Selling process in Turkey and related legal procedure: The information below is provided as a general guide during a standard real estate sale in Turkey. The Turkish Property Centre can actively market your property for sale on our professional website. We are also able to act on your behalf in the selling process via power of attorney should you wish. Below is further guidance for your consideration.
Pricing of your property: When deciding on a sale figure please consider the time factor and urgency of sale. If a quick sale is required, lower the price accordingly, possibly marketing at investors, stating 'non negotiable'. If an immediate sale is not important , market towards both turkish and foreign purchasers, remaining flexible on your price. Buyers will generally offer a lower than asking price, so allow room for negotiation.
Be aware that if you are able to retain your money in Turkey, a high interest bank account here is currently offering between 9-11% interest on funds which may enable you to sell at a slightly lower price and accumulate the difference.
Be realistic when pricing your property. Perhaps you paid over the market value, or you purchased during peak pricing times and the market may have dropped in recent years. Take these factors in to consideration, unless, you consider your property to be exclusively unique.
The Turkish Property Centre will market your property under the following guidelines:
We will inform the Vendor of the sales commission rate we charge for your individual property.
We would require independant access to the property in the absence of the Vendor.
If the vendor markets the property with other agents we would require the sale price to be equal.
We work on a 'no sale, no fee basis'
All advertising by TTPC is at no further cost to the vendor.
The property will be advertised on our company website and also with our chosen global advertising partners. We choose the right to select some properties for enhanced advertising. We reserve the right to withdraw adverts from specific partner advertisors at any time.
If the vendor finds an independant buyer, TTPC will still be available to act on your behalf to complete the relevant legal process involved. In this case TTPC will charge 1.5% of the agreed sale price.
The documentation you will need to sell your property are:-
Passport (original document, the land registry will not accept a photo copy)
Notarized passport translation (original document, the land registry will not accept a photo copy)
Turkish Tax Number
x2 Passport sized photos
Tapu Document (Title Deed)
The preferred option is for you, the vendor to be here in person to facilitate the sale with our guidance. Alternatively you may appoint either a solicitor or a relative to be power of attorney ( POA) on your behalf. Lastly TTPC may act on the vendors behalf as POA. POA is given whilst you are present in Turkey and can only be processed during office hours Monday to Friday. Clients passport details are translated to Turkish and the POA document is drawn up, using an official tanslator and legally notarised.
If the vendor is not in Turkey we can arrange for the POA document to be emailed to the client. The client will then arrange with a local solicitor in their home country for the document to be completed. For all British citizens the POA has to be apostilled by the commonwealth office. The document will then be securely posted to our office in Turkey, where we will arrange for it to be translated to Turkish and notarised. All POA costs to be incurred by the vendor.
If the vendor attends in person to facilitate the sale, please allow 2/3 full working days. If the buyer is obtaining a mortgage on the property it may require slightly longer and TTPC will inform you of the process and time required. A straight forward sale may be completed within one day in certain circumstances, but is not guaranteed.
TTPC will complete all the preparatory work prior to their visit to Turkey. We will also arrange the process on pre agreed days to minimise the time involved by the vendor.
The vendor will also be required to have either a Turkish Bank Account or a Foreign Bank Account for sale funds to be transferred to. (Extra cost will be incurred for transferring to a foreign bank account)
Outstanding Debts: Prior to the sale all outstanding debts on the property, eg Council tax, Utility bills etc must be paid. TTPC will complete this on the vendors behalf, if required.
Capital Gains Tax: Is payable by the Vendor to the government if the property is sold within 5 years of purchase. This is calculated as a % of on any profit made above the annual inflation rate in turkey. TTPC will arrange payment of this on behalf of the vendor.
Property Purchase Tax: Is calculated at 4% of the declared value of the property and is payable to the government on completion of the sale. This is the responsibility of the purchaser to pay.
Transfer of Title Deeds: TTPC will liase with the vendor or POA and the purchaser to obtain the initial deposit and final payment. TTPC will then conduct the Title Deeds transfer on receipt of all of funds. Any deductions for our fees and payments will then be calculated and the remaining balance will be transferred to the Vendors chosen Bank Account.
Professional advice on taxes is also available if applicable.
Please email for further information: firstname.lastname@example.org