The deposit is an amount that is given as proof that the terms are understood and the agreement is made. The buyer, after agreeing with the seller on what will be bought, for how much it will be bought and under which conditions the sales will take place, pays a certain amount in order to prove their serious approach to transaction and to gain time to proceed with purchase based on agreed conditions and price by stopping the marketing activities related to property, which is the subject of transaction. The final amount of purchase will be reduced by the sum of the deposit. In Turkey, the amount of deposit generally does not exceed 2% of the sales price of the property.
Following the payment of a deposit, generally in Turkey buyer should fulfil their responsibilities within one week. However, if this timeframe is not enough for the buyer, agreement on this topic should be made before the payment of the deposit. Deposit should not be paid to the realtor or broker but directly to the owner of real estate. Otherwise, even if the transaction would not be finalized, a realtor may claim rights to keep the deposit as a service fee.
It is in favour of both parties if the conditions of agreement, including sales price and property information as well as period of reservation agreement, are approved as written by buyer and seller during the payment of the deposit.
However, if the payment of the deposit can be documented and the sales agreement has not been signed by both parties within officially agreed period of time, the deposit should be returned to the buyer if requested. In such case, written approval mentioned before should not be required.ENQUIRE NOW