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Buying house and commission and loan

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Hi,

Is there any chance that we can buy property and have load from a bank in Turkey with the deed in the debt of bank? I meant the deed (tapu) will be kept by the bank until we pay our debts. Is it possible?

Also, what is the exact commission for buying a house in Istanbul? buyer and seller should pay it

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Hi, 

15 hours ago, Star said:

Is there any chance that we can buy property and have load from a bank in Turkey with the deed in the debt of bank? I meant the deed (tapu) will be kept by the bank until we pay our debts. Is it possible?

Yes that is very common way of buying a property not only in Turkey but also almost all other Western Countries. Also, called, mortgage loan. However, for a Non-Turkish person who does not have any financial credit score in Turkey, that is very unlikely that loan application is to be accepted by a Turkish bank. Sometimes, you could prove your good credit score to a Turkish bank, through your local bank in your home country which has a partnership agreement with Turkish bank in terms of securities.

15 hours ago, Star said:

Also, what is the exact commission for buying a house in Istanbul? buyer and seller should pay it

Should you refer to commission for real estate brokers, it mostly depends on your negotiation but if standart rate applies it is %2 for buyer and %2 for seller. Should you asked about the property transfer tax, same rate applies as %2 for buyer %2 and %2 for seller. As the latter is a state tax, it is not negotiable.  

(%2 means, %2 of the official purchase price.)  

 

  

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It's because banks are in the money loaning business, not the debt collection business. If a borrower doesn't repay the loan, they have to take various legal actions, get the property, and sell it on the market, often at a loss of money. So the banks want to make sure the borrower has a good record of paying their debts.

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Exactly. Banks have no interest to confiscate their customers properties. They exercise that right as a last resort when you fail to repay. 

Buying/selling property is not the type of business which the banks prefer to engage. It is a risk for a bank if they couldn't manage to convert property into cash on time.  

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