Turkish real estate: how to protect your money when buying in installments?

Many buyers of Turkish real estate who plan to take installments are concerned about the question of how safe is it?  Is it possible to trust the developer and be sure that the apartment will not be resold upon completion of payments?

This article will answer all these questions.

Conditions of the Turkish installment plan for foreigners

Investment apartments in Turkey in installments are not uncommon in the real estate market. In addition, most of the transactions with off-plan properties occur with the help of installments. Depending on the region and the stage of construction, the duration of payments may vary. On average, the payment period for an apartment under construction lasts four to five years. In Alanya, the term of purchase of housing on a deferred payment, is no more than 3 years. Conditions may also vary from developer to developer. For instance, one may ask for an initial payment of 10%, and the other will ask for all 50%. The average size of the initial payment is 30% of the price of the property.

Why is this happening? Most often, it is eminent developers with a large client flow who put tough conditions for buying a home. Those who do not have much influence on the market, on the contrary, give customers breaks.

Note! If you pay 50% or more at the initial stage, you can count on pleasant bonuses from the developer. The payment schedule is calculated individually for each client. The buyer can independently choose when and how it is convenient for him to pay: every month, quarterly or semi-annually.

Legal aspects

Fear for the safety of funds when buying real estate in Turkey is only when you are dealing with an unverified developer or realtor. Despite the fact that only licensed agents and developers have the right to provide their services in the real estate market, there are also a lot of inexperienced consultants on the market who work only for themselves and will run away at the first difficulties. To confirm the integrity of a specialist, it is necessary to interview his license before starting work.

About contracts

There is no shared-equity construction in Turkey. The process of concluding an installment plan is a transaction with the signing of a standard purchase and sale agreement. When working with an agent, there are three such contracts: with the buyer, the seller and the agent.

The document specifies:

* Date of conclusion of the contract;

* Data of the developer and the buyer;

* Information about the real estate;

* Schedule and amount of payments.

A standard contract is a very important document, since it prescribes all important aspects of the transaction, including termination conditions and penalties. It is also he who protects the interests of the buyer.

To buy property in Turkey

Appreciate the variety of Turkish real estate assortment in the Turk Estate catalog. The site presents the best properties at the prices of developers, there are photos and detailed descriptions. Here you can get answers to all your questions related to the purchase of real estate in Turkey.