Selling your property in Turkey… key points
The Turkish real estate market is an active and constantly moving and developing market, therefore investing in real estate in Turkey is certainly a successful project, and one of the most important and simplest forms of real estate investment is selling a property in Turkey
The process of selling a property in Turkey is much easier and has more clear steps than the process of buying property in Turkey, however, unless your Turkish language is excellent, and you are well acquainted with the local culture, the real estate market of Turkey and the city in which the property is located you will not be able to sell Your property in a way that gives you what you aspire and keeps you away from fraud
Therefore, the use of a reliable real estate agent to sell a property in Turkey, who will guide you through this important process, is essential
How to sell a property in Turkey?
Before the process of selling a property in Turkey, you must make sure of
- Preparing all the documents related to the property, which would greatly increase the chance of an easy sale, and significantly speeds up the sale process.
- The package of documents includes a formal contract, a copy of your title deed, a copy of your planning permission to construct the building or residence permit that allows its use, and documents relating to the safety and condition of the property.
One of the main differences in the process of selling real estate in Turkey compared to many other countries is that the seller receives payments or dues of the property directly from the buyer, that is, the money is not paid through the lawyer or agent with the deduction of expenses before sending it to the seller.
In this case, an official agent can be used to open a bank account for the sale of the property, and the minimum deposit is 10%
On the other hand, if you have owned your property for a short period, you may be liable for the Turkish capital gains tax especially now that the new property valuation report system has been introduced.
You must also have property insurance including DASK when you want to sell a property in Turkey, all municipal taxes and your water and electricity accounts must be paid up-to-date as well as any other fees.
The importance of using a real estate agent when selling a property in Turkey
Although many Turks advertise their property personally (without a real estate agent) via the local press and the Internet, but a foreigner will always benefit from the services of a real estate agent in Turkey to find and deal with a buyer for the following reasons:
- Knowing the market and real estate prices, what guarantees you the best deal for the property
- Preparing property information documents in the right way in Turkey, which a foreign owner cannot accomplish alone
- Familiarity with the local language and thus the ability to negotiate when selling property in Turkey.
- Communicate with official authorities such as your lawyer, notary, and land registry to complete the transaction as soon as possible
- Usually, the real estate agent’s fee in Turkey is 3% of the sale price, and the lawyer will likely charge you 1% of the sale price