British citizens and other nationalities will find buying property in Turkey much quicker than ever before thanks to the speeding up of the TAPU process. And it’s believed it could lead to even more foreign nationals investing in Turkey property.
A new law which was introduced earlier and came into being just last month – on October 14 – means the military clearing process could be as quick as one day.
It’s necessary for foreign citizens planning to buy property in Turkey, to get clearance from the military to ensure it’s not within any restricted zone (if so the sale would not be able to go through). Until now this process has proven pretty lengthy – taking up to eight weeks in many cases and meant the prospective buyer couldn’t register his or her property until the necessary TAPU certificate was received.
Why is the TAPU Process Quicker?
One of the reasons applying for a TAPU takes far less time than before is that the Turkish Military must provide all TAPU offices with maps showing exactly where the restricted military zones are. Therefore it’s simply a case of the TAPU officer checking off the proposed piece of land with the map.
A Property’s History to be Taken into Account
Another major change to the TAPU process concerns land which has previously been granted a TAPU. A TAPU for a piece of land (or property) which has already been owned by a foreign citizen (and therefore had military clearance in the past) would be, in effect, passed on to the next foreign buyer seeing as the land had already been cleared. Having said that, this only applies to properties which have received official military clearance since May 5, 2011.
This also means it will be easier for foreign nationals to pick up bargains when it comes to investing in property in Turkey. For instance, they can now bid with confidence in property auctions for a pre-cleared plot, or take advantage of a bank repossession knowing there would be no legal obstruction from them doing so.
It means that all new properties – regardless of how many – built on a piece of land which has already received military approval will be covered and therefore the owners of each individual apartment or house don’t require to fill out forms for a separate TAPU.
What Else Does the Quicker TAPU Process Mean?
For a start, money as well as time will be saved since there will be no need to put down a large deposit to guarantee the land. Bank mortgage financing will also be processed at a far quicker rate. And then, of course, there is also far less frustrating and time-consuming paper work to have to deal with.
If you’re thinking of buying property for sale in Fethiye, Kalkan or other parts of Turkey then here at Oceanwide Properties we would be delighted to help guide you through what can prove to be a complicated process for those not familiar with Turkish property laws.