Buying an apartment in Turkey in installments: Important legal conditions

Would you like to buy an apartment in Turkey? Learn about the terms of installments in Turkey, and whether it is interest-free or not, and learn how to buy an apartment in installments in Turkey.

Buying an apartment in Turkey in installments: Important legal conditions
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2021-03-26 Last update 2021-05-20

Buying an apartment in Turkey in installments: Important legal conditions

Can foreigners buy an apartment in Turkey in installments?

Given the unparalleled race in the Turkish real estate market over the past few years to launch large real estate offerings, it has contributed to the qualitative leap in apartment sales in Turkey, by giving the investor the possibility to buy an apartment in Turkey in convenient installments for long periods of up to 240 months, not only for local investors, but also for foreigners, and some of the installment offers for foreigners have been delayed for seven years, which made the option of seeking installment apartments in Turkey a suitable option for all those who wish to own and invest.

What are the conditions for installments in Turkey?

Turkish law did not bind the buyer to specific conditions when buying an apartment in installments, and all that exists is that the terms are subject to the conditions for buying an apartment in Turkey. After choosing the appropriate property and providing a copy of the title deed "Tabu" or "land statement," copy of the location of the property in the municipal scheme or a statement of location, and taking the tax number from the Tax Service, the buyer translates the passport into Turkish and confirms it from the notary with four personal photographs, then signs the purchase contract with the seller and makes the first payment, then makes a transfer of ownership request to the specialized agencies, and upon approval, the printing service of the land registry is reviewed with the seller.

How to buy an apartment in installments in Turkey?

There are two ways of buying apartments in installments in Turkey, and people prefer the first method of interest-free, through the direct purchase of apartments from brokerage companies. As the company organizes a formal sale contract, in which the value of the payments and the method of payment of installments are determined. The second method through the purchase of apartments through a bank loan; the bank buys the property and places a charge on it until all the installments are paid.

Are there interest-free installments for apartments in Turkey?

Imtilak real estate provides the best opportunities for installments without bank interest, and the installment is characterized by the convenience in payment, taking advantage of the difference in currency, obtaining a more appropriate price, in addition to reducing the rigidity of money, and the first payment is 35% in some installment options, which gives a great opportunity for those wishing to own real estate through installments. There are options for a down payment of 50% and after two years 50% more, and there is a 15% down payment and the rest in installments over two years.

Also read about: The cheapest apartments in Turkey and how to buy a cheap apartment

Models of distinctive apartments for sale in Turkey in convenient installments

Imtilak Real Estate offers many distinctive models for buying apartments in Turkey in installments, in many Turkish cities. Such as Marina residence in the modern Beylikduzu area in Istanbul, as well as the Maslak Towers complex in Istanbul, and in Antalya, there is the Golden Palm project, the Konyaalti project, and the Antalya project And in Sakarya through the Sakarya River project, and in Trabzon through the Lake Park complex, Maria residences, the Skylife project, the Konaklar housing project, the Premium complex, and many more.

مشاريع قريبة من اسطنبول انجليزي مشاريع قريبة من اسطنبول انجليزي

Important legal matters when buying an apartment in installments in Turkey

There are some important matters when buying an apartment in installments that we explain in this paragraph, so in the event that ownership is transferred to the buyer, he can sell the property even if it is in installments, but real estate companies - often - do not transfer the ownership to the buyer until after the payments are completed, unless he has submitted certain guarantees in favor of the company in order to guarantee its right, just as private or governmental brokerage companies present a certified sale contract to the buyer.

This does not mean the transfer of ownership, but rather the sale of the property to another buyer, who will settle the remaining amounts incurred by the former. The company must be present at the time of the sale to the third party because it is the original owner of the property.

Also, there is no fixed proportion or specific time to be paid from the price of the property before it can be sold to a new person, but the sale contract that is made from the first buyer to the second buyer entails paying additional fees related to the notary, and it is agreed to pay it between the two parties.

The buyer may also sell the property to one or more persons after approval of the owner, and hand over the title deed after full payment of installments depending on each share of the property.

 

Edited by Imtilak Real Estate©

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