Yes, you can legally sell a property with an existing mortgage in Turkey, but it’s not as straightforward as selling a debt-free home. The sale of a mortgaged property involves additional legal and financial procedures, and it’s important to understand your options before proceeding. In Turkey, a mortgage (İpotek) is a legal claim placed on a property by a lender—usually a bank—as collateral for a loan. As long as the mortgage exists, the property has restrictions that must be addressed during the sale. There are two common ways to sell a mortgaged home: 1. Paying Off the Mortgage Before Sale: This is the most secure option. The current owner repays the remaining balance to the bank before the transaction. Once the debt is cleared, the bank issues a release document (Fek Yazısı), the lien is removed, and the property is sold with a clean title. 2. Transferring the Mortgage to the New Buyer: In some cases, the buyer assumes the current loan or arranges a new one under their name, subject to bank approval. Regardless of the method, communication with the bank is crucial, and necessary paperwork must be presented to the Land Registry Office (Tapu Müdürlüğü) to finalize the sale. For foreign investors and expats buying property in Istanbul or prime locations like Maslak, working with a professional consultant is essential to navigate these mortgage-related procedures.
Can a Mortgaged Property Be Sold in Turkey? Everything You Need to Know
