7.Will a contract need to be prepared?
A SALES CONTRACT is not a compulsory requirement as the signed declaration between buyer and seller at the TAPU land registry office is enough to process the transfer of ownership and the sale to be completed. However, having a sales contract will assist and protect a buyer in the event of any disagreement that may arise during the sales process.
Many details can be included in a sales contract some of which are as follows:
• The full details of the land or property in question including address and TAPU details• The current condition of the property and any agreed improvements to be made by the seller• The details of the agent that has been appointed by the purchaser• The price agreed by both parties to be paid to the seller for the land or property• The seller’s full details including the bank account they will be using for the funds to be transferred to• The full terms and conditions of the payment plan including deposits and agreed future payment schedules• It should be stated that both parties are responsible for their own tax liabilities such as sales tax• The fees and commissions payable to any agents, solicitors or accountants and on which dates• How and when any outstanding debts to the property will be paid before the transfer is completed• The agreed terms covering current tenants residing in the property• The conditions of sale including how and when any deposited funds will be refunded if contract is breached• Terms of cancellation including repayment of any deposited funds or an agreed financial penalty clause• ID numbers of any Turkish nationals signing the contract• Full details and registration number of any property company used
After full agreement and discussion of the details, a SALES CONTRACT should be translated and legally notarised to ensure the following:
• The contract is in accordance with Turkish law and accepted in the whole of Turkey• The contract was signed by the proper parties with their genuine signatures• The contracts terms and conditions are obligatory for each party