Calculation options

So you have chosen an apartment, now you need to make a deposit. What is its amount? Most often, this is at least 10% of the transaction amount. But you can bargain and pay less. It all depends on the relationship with the realtor or his management. It follows that at the time of choosing an apartment you should have this amount. If you are asked for more, then you should look at the agency and the realtor.

What next? Earlier I already wrote that at present the execution of the transaction takes up to one month. What is it connected with? It's simple, since 2021, a law has been adopted according to which, an independent appraiser must make an assessment of real estate when buying and selling real estate, if at least one of the participants in the transaction is a foreigner. At the same time, they made it so that the transaction data is entered into the Internet system and the system randomly selects an appraiser from among those who have a license and are listed in the system. Thus, you do not see the appraiser, there will be no contact with him. And the assessment itself will come to the system in electronic form. And this procedure takes about 10 days, sometimes up to two weeks.

Alanya Tapu Sicil Müdürlüğü and already they are preparing a contract of sale and the deal itself. There is also an electronic queue and you have to wait 10-14 days, depending on the number of applications for real estate registration. Sometimes this whole procedure goes quickly (in 10 days), but recently I have not seen this, since real estate on the Turkish Mediterranean coast has been in great demand in recent years.

In addition, the system of payment from a foreign buyer to a seller has now been tightened by law. Turkish banks are involved in this system. And without knowing the language, it will be difficult for you to figure it out yourself and do everything right. And in my understanding, the realtor and his agency are obliged to deal with all these issues.

Also, when you decide to buy an apartment and before making a deposit, you need to clarify how much the registration of the apartment will cost. These calculations include the payment of duties, property valuation and a tax of 4% (for foreign citizens) of the value of the cadastral value. The cadastral value usually differs from the appraised value. This also has nuances that cannot be described in detail on the site. There is an idea in the plans to prepare such detailed information with various examples, but I think this information will be available only to those who have registered on this site and subscribed to news and updates.

Now let's summarize the information received:

• selection of real estate lasts 2-5 days;

• the purchase and sale transaction lasts 10-30 days;

• the deposit is 10% of the transaction amount;

• the amount required to complete the transaction must be clarified before making a deposit;

• opening a bank account and making payments through the bank, you should be helped by realtors;

• the main amount of payment must be made at the time of registration, not earlier;

• after registration, good realtors assist in solving the first everyday problems.

It follows that for starters, you just need to have "on hand" 10-15% of the estimated budget for the purchase of real estate. Since in order to complete a sale and purchase transaction, according to the laws of Turkey, you need to open a bank account, therefore, when signing a sales contract, you will have the opportunity to transfer money from your bank to a bank account in Turkey.

To systematize the above, I will give an example:

You liked an apartment worth 100,000 EURO. You conclude an advance payment agreement (deposit) with the agency in the amount of EUR 10,000 and more1 You leave 000 EURO for registration costs, all this is paid to the agency and you receive checks.

With the help of an agency, you get a tax number. Then, together with them, open a bank account for the purchase of real estate. Leave a copy of your passport with the agency. The realtor should tell you the approximate date of the transaction.  On this, the first stage is completed and you are going home.

Arrive in Turkey on time previously agreed with the realtor. Bring with you the rest of the money in the amount of EUR 90,000 + 4 000 EURO the rest of the registration costs. If it is not possible to bring this amount, then transfer this money by SWIFT transfer from your bank to a bank account in Turkey. In resolving this issue, your realtor should also help you. There are other methods and solutions, but they will be in a special part of the site for subscribers and only if these questions are asked to me by site users.

Everything else happens as described above. 

Please note that the duties of a realtor include preparation of documents, checking real estate for debts for the purity of the transaction, including checking debts for loans, utilities, taxes, etc. If after receiving the documents, questions arise, the realtor must solve them.

If you don't want problems and want to make everything simple and reliable, please contact us and we will help you. And yes, I immediately warn you that if you contact us after you have problems, we will not help you in solving them.

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