A real estate agency in Turkey is a written document, through which another person is authorized to act on his behalf, in purchasing a specific property and carrying out agency work, and with the facilitation of real estate ownership procedures in Turkey for foreigners and government encouragement for it, the demand for purchase increased, which made capital owners abroad resort to For a reliable intermediary through which the real estate purchase and post-purchase procedures can be completed, which facilitated the work of real estate agents in Turkey and increased the demand for them.
What is a real estate agency?
A real estate agency is defined as an agency for others for some or all of the powers that the agent possesses, and this agency is specific to managing the property, selling part or all of it, or selling it to oneself, and it is required to mention the type of agency if its purpose is to sell, buy, re-lease, receive money, and perform services after sale.
Real estate agent:
The real estate agent is the entity responsible for arranging the sale, purchase, rental, or investment management of real estate and buildings in Turkey. The real estate agent participates in real estate marketing tasks, preparing legal documents for the sale or rental process, as well as providing other services that differ according to the type of agency and the agent’s experience.
The work of the real estate agent in Turkey depends on taking a certain percentage or a fee agreed upon by both parties to the real estate process “sale or rent”.
Important things to consider when granting a real estate agency:
The real estate agency entails great responsibilities that grant the person entrusted with many powers, and in this context the following steps are recommended:
- The agency must be specific and cannot be general. For example: the owner wanted to give an agency to a real estate company to rent the apartment and receive the rental price. In this case, the principal must specify these points in two separate texts in the terms of the contract.
- The person appointed should be a trustworthy person, whether it be ordinary people with good experience in the real estate field, or a lawyer or real estate consultant who is specialized and well-known in his field of work.
- A specific period of the agency can be specified, and when the period expires, this agency cannot be extended if a specific time is set for its expiry.
- Clarification and reference must be made to the matters that will be covered by the agency in a clear and explicit manner, and to limit the powers that will be granted to the authorized party, and the sentences of the agency text must be written down clearly in order not to confuse data and details.
- Before starting the agency procedures, a sworn translator comes from the notary himself, who explains the subject of the agency and its requirements.
- The agency must be organized in the presence of the notary public, and certified by the notary public as well, in addition to the information being recorded in the agency based on an official personal identity or passport.
Types of real estate agencies in Turkey:
The agency is divided into two main types of real estate agencies in Turkey:
- Individual real estate agents: An individual real estate agent can communicate directly with real estate companies or with construction companies in Turkey.
- Real estate companies: includes a group of individual real estate agents who work for them or cooperate with them to perform the tasks of real estate services entrusted to them.
Areas of work of the real estate agent in Turkey:
- Real estate agency in Turkey:
This agency is approved by the construction company in Turkey or the seller of the property, in exchange for a certain percentage that is agreed upon, and the real estate agent often gets a special price for the property.
- Real estate buying agency in Turkey:
The agent is authorized by the buyer to purchase the property for a percentage agreed upon between them.
- Real estate rental agency in Turkey:
The agent is responsible for marketing the real estate offered for rent, in return for a percentage obtained from the tenant and the homeowner. The agent may be in the form of a real estate office specialized in renting real estate.
- Legal action agency:
The agent is responsible for carrying out some legal procedures associated with owning or renting a property in Turkey, especially if the owner of the property is outside Turkey, so the agent is authorized to conduct matters legally according to a prior agreement between the two parties, and this type of agency is documented in the Notary Department in Turkey.
The most important advantages of a real estate agency:
- Facilitating real estate dealers to quickly complete the sale process without waiting a long time.
- Many steps are shortened for investors wishing to own.
- Save time and effort to search for the right property.
- Benefit from the expertise of the real estate agent.
- Get special rates from construction companies that deal with real estate agents.
- Obtaining legal and real estate advice.
- Getting rid of the Turkish language barrier if the buyer is not fluent in speaking the Turkish language.
- Take advantage of the sales and after-sales services provided by real estate agents in Turkey.
Things to pay attention to when carrying out real estate agency procedures:
- If the agent does not register the property or delays in registering the property in his name, he may face the problem of issuing court rulings on the validity and enforcement of the property sale contract to another buyer.
- If there is a seizure claim on the property of forced sale, it entails the transfer of ownership of the property in the auction.
- Not mentioning the price of the value of the property, and not mentioning what indicates receipt of the amount. These two loopholes leave room for appeal and invalidity, because it is considered an official primary sale contract, and the sale contract must mention the value of the sold property and the method of payment.
- Not registering the real estate agency on the real estate document, and this procedure opens the way for real estate fraud, as the owner can sell and register it to another buyer, whether through the work of another agency or by regular sale, and increases the issues of internal real estate fraud.
Real estate agency fees in Turkey:
- For a real estate agency in Turkey, the percentage of the real estate company or real estate agent’s wages ranges from approximately 4% to 6% of the property price.
- An individual real estate agent may deal with a real estate company and obtain approximately 1% to 2% of the property price.
- As for the fees of the “commission” rental agencies, they are usually equal to the value of one month’s rent taken from the tenant and the same amount from the property owner.
- Real estate agencies vary in the value of their fees according to the agreement between the two parties and according to the tasks assigned to the agent.
How can the necessary procedures be completed?
In order for us to conduct a real estate agency in Turkey for anyone, this requires several papers, namely:
- Principal data: ID or passport copy.
- The text of the agency: It can be brought from the construction company, or from the bank if the agency is bank, or from the notary or notary in the event that it contains other services that are not dependent on the construction company or the bank, such as: delivery of services or leasing service, and resale and purchase.
- The representative’s data: that is, the owner of the agency. A copy of a passport valid for at least 6 months, translated and certified by a notary public, and personal photos with a white background are required.
