Some cultural differences for foreign vendors of Turkish property:
1)In Turkey, it is the norm for vendors to set the price of their property for sale and NOT the estate agency.
There are three distinct groups of buyers, at present:
Please note that Group 3, foreign buyers is currently the smallest group BUT this group is expected to grow significantly in the next couple of years as a result of the 2012 changes in Turkish property law, enabling more foreign nationals to buy property in Turkey.
When pricing your property you should take into account the following factors:
1)How much you ‘need' to sell. If you are in no hurry, then we would recommend that you aim at groups 2 and 3. If you are extremely motivated to sell, we would suggest that you listen to what some of the Turkish Property Investors have to offer for your property and then decide on your next move from there.
DSP will only advertise re-sale properties that meet the following criteria:
We would like to put up a ‘for sale' sign on your property BUT we will not place a DSP sign next to any other company sign so this is best used for sole agency properties or when DSP is the preferred agency of multiple agencies.
If you have already placed the property for sale with another company(ies), we would like to know who just so that we can keep an eye on their pricing.
We work on a 'no sale no fee' basis
All advertising by DSP is at zero cost to the vendor.
Commission structure should be chosen before the property is advertised:
Please note that Didim Sun Properties also receives 3% commission from the buyer. It is standard practice in Turkey for buyer and seller to pay 3% sales commission (different companies will charge different commission rates).
Shop around for agencies to sell your property, if you plan to use multiple agencies. Charges vary from 3% - 15%. Levels of service vary equally.
Your property will be advertised on our company website and with our global advertising partners.
If you find your own buyer privately, within 8 weeks of the property going onto the market, we would expect a contribution of £200 towards our time and advertising costs as this is the period when most money is spent on advertising. If you sell the property privately, after 8 weeks of placing the property into DSP's portfolio, we do not expect any charge.
Sometimes, vendors find their own buyer or a friend matches a buyer and seller. Usually in these cases, both buyer and seller require an agency to carry out the conveyance procedures. DSP will carry out this service for the buyer and seller, if requested. The charge will be 3% of the sales price and this should be paid by the buyer or the buyer and seller share the cost, at the discretion of the seller. It is customary for the buyer to pay this 3% real estate commission.
The most stress-free way to sell your Turkish property is either:
If required, DSP will take a power of attorney to sell your property, if you prefer NOT to travel to Turkey to transfer the deeds. This service costs £250 for DSP's involvement plus the expenses of creating the power of attorney (can be done in Turkey or abroad) plus the cost of any bank transfer charges, if applicable.
PLEASE NOTE: Didim Sun Properties cannot be held responsible if your chosen POA does not fulfil their role appropriately - so please choose wisely.
Please be aware that should the vendor give a power of attorney to any person to sell their property, then that individual will receive the funds for the house so the vendor must only choose an individual that they trust implicitly.
If you are able to travel to Turkey to transfer the deeds, we will advise you when the deeds are ready to transfer (usually within a day for a Turkish buyer and 6-8 weeks later for a foreign buyer) and when you will be required to be present in Turkey. Please bear in mind that most Turkish buyers are impatient and they will prefer to buy a property where the deeds can be transferred straight away; so if you are thinking to sell via a power of attorney, please start to prepare your paperwork straight away.
DSP can advise on what is required to create a power of attorney.
What happens in the case of an offer on the property:
DSP will liaise between vendor and buyer to conduct the deeds transfer and to ensure that the vendor receives first a deposit on the property sale and then the balance of the funds.
If there are small ‘debts' on the property (eg Council Tax and utility bills), these will be identified and stated to the vendor BEFORE the deeds can be transferred. IF the vendor is present or not, DSP will facilitate payment, at no charge for these services, in order that the sale can proceed.
After the deeds are transferred to the new owner, DSP will remove the vendors from the liability of Council Tax and utilities with the appropriate authorities and if DSP are also acting for the buyers, their names will be attributed to these financial responsibilities.
Professional advice on taxes is available if applicable (capital gains tax, inheritance taxes).
Bank accounts can be opened if not already done (assuming that the vendor is present).
Any commissions and sums due to DSP should be paid by the day of deeds transfer (job completion). Receipts can be provided, if the vendor would like a receipt for the sales commission paid to DSP.
If you come to complete your sale and that alone, please allow 2 / 3 full working days. In reality, completion is usually done within one working day but we cannot control the workload of the Land Registry Office so please allow slightly extra time.
If your buyer is buying using a mortgage, (DSP will advise you of this at the time that the sale is agreed) you may need up to 6 working days (just in case) as banks do not always work as fast as we would like them to.
Some vendors combine their business with a holiday but if you choose this, please commit 2 or 3 days to working with DSP, running around to all of the authorities to finalise your sale. Max from DSP will co-ordinate all of this for you. On a straight-forward sale, one full business day is all that is required but not all sale / purchases are straight-forward. DSP will do all preparatory work in the run-up to completion before the vendor arrives in Tuýrkey in order to minmise the vendors time commitment.
DSP will commit to completing the work on pre-agreed days with yourself, so that the remainder of your time here can be holiday.
If you would like to appoint Didim Sun Properties as your real estate agent:
If you have any questions not covered above, please let us know via email and we will endeavour to answer you within 48 hours.