Property ownership in Turkey is extremely widespread among foreigners. A lot of tips on how to carry out a purchase and sale deal intelligently, advantageously and risk-free can be discovered on the Internet. Nevertheless, helpful guidance is also necessary for those investors who have decided to manage their property for sale in Turkey regardless of the circumstances.
Reselling property in Turkey has some special indications and aspects that property owners from abroad must be well aware of and take into account as well. For this reason, below we have compiled for you the most common issues and questions on this theme and we truly believe that our information will be useful for you.
Frequently our clients come to us with questions about how a property can be sold in Turkey and how quickly the process will take. Particularly for owners who are looking for a quick sale, the period in which the deal can be completed is crucial. In this example, it will depend upon how quickly a buyer can be found.
However, many property owners assume that for a profitable deal on their property in Turkey, it is quite enough to make a couple of photos and post them on a specialised website. Apparently, but this is not the way it works.
If you are interested in a profitable sale in Turkey, and within a very short time period it is advisable to take a closer look at the tips below:
- Get your documents in order
Make sure that the property has all the legal documents such as the TAPU, Iskan, DASK insurance on your property and etc.
- Get realistic about things
There is no doubt that as the seller, you are expecting to have as much money as possible for your property. Nevertheless, be aware that the secondary Turkish property market has a fair amount of high-quality properties. Therefore, proper pricing is worthwhile to have a reasonable survey of market property prices and focus on it. The properly priced property will help to get the right buyer’s attention, outbidding your competitors and selling the property fairly quickly.
- Get your property redecorated
While showing your property for sale, potential clients usually take into consideration any issues that possibly affect the final drop in price. Redecorating also includes fixing any small imperfections like a dripping faucet, a dead air conditioner, or a blown-out wall paint. Presenting your property in the best possible condition so that potential buyers will not have any reason not to buy it for the suggested price is one of the most important conditions for a successful resale.
- Get your property cleaned up.
One of the important tips on how to sell a flat in Turkey profitably is a simple understanding: any buyer entering the apartment, “tries on” it for himself, that is trying to present the object as his future home. Messy, cluttered, unkempt rooms create a depressing impression and discourage investors.
- Get high-quality photos
High-quality, professional photos of your home, garden, pool, lot, or grounds are probably half the battle when selling your property in Turkey for a bargain price. Using great, informative photos and videos, you can make a sale, even just by phone.
- Get a feeling for what makes your property unique
Think about what makes your property stand out from the others. Is it a large pool or unique living room design, luxury top-of-the-line appliances, or a state-of-the-art home cinema? Make sure you discuss any such details with prospective buyers.
How does it work when you buy or sell a property?
Most homeowners in Turkey who are keen to re-sell their property securely and as profitably as possible, contact a real estate agent.
With a licensed real estate agency, Tolerance Homes, a house sale deal proceeds in just a few steps:
- First of all, you will need to contact our managers and send us all the necessary information about the property: the location, the address, a brief description of the property and the desired period of sale.
- Our expert will specify the cost with you, taking into account the current situation on the property market and the actual price, and altogether we will come up with the best option for your property. Make up your mind what the property will be valued at, for example, household appliances or furniture, and also settle your utility bills, if there are any, and if not, make an allowance for any outstanding debts.
- Between you and the Tolerance Homes agency, a partnership agreement will be signed. In case you have all good photos of the property, we will use them for placing in a directory or we will take photos and videos of the property by ourselves. For the legal check of the documents, you will be required to provide us with a copy of the TAPU.
- After all the conditions of sale and price have been agreed upon, the property will be listed on our website and we will start to re-sell it to potential buyers.
- Please also note that for the property to be successfully and quickly sold, our clients are asked to provide access to the property at any time by supplying the manager with the keys. It is important as investors value their time and are usually not ready to wait for a long time before they are able to view the property.
- As soon as a buyer is found, we sign a trilateral sales contract with a payment of a deposit, get the documents ready and start the process of re-registering the TAPU at the Land Registry Office.
Which documents are required for the sale of a property in Turkey?
Both the seller and the buyer are asked for certain documents upon entering into the sale and purchase transaction.
One package of documents that must be in the seller’s hands before applying to the Land Registry Office follows:
- TAPU original or copy of the TAPU (certificate of ownership of the property);
- Passport – the original or a copy
- Document proving the cadastral value of the property;
- Notarial power of attorney in case you entrust the seller’s rights to an authorized person (e.g. a realtor);
- Certificate of tax indebtedness from the municipality where the property is located;
- Certificate of earthquake insurance (DASK).
When concluding the sales contract, the buyer only needs to bring the original or a copy of the passport.
Expenses for managing the property for sale in Turkey
During the process of concluding an agreement and re-registering the documents, both parties to the deal will be faced with extra expenses.
For instance, a tax of 4% of the cadastral value of Turkish property is payable on the transfer of title. According to the law, the Seller pays 2% of the tax and the Buyer pays the remaining 2%. Nevertheless, it is almost always the buyer who shoulders the tax. In addition, if the seller applies for help from a real estate company, he pays a fee for the services provided upon the sale of the house.
If you still have any questions on how to successfully sell a property in Turkey through the Tolerance Homes licensed real estate agency, please do not hesitate to contact us and we will give you all the expert help you may need.