Purchasing Property

Payment Options

Med Dreams Property offers a range of purchase options that vary depending on the property in question. For example the payment options for a finished property will differ from that of a property at the plans stage. If you are interested in a particular property, or range of properties, please

1. take a note of the Med Dreams' reference number for that property and then
2. contact us to find out more details.

Payment Schedules

Payment schedules are dependent on whether the property in question is a resale, from plans, or under construction.

• Typically the payment schedule requires an initial 10% deposit to secure the property.
• Thereafter payment schedules are designed to facilitate staged payments over the term of the construction, and/or the time taken for application for the TAPU from the Turkish Land Registry Department (currently approx 3 months).

Paying a Deposit

When placing a deposit on a property, please also provide us with a copy of your passport, 2 passport photographs and 2 documents that verify your address, for each person wishing to be named on the property deed (or tapu). Turkish law also requires the father's and mother's maiden names for each buyer.

All payments are to be made payable to "Med Dreams Property client account".

Mortgages

Turkey currently has no mortgage system! This is another factor contributing to the capital appreciation potential of Turkish property. Med Dreams Property has been in talks with several financial services providers with regard to providing our clients with mortgage services. We hope to be able to offer our clients these packages sometime within the next year.

Financial Advice

Med Dreams has teamed up with independent financial advisors that you may contact with respect to the options available to you when purchasing property abroad. We do not receive any fee from their services. Naturally you are free to discuss your financial options with an advisor of your choice. We offer you the following options as they are already familiar with our business.

It should be noted that

• Irish lending institutions will not normally approve loans for any foreign investment properties in any country operating outside the boundaries of Irish law and financial regulations.
• Currently Turkish financial institutions do not offer mortgages. Turkish buyers simply purchase properties outright, or build to a stage commensary with their budget.
• Med Dreams are currently in talks with several financial institutions in an effort to offer our clients alternative funding options.
• If you need some form of a loan to finance your purchase, financial advisors will typically discuss the option of garnering a loan based on the equity gained on your existing domestic property. In the last few years Irish and UK properties have afforded people the opportunities to choose this avenue.

Legal Requirements

1. The named purchaser, or an officially appointed representative, are the only individuals that can sign the ownership and legal documents (TAPU).
2. The names purchaser their representative must personally attend the appointed office in order to finalise and collect the purchase documents.
3. A copy of the buyer's valid current passport.
4. 2 colour passport photographs.
5. If the property is being bought as a joint venture, copies of valid passports and passport photographs are required for each individual.