Is this is a good time to sell property in Turkey? 2

I declared a lower value on the tapu. What should I do? Purchase price correction has already been covered in earlier articles but I find it useful to repeat it here once more. What happens if you already misrepresented the price and now regret doing so? Is there a solution? Yes, there is. A decree released by the Ministry of Finance enables the parties to declare the real purchase price of the property and pay the remaining balance of the levy to be calculated on the real purchase price with a 3 percent (per month) interest rate added to it. For sellers who regret declaring a low value, I suggest they see their lawyer to negotiate with the tax authorities. Even if you missed this opportunity, you should still have some ways of negotiating with the tax authorities.

Avoidance of double taxation

Several countries have signed tax treaties to avoid double taxation. It might be a good idea to speak to your tax advisor to find out if you can benefit from a tax treaty between your country and Turkey.

Transfer duty (levy) of 3 percent

The parties are free to determine the price of the property, but a minimum price is set by the municipality where the property is located. The declared price cannot be lower than this value. When the parties transfer the title at the Land Registry Office, the parties are required to declare the purchase price they agreed upon and are obliged to pay 3 percent of the declared purchase price as a government levy.

Another topic is the way you transfer the title of the property. If you are abroad, how should you follow up with the sale of your property?

Your lawyer will handle the sale of your property in accordance with current legislation.

Can I give power of attorney to anyone to sell my property?

Yes. Try to provide a professional with the power of attorney. This will reduce the risk of fraud. It might be difficult to prove the fraud if the task to be performed by the agent is not designated or determined properly. The extent of abuse may reach the level of fraud or a well-designed fraud may stay very legal, making it impossible to prove abuse. A dishonest agent may use a power of attorney to transfer your assets to a third party.

Who should I give the power of attorney to?

You should give the power of attorney to a professional. If you give the power of attorney to a non-professional, you may encounter problems and will have no record of that person. The most secure way is to provide a power of attorney to a lawyer who is a listed and accredited professional. This will minimize the risk of abuse of the authority given via the power of attorney.

I expect to receive questions on how to give power of attorney. This I will answer in the coming articles.

NOTE: Berk Çektir is a licensed attorney at law and available to answer questions on the legal aspects of living in Turkey. Send enquiries to b.cektir@todayszaman.com. The names of the readers are disclosed only upon written approval of the sender.

DISCLAIMER: The information provided here is intended to give basic legal information. You should get legal assistance from a licensed attorney at law while conducting legal transactions and not just rely on the information in this corner.

Source – http://www.todayszaman.com