Buying real estate in installments in Turkey has become a good option for many investors, as the person owns the property with a sales contract called a deferred contract, after paying the downpayment only, and the law does not specify any date for the completion of payments, not even a specific value, but it is sufficient to adhere to the contract agreed upon between the buyer The construction company, therefore, directs a lot of investors to take advantage of the installment offers.
Steps to buy real estate in installments:
After communicating with Turkeydar Real Estate Company and conducting a field tour on the available properties and determining the property to be purchased and also agreeing on the price, a symbolic initial amount is paid - not a down payment - in order to reserve the property and fix the price.
After that, a date is set for signing the contract, and based on this date, the price of the property, the value of the payments and the time period are determined, where the buyer is obligated to pay the due payments on the specified dates and at the agreed-upon values, as well as the construction company makes several obligations, especially if the property is under construction, You are committed to delivering the property ready on time and to the agreed upon specifications.
The buyer is given a period ranging between 7-15 days to pay the first installment, and when the installments are completed and the price of the property is paid in full, the ownership is transferred from the construction company to the buyer.
Buying real estate in installments in Turkey through a bank loan:
The aforementioned method - communicating with the construction company directly - is the traditional method. There is another way to buy a property in installments, which is to take advantage of a bank loan to buy the property, where the bank buys the property and then sells it again to the buyer by placing a mortgage on the sales contract. The mortgage is canceled when Pay the full amount.
But in this case, some banks require payment of between 30-40% of the property value as a down payment, and the monthly installments are often less than the installments of the construction company, but the real price of the property becomes more expensive than its original price.
Important information about buying a property in installments:
1. Construction companies in Turkey often provide installment purchase options for real estate that is still under construction, especially in the initial stages, in order to benefit from the initial installments in financing the construction of the construction.
2. The initial price of the property is about 20-40% lower than its price after completing all the installments, because the price of the property rises as the delivery date approaches.
3. The down payment is determined between the construction company and the buyer, but it is often 35%. Of course, the higher the down payment, the lower the total property value.
4. With regard to obtaining Turkish citizenship by buying a property in installments: it was not allowed, but after the amendment made by the Turkish government to the law on granting Turkish citizenship by owning a property, the buyer in installments can obtain Turkish citizenship, provided that the first payment is 250 thousand US dollars or what Equivalent to it and investors often benefit from this decision, especially in the purchase of hotels or palaces.
