Commission Rates in Türkiye
In Turkey, like in other countries, there are laws for real estate transactions. All buyers, sellers and real estate consultants are required to follow these laws. One of the most important laws in this regard is related to the real estate commission, the payment of which is considered an essential part of real estate transactions. In order to familiarize you with the legal rate of real estate commission in Turkey, we decided to dedicate this article to examining this issue. By reading this text, you can gain a complete understanding of this issue and conduct real estate transactions in a better way.
What does the legal real estate commission rate mean in Türkiye?
When you intend to sell or buy an apartment in Istanbul or even rent it, the presence of an expert is necessary. Real estate agencies provide you with the opportunity to conclude a contract with a relaxed mind and a more open mind. If you intend to change the ownership of a property, you will also need the presence of these people. For carrying out these processes, real estate experts receive a commission, which is actually the salary for their efforts. This amount is called the legal real estate commission rate in Türkiye.
Why do we have to pay real estate commission in Türkiye?
In Turkey, the real estate system is very extensive and detailed, and there is complete supervision over it. In this regard, many laws have been enacted to protect the rights of buyers, sellers, and real estate consultants. Real estate consultants in this country make the process of buying and selling property easier for us with their expertise and experience in this field. In a way, it can be said that these consultants play the role of intermediaries and strive to achieve the satisfaction of the parties and create a profitable deal. Obviously, they charge a commission for providing these services. Real estate laws in Turkey also support these consultants and consider this amount as a reward for their efforts.
What exactly is the legal rate of real estate commission in Türkiye?
There is no fixed figure for the legal rate of real estate commission in Turkey because various factors such as the type of transaction and the condition of the property affect it. This makes it impossible to state an exact rate for this commission. In general, the legal rate of real estate commission in Turkey is equivalent to 4% of the added value. This 4% is also generally divided between the buyer and the seller. Be sure to pay attention when signing the contract that no more than 4% is charged to you and your counterparty.
Commission percentage for buying second-hand property in Türkiye
One of the questions many investors have is how the commission percentage is calculated for buying second-hand property in Turkey? In response to this question, we must say that for this type of transaction, the seller and buyer should consider about 3% of the total cost of the house for the commission. The case we mentioned does not include costs such as the translator of the Tapu office and the document transfer process. In fact, for the overall calculation, you should add that 3% to these additional costs.
Is it necessary to pay a commission to terminate a real estate contract in Türkiye?
If the buyer and seller mutually decide to terminate the contract, the real estate agent can collect a commission. The person who has to pay this amount is the person terminating the contract. This commission is paid to compensate for some of the real estate agent’s time and effort. Real estate agents work hard to close a deal, and it makes sense that anyone who wants to terminate the contract should pay them a fee to compensate them for this effort.
Real Estate Commission Law in Türkiye
According to the laws of this country, the real estate commission rate excluding VAT should not exceed 4% of the sales price in the contract. In leasing transactions, this amount should not exceed the monthly rent amount excluding VAT specified in the contract. This amount should also be divided equally between the buyer and the seller. There is an exception in this regard only when the parties to the contract have agreed on this issue. Real estate consultants also do not have the right to charge a fee from the parties just for showing a property. If you have any questions about the lease agreement in Turkey, you can refer to the relevant article.
Are real estate commission rates different in different cities in Türkiye?
No. According to the law, in different cities in Türkiye, the commission rate of 4% is divided between the buyer and the seller.
What happens if the legal real estate commission rate is not paid in Türkiye?
According to Turkish law, the commission must be paid to real estate agents. In fact, this amount is considered a kind of debt for the seller and the buyer. If you do not pay the legal rate of real estate commission in Turkey, real estate agents can file a complaint in court. In fact, failure to pay this commission can cause you legal problems. If the agents can prove their claim, you may be subject to heavy fines. Therefore, we recommend that if you intend to conclude real estate contracts in this country, you must pay the real estate agent commission so that you do not face any problems.
Final words
If you intend to buy, sell or rent property in Turkey, you need to have comprehensive information about the real estate commission in this country. In this article, we have provided you with information about the legal rate of the real estate commission in Turkey and the issues surrounding it. By considering these matters, you can perform better and smarter in this field. If you intend to conclude real estate contracts in this country, you must set aside an amount as a commission. If you need advice in the field of buying property in Turkey, you can contact our experienced experts through the numbers available on the site.
Frequently Asked Questions
- What is the commission percentage for buying residential projects in Turkey?
Residential projects in this country are generally managed and built by construction companies, which also do not receive commission from buyers. - How much is the property exchange commission in Turkey?
The property exchange commission in Turkey is approximately 2% of the property price, which both parties are required to pay. - Is the commission for renting a house in Turkey higher or buying a house?
The commission for renting a house in this country is calculated as 12% of the annual rent for foreigners, and for Turks it is equal to one month’s rent, which is paid by the landlord to the property.