So you want to back out of a property purchase contract in Turkey for some reason. Here is what you need to know about backing out of a property contract.
One of the main and most important rights that you have as a buyer in Turkey is the right of cancellation of the contract by consumer or Tuketici Cayma Hakki , which also includes the purchase of real estate.
Under this right, you are allowed to terminate your contract without conditions, up to 14 days after signing the contract.
In this case, the seller is obliged to repay all your payment.
Things you need to know about termination of the contract
If you want to terminate your contract after the 14 days, you are supposed to pay a fine based on the value of the property.
within 3 months : 2% fine
within 3-6 months : 4% fine
within 6-12 months : 6% fine
within 12-24 months : 8% fine
After paying the fine, the rest of your money will be reimbursed.
This rule mostly applies to the projects that are still under construction and you purchase them ahead of time. However, it can still apply to you if its taking you a bit of time to finish the paper work.
Note that in this case the additional costs are borne by the buyer, for example: it is not possible to reimburse the cost of the notary (home office).
You can see the relevant law number or article:
TC Official Gazette
Kanun No. 6502
Maade 43
One of the main and most important rights that you have as a buyer in Turkey is the right of cancellation of the contract by consumer or Tuketici Cayma Hakki , which also includes the purchase of real estate.
Under this right, you are allowed to terminate your contract without conditions, up to 14 days after signing the contract.
In this case, the seller is obliged to repay all your payment.
Things you need to know about termination of the contract
If you want to terminate your contract after the 14 days, you are supposed to pay a fine based on the value of the property.
within 3 months : 2% fine
within 3-6 months : 4% fine
within 6-12 months : 6% fine
within 12-24 months : 8% fine
After paying the fine, the rest of your money will be reimbursed.
This rule mostly applies to the projects that are still under construction and you purchase them ahead of time. However, it can still apply to you if its taking you a bit of time to finish the paper work.
Note that in this case the additional costs are borne by the buyer, for example: it is not possible to reimburse the cost of the notary (home office).
You can see the relevant law number or article:
TC Official Gazette
Kanun No. 6502
Maade 43