What to consider when selling a house in Turkey?

First of all, it will make your job much easier if you clearly define the conditions you have agreed to sell your house and sign a mutual agreement before the title deed. For this purpose, your real estate consultant will prepare a 'Purchase and Sale Brokerage Agreement' for you and will bring the parties together to sign the contract.

In the “Purchase-Selling Intermediation” contract, the title deed information of the sold property, the sale price, the use of credit, mortgage or lien information, if any, and how and when such pledges will be removed should be specified. In addition, who will pay the revolving fund and title deed fees should be included in this contract. After these issues are definitively decided, the sales process should be started. Because, although there are much smaller amounts next to the real estate, it is more difficult to resolve the disputes that arise at the last moment, and sales may not take place due to such reasons.

In this contract, it will also be in your best interest to specify the deposit amount, when you will deliver the house, and whether you will leave any belongings.

Pre-Sales Things to Do

After you receive the letter from the municipality stating that you have no debt and you have taken out your compulsory earthquake insurance, you should close your existing housing loan, if any. Afterwards, you can go to the title deed with the original and photocopy of your identity card, your TCIP document, the original or copy of the deed and the property tax document you paid to the municipality.

Notification to Tenant and Subscription Transactions

Inform your tenant of the sale so that they are ready to vacate the house. If you are using the house, do not forget to terminate your subscriptions such as electricity, water, natural gas.

Title Deed Transactions and Money Transfer

It is very important that you received your money before signing the deed book, as the deed will ask you if you have received your money. You can receive your money via EFT, in cash or as a blocked check, but you must have agreed this with the buyer beforehand.

You must declare the purchase and sale price at the title deed over the sales amount you have decided. In sales to be made before the end of five years, if there is an increase in value, you may have to pay income tax in proportion to your earnings. In case of inheritance, there is no tax on the increase in value.

How Much is the Current Title Deed Fee?

The title deed fee is currently 2% of the trading amount for both the buyer and the seller. That is, unless otherwise agreed by contract, both parties are obliged to pay a title deed fee of 2% over the purchase and sale amount.