Cost Of Selling Property In TurkeyFri, Feb 03, 2023, 06:31:28 AM
If you decided to sell your property in Turkey, there would be few services and fees you would be responsible for. The value of these services and fees varies depends on the location, the value of the house, property transfer tax, legal service fees and other costs.
Real Estate Agent
A real estate agent is a professional who helps individuals buy, sell, and rent properties. They typically work for a real estate brokerage, and are licensed by the state in which they operate. Real estate agents can provide a wide range of services to their clients. Real estate agents typically earn a commission on the sale or rental of a property. In Turkey, real estate agent fees are typically 2-4% of the sale price. Those services can be categorized as:
- Marketing and advertising properties for sale or rent.
- Showing properties to potential buyers or renters.
- Negotiating the price and terms of a sale or rental.
- Coordinating the closing of a sale or rental.
- Providing advice and guidance on local market conditions and trends.
Stamp duty is a tax imposed by a government on legal documents usually pertaining to the transfer of assets or property. In the case of purchasing property in Turkey, upon signing the real estate sales price agreement, you must pay a stamp duty rate in Turkey of 0.948% of the value agreed in the contract.
Gift Tax or Inheritance Tax
If you obtain property by inheritance or donation you will be responsible for tax ranging from 1% to 30% which can be paid in two installments over three years.
Land Registry and Cadastre Directorate explains that the total tax owned to Turkey is 4% of the land value which unless both parties agree differently, Turkish law requires the seller to pay tax of 2% and the buyer to pay 2%.
How to Pay Taxes?
Regardless of what kind of tax It is, a person can either go to the municipality and physically pay the sum or pay through the municipality’s official website. There are some types of tax that can be generally paid on your banks app or website as well.