BUYING PROCEDURE ...
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
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