyer's fees, Taxes, Insurance etc must all be met in your host country and can often be more expensive.

In Turkey there isn't a developed mortgage system serving foreign clients. If you come to the country planning to buy you have to look for financial sources from your own country. The same goes when you as foreigner already have one property in Turkey and want to buy some more. You'll hardly find any financial institution ready to accept your property in Turkey as collateral.

Make sure that the property is located in area when foreigners can buy, otherwise the deal will be declared null and void. Usually local real estate agents will commit to verify this side of the deal.

In almost any country it may happen that the property to buy was already sold to different buyer, or had some outstanding debt attached to it, or that the seller wasn't the person who claimed to be the right owner. Turkey isn't exception in this respect. Usually most foreign buyers in Turkey aren't fluent in Turkish, which also may complicate the deal. The golden rule in all these matters is to find trustful local agent to check all legal aspects of the deal.

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