How to Sell Property in Turkey?Fri, Feb 3, 2023 12:00 AM
How to sell property in Turkey is a question that concerns the new investors who are inexperienced or unaccustomed to Turkey. Property refers to a piece of land or a building, or both, that is owned by an individual or organization. There are many different types of property, including residential, commercial, industrial, and agricultural.
Property can be bought, sold, rented, or leased, and can be used for a variety of purposes such as living, working, or investing. Property rights and ownership are protected by laws and regulations that vary by country and jurisdiction. The value of a property can be affected by factors such as location, condition, and market conditions.
Before the Sale
Selling property typically involves several steps, including setting a price, listing the property for sale, and working with a real estate agent or broker. The process can vary depending on the type of property and the local market conditions. It typically involves marketing the property to potential buyers, negotiating offers and closing the sale.
Determine the Value
Determining the value of a property is an important step in the process of selling a property. There are several methods that can be used to determine the value of a property, including appraisal where an expert determines the value of a property considering factors, comparable sales which sets a price range by comparing the owned property to its equals, cost and income approach.
Making necessary repairs and improvements to a property before selling it can help increase its appeal to potential buyers and can potentially result in a higher sales price. Most common practice is fixing any structural or mechanical issues such as leaks, electrical or plumbing issues etc. Furthermore, you can update your interior and exterior to be more modern and tasteful. It's important to keep in mind that not all repairs and improvements will result in a higher sales price. It's best to consult with a real estate agent or home inspector to determine which repairs and improvements will provide the best return on investment.
Gathering the Documents
Gathering documents is a crucial stage in how to sell property in Turkey. Here are some of the most important documents that you should gather when selling property in Turkey:
- Property title deed: This document, also known as "Tapu" proves ownership of the property and must be transferred to the new owner at the time of sale.
- Tax certificate: This document shows that all property taxes have been paid and is required to transfer the title deed.
- Building permits: If any repairs or improvements were made to the property, you will need to provide copies of any building permits and inspection reports.
- Residence permit: If the property is being sold by a foreigner, they will need to provide a copy of their residence permit.
- Energy efficiency certificate: This certificate shows that the property meets the energy efficiency standards set by the Turkish government.
- Habitation certificate: This certificate proves that the property is suitable for habitation and that it meets all the legal requirements for a residence.
- Notary Public documents: All the property sale-related documents should be verified and approved by the Notary Public.
- Any other legal and financial documents related to the property.
Potential buyers are what we need on while searching for how to sell property in Turkey. You can either hire a reputable realtor to do the important things for you or you can do them yourself. If you decide to handle it personally, you need to price the property correctly. It's important to research the current market conditions and price your property competitively. Secondly, professional photography can boost the attraction of your property.
The Internet and the real estate websites are valuable tools to get your property the publicity it needs. Allowing customers to see the property is a must while trying to sell your asset. Generally, highlighting the location and facilities, its perks and offering incentives are good for attracting a customer as long as you respond quickly and professionally to any inquiries about it.
Next topic of the how to sell property in Turkey is choosing the right time. It can have a big impact on how quickly it sells and at what price. For example, seasons such as spring and summer tend to be the busiest seasons for real estate sales. The warmer weather and longer daylight hours make it easier for potential buyers to view properties. Following the market and being aware of the economic conditions is needed to sell your property as well.
Interest rates can affect the buyers so they can afford to buy a house with mortgage or loans while location is one of the crucial information. Location can alter everything from potential buyers to value of the property. Comparing other properties in your vicinity while selling or buying can be a valuable tool to give you an idea.
Lastly, personal circumstances might alter the deal. For example, if you need to sell quickly for financial or personal reasons, it may be best to put your property on the market as soon as possible in contrast to waiting for the best moment.
Be Ready to Negotiate
In Turkey, negotiation is a part of its culture so be ready to negotiate. Understand the market conditions before entering into negotiations. This will help you set a fair price and understand what concessions may be necessary to make the sale. Be prepared to negotiate on the opening and closing costs and terms of sale but be willing to listen as well. Be patient and flexible since the process can take time. Don’t rush into a decision and weigh each pros and cons. Lastly, be honest because honesty will always help build trust and make a positive impression on the buyer.
Finalizing the Sale
After a long process, you now know how to sell property in Turkey so you head to the noter at this point with your buyer. At the noter, the title deed is transferred to the buyer with the verification of the official for a small tax and a fee.
Do not forget to take a look at the most advantageous property in Turkey options.
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