PROPERTY
BUYING PROCEDURE
Whats next when you have found your dream villa or apartment in your favorite region?
Here is a general road map what to do when you have found what you are looking for.
Breakdown of all purchasing expenses
The legal work at Notary and Solicitor
Breakdown of all purchasing expenses
The
extra costs for the property purchase are readily comprehensible. We
will mention fix costs in Euro and costs depending on the Value of the
property in percentage for this breakdown Notary fee and legal
translator 250,- € Solicitor Fee 2%(for a 50 000€ property, decreasing
with increasing property value), Property Tax 1,5% has to be payed by
purchaser and 1,5% by the seller payable at title deed transfer
(Attention here! it is often practiced that the sellers let the
purchasers pay the full 3% which is actually extralegal)
There
will be costs occurring approximately after 3 month of time with the
title deed transfer, for water electricity transfer on the purchasers
name and an annual Property insurance of approximately 250,- €
altogether,
A purchaser of a 60 000,- € property has to expect costs +/- 2600,-€
which is 4,4 % of the property value.
Payment options
Due dates for payments, new built turn-key properties:
- 10 % of the property value in 14 days after signing the deed of sale, a deposit of 2500,- € has to be made on agreement and will be deducted from the first 10% instalment.
- 20 % the second instalment is in 30 to 45 days.
- 70 % the third and last instalment is in 90 days maximum and may be splittet in two instament within this range
Due dates for payments, off plan or uncompleted properties:
- 10 % of the property value in 14 days after signing the deed of sale, a deposit of 2500,- € has to be made on agreement and will be deducted from the first 10% instalment.
- 20 % the second instalment is in 30 to 45 days.
- 35 % on the halfway to completion date from purchasing date (depending also to the advancement of the construction)
- 35 % on Completion of the property
Due dates for payments, of new built turn-key properties in
conbiation with mortgage:
Visit also our page Mortgage
& Financing regarding mortgage
- 10 % of the property value in 14 days after signing the deed of sale, a deposit of 2500,- € has to be made on agreement and will be deducted from the first 10% instalment.
- 30 % the second instalment is in 30 to 45 days.
- 60 % Rest settlement by Mortgage or alternative financing
Negotiating the property
When
an agency tells you about non negetiable prices about a property than
it is probably the shimmering in your eyes that he has seen on the
property inspection, there is always something to negotiate but the
margins may change from builder to builder.
As Ilktomi we are always confidentially on our clients side in
negotiations.
Amendments
on the property
A
lot of amendments which are not very substantial can be made without
extra costs on off-plan or uncompleted properties and may cost extra on
turn-key properties, It is advised to inspect the property thoroughly
to have a clear idea about the desired amendments and to include them
in the negotiation.
Every agreed amendment has to be written down in the deed of sale in
detail and clearly.
The legal work at Notary and Solicitor
Totally 5 hours should be scheduled for notary and the solicitor on your inspection trip in Turkey to settle everything and usually the last day of your trip is sufficient for the legal work. The solicitor will draft the deed of sale with all details bilingual in Turkish and English and answer your questions regarding the legal aspects of the property purchase.
Signing the deed of sale
After the deed of sale is signed by all contracting parties usually in front of the solicitor it takes effect and is the most important document until the title deed is transfered on the purchasers names.
For questions do not hesitate to contact us
