Are you thinking of buying a property in installments?
Learn about the conditions and whether buying a property in installments with interest or without interest
Find out how to buy a property in installments in Turkey
Is it possible to buy a property in installments for foreigners?
In view of what the Turkish real estate market is witnessing over the past few years, construction companies launched large real estate offers that contributed to a qualitative leap for Turkish real estate sales, giving the investor the possibility to buy one or more properties in convenient installments that reach more than 120 months, and this was not limited to Turkish investors only, but also reached Foreigners also, which made the options for searching for real estate in installments in Turkey one of the most requested options for everyone who wants to own and invest.
What are the terms of installments in Turkey?
Turkish law does not require the buyer to meet specific conditions when buying a property in installments
After selecting the appropriate property and providing a copy of the title deed (Tabu) or a real estate statement and a copy of the property’s location on the map and scheme of the region’s municipality, taking a personal tax number and translating the passport into Turkish, certified by a Turkish notary (Notre) and four personal photos, then he signs the purchase contract with the seller He submits the first agreed-upon payment and then submits an application for the transfer of ownership. When the approval is issued, the Real Estate Registry Department (TAPU) is reviewed with the seller.
How to buy a property in installments
There are only two ways to buy a property in installments in Turkey
- first It is the favorite of people because there are no benefits, by buying a property directly from the Turkish construction companies. The company organizes the official sales contract and specifies the value of the down payment and the monthly payments.
- the second Through bank loans, where the bank buys the specified property and this property is mortgaged until the full payment of the payments with interest is completed, and this is not suitable for foreigners only for the Turkish citizen.
A very important issue when buying a property in installments in Turkey
There are several important issues and issues when buying a property in installments, which we explain in this paragraph. In the event of transferring ownership to the customer (the buyer), he can transfer the property or sell it, even if it has installments.
Real estate construction companies often do not transfer ownership to the customer (the buyer) until after completing the payments due from him, unless he provides certain guarantees that guarantee the right of the construction company, and private and governmental companies provide a sales contract certified by a notary (Notre), which means the transfer of ownership of the property.
This contract authorizes the owner of the property to sell it to another person. The new buyer will take care of the remaining payments on the old buyer. In this case, the construction company must be present at the time of the sale to the third party because it is the original owner of the property.
When selling to a third party, there are certain fees that are paid to a notary and are agreed to be paid by both parties. The buyer can sell the property to one or more people after the approval of the original owner, and receives the title deed (Tabu) after paying all installments to the last owner of the property, even if it is more than A person jointly owned by the property, the shares of the property are divided equally