Purchase Deposits and completion times

[Vally]

Hi,

I am thinking about purchasing a villa in Kalkan and am wondering what the typical deposits are as I am being told by my estate agent that the higher the discount the higher deposit that will need to be paid up front and I am being in discussions around a deposit of 30% where I'd be much more comfortable with 10%. The property is a re-sale and ready to move into.

I appreciate that the purchase contract protects me to a degree but am concerend about what would happen to my 30% should the vendor go bankrupt.

Also has anyone got any idea how long it is taking to complete at present as I'm hearing up to 5 months.

Thanks

Simon

Linkback: https://www.enjoykalkan.com/forum/index.php?topic=3884.0

[Enjoy Kalkan]

Hi Simon,

There is now a buying in Turkey article on the main website, but im sure people will be along soon to help also

[Denners]

Simon

On a completed property, I would say a 30% deposit (not before signing a legally binding contract !!!) is excessive. I would not agree to pay more than 10-15%. It would be higher (with maybe some stage payments) on a property being built.

Unlike the UK, the deposit goes to the vendor and is not held by your agent/solicitor.

What you negotiate as a discount is a different issue and is very much subject to local market conditions and how much the vendor wants/needs to sell !

The time taken is dependent on getting military approval and can take some months. Your turkish solicitor needs to check the vendor's legal ownership of the land/property and the living permit of the property. That doesn't take long. Completion/TAPU can be done quite quickly once all these things are done.

Denners

[Denners]

2 Golden Rules,  as we have heard of some horror stories of people buying in Turkey.

"Don't get carried away and do something that you would not dream of doing in the UK !"

"Get independent legal advice before you part with any money !"

[Pete]

From personal experience, I would not pay such a large amount as a deposit. As Denners says it is excessive. The problem is, when you hand over such a large sum up front to the actual Vendor, then you become very vulnerable to any demands they then might make upon you. If you don't like their demands, then the only recourse you will have will be a protracted fight through the Turkish Courts to try and get your deposit money back. Don't pay any more than you can afford to loose.
Bear in mind that if you are buying through an Estate Agent, they will not be of much use to you. Even though they are meant to represent both the Purchaser and Vendor. What happens is a very clear conflict of interest and they will always side with the Vendor as they gave the original instruction. Also, beware of the demands for excessive cash payments
The best thing to do is get a good Solicitor on board and put everyting through them.

Good luck

[tog miester]

There are no hard and fast rules as regards deposits or repayment schedules. From my personal experience estate agents/property owners can have their opinion as to how much, but so can you!!!

Again from personal experience, I listenend to their advise and amended it to suit myself. For me it was 10% to take property of the market and then 3 payments over the next 4 months to settle the balance.
If they want to sell then they do what you want, not the other way round.