The information provides a guide only, payment plans are on a case-by-case basis, according to whether a property is resale, off-plan etc. Clients will allways be advised in advance of a purchase, and payment plans should be drawn up, agreed between parties and included within the contract.
When you have decided on the property you would like to purchase, an initial sum of £ 2.590 / € 3.885 / $ 5.310 is required. This covers the deposit to the seller ( builder ), solicitor’s fees, legal translator’s fees, mapping charges, and notary costs. It’s adviced to take this money in the form of cash ( please note not in Scottish Sterling, and if the payment will be based on Dollar it must be U.S. Dollar)
When you leave Turkey, you have sometime to then send the next larger deposit through to the seller – this will vary according to the contract that has been negotiated and signed while in Turkey. The usual time frame is around 2 - 4 weeks, and - in general - the amount is around 10 - 90 % .
In some cases, a system of stage payments can be made ( particularly where the client is purchasing the property off-plan from a property developer )
The remaining sum is paid upon completion or receipt of the title deeds.
Joy Properties advice clients to budget anything between 10-15 % of the total value of the property to cover all extra purchasing costs. This may be less, where the seller opts to cover some of the costs ( as mentioned below ).
Additional Costs
Buyers are required to pay a property purchase tax. This is 1,5 % of the total value stated on the Title Deeds for buyers, in most cases on new build property purchase total purchase tax is devided between the buyer and seller. Occasionally a seller may agree to cover the entire 3 % ( both buyers and sellers taxes ).
The agency comission fee is generally 6 %. This is devided between the buyer and seller – each paying 3 % of the total sale price of the property. Again, the seller may agree to settle this fee.
Water and electricity connection fees is between £250–400 / €375-600 / $512-820 for new connections ( for new built properties ) , this fee is £150 / € 225 / $ 308 if the property is resale.
When it comes to furnishing properties, we advice that clients should aim to set aside in the region £3.000 / €4.500 / $6.150 to pay for white goods ( including air conditioning , where not installed), furniture and soft furnishings.
If the property is in a complex or in Turkish ‘ sitesi ‘ there is annual maintanance fee for the upkeep of communal areas such as swimming pool, gardens, lightening of the communal areas, security, etc. These fees vary, but usually cost between £170–750 / € 255-1.125 / $ 350-1.540 , altough usually is about £250 / €375 / $512 per year.
We can sum up legal costs in below mentioned Schedule by currency types.
CURRENCY £(P.Sterling) €( Euro ) $( US Dollar )
Solicitor’s Fee 250 375 512
Legal Translator’s Fee 70 105 145
Power of Attorney Charge 70 105 145
Mapping Charge 200 300 410
Agency Fee 3 %
Buyer’s Tax 1,5 % of the title deed’s value of property price
Property Tax 0,5 % to 0,6 % of property price, paid yearly
Earthquake Insurance Fee Depends on property price and location
Water & Electricity
Connection Fee 150-400 225-600 308-820
Community Tax 8-12 12-18 16-25
Complex Maintanance Fee 170-750 255-1.125 350-1.540
There are also ongoing costs for electricity, water bills which are around £200 / € 300 / $ 410 per year ( based on holiday usage only ). It should be checked that all the bills have been settled by previous owners. |