Payments must be made via bank. Cash payments are not accepted. The money has to credited to the seller's bank account. More than one payment can be made. Payments may be made in any currency which equals 250.000 USD. It may also be mixed as well. E.g; some of payments could be made in TL, some in USD. Money can be sent to the seller's account in two ways.
The first way is the transfer from the investor’s or his/her attorney’s bank account to the seller’s bank account. The point to consider here is that the investor's account has to be individual. Joint or company accounts are not accepted. Transfers can be made from the investor's account in the third country or from his/her account in Turkey.
The second way is that the investor or his/her attorney can deposit directly into the seller's account in the branch of the seller's bank.
The point to consider is that if the attorney makes the payment, this attorney has to be authorized by the buyer to "pay the sell prices of the real estates on behalf of the buyer" in Power of Attorney.
- Calculation of 250,000 USD
In this calculation, all 3 different values has to be over 250,000 USD. Those values are as follows.
- In Terms of Payments
Payments made by the buyer to the seller via bank have to be over 250,000 USD. Here we can calculate it in 3 different ways are depending on the currency of the payment.
- USD payment: no need to do any calculations in this type of payments because we only add payments which are made in USD currency.
E.g. On the calculation of the 150,000 USD you made on 25.05.2019 and the 100,000 USD you made on 05.01.2020, we will reach that your total payments to 250,000 USD.
- TL payment: In TL payments, it is calculated by dividing the USD/TL banknote selling rate of the previous working day in the list published by the Central Bank of Turkish Republic every day. You can find the relevant rates on the website below.
E.g; The calculation of payment of 1.250.000 TL made on 05.05.2021 and payment of 750.000 TL made on 20.04.2020 will be made as follows.
Payment of 1.250.000 TL will be divided into 8.3366 TL, which is the banknote selling rate of 04.05.2021, which is the previous working day of 05.05.2021.
Payment of 750.000 TL will divided into 6.9359 TL, which is the banknote selling rate of 17.04.2020, which is the previous working day of 20.04.2020.
Accordingly, we will get 1.250.000 TL / 8.3366 = 149.941.20 USD and 750,000 TL / 6.9359 = 108.133.04 USD. When we add these two amounts, it will be 258.074.24 USD.
- Payments in other currencies (Euro, AED, GBP etc.): In these types of payments, we will reach the 250.000 USD by considering at the Relevant Currency-USD cross rate of the previous working day on the same website.
E.g; The calculation of payment of 190,000 Euros made on 16.03.2018 and payment of 30.000 GBP on 13.07.2020 will be calculated as follows:
Payment of 190.000 Euros will be multipled by 1.2362 which is the Euro-USD cross rate of the previous working day.
Payment of 30,000 GBP will be multipled by 1.2598 which is the GBP-USD cross rate of the previous working day.
Accordingly, the results would be 190,000 x 1,2362 = 234,878 USD and 30,000 GBP x 1,2598 = 37,794 USD. When we add these two amounts, it will be 272,672 USD.
Money transfer may take several days, especially if payments come from abroad. In this case, according to which day will we calculate? Transaction date or the date the seller got the money in his/her account? Turkish Government considers the date of the transaction (CBTR banknote selling rate of the previous working day of the date of the transaction)
- In Terms of Evaluation Report
The valuation report has to also exceed 250,000 USD. Real estates are evaluated in TL. As in the title 5.a.ii, the banknote selling rate of the CBTR on the previous working day of the report date will be taken to calculate the USD equivalent of the report price.
E.g; the real estate you purchased was evaluated as 1.750.000 TL on 01.06.2020.
1.750.000 TL will be divided into 6.8363, which is the CBTR's banknote selling rate of the previous working day. We will find 1.750.000 TL / 6.8363 = 255.986.43 USD.
Additionally , if there is more than one real estate, each valuation report will be calculated separately and the all values will be added.
E.g; Let's say you purchased two real estates. 1.100.000 TL has been evaluated for the first one on 02.02.2021 and 1,000,000 TL has been evaluated for the second one on 28.04.2021.
The first report of 1.100.000 TL will be divided into 7.2423 TL, which is the banknote selling rate of 01.02.2021, which is the previous working day.
The second report of 1,000,000 TL will be divided into 8.2582 TL, which is the banknote selling rate of 27.04.2020, which is the previous working day.
Accordingly, we will get 1.100.000 TL / 7.2423 = 151.885.45 USD and 1.000.000 TL / 8.2582 = 121,091.76 USD. When we add these two amounts, it will be 272,977.21 USD.
We would like to highlight that we mentioned in Title 3. We see two values “legal value” and “current value” in evaluation report(s) of under construction real estate(s). We will calculate it according to the legal value.
c- In Terms of Sell Price of Title Deed
This amount, like the valuation report, is in TL. It has to be over 250,000 USD. There are two methods for calculating the USD amount. If the first of these reaches 250,000 USD, there is no need to look at the second method. However, if the first method does not reach $250,000, we will look at the second method and reach to $250,000 there.
- The date of application to the Title Deed Office: the application to the title deed is the value determined by dividing the previous working day by the CBTR's banknote selling rate as mentioned in title 5.a.ii. The point we want to underline is not the date signed, but the previous working day of the date the seller applied to the Title Deed Office. As it may take a few days for the Title Deed Office to examine the documents and call the parties. In the meantime, it is aimed not to cause a loss for the rights of the parties in the face of a sudden increase in the exchange rate.
E.g; you purchased a real estate for 2,000,000 TL and the seller applied to the Title Deed Office on 24.03.2020.
2,000,000 TL will be divided into 7.8340, which is the CBTR's banknote selling rate of 23.03.2020 which is the previous working day.
Accordingly, we will reach the amount of 2,000,000 TL / 7,8340 = 255,297,42 USD. So no need to check the second method. Your sell price is over 250.000 USD.
But, let's say the seller applied on 31.03.2021. Accordingly, 2,000,000 TL will divided into 8.3535, which is the CBTR's banknote selling rate of 30.03.2020 which is the previous working day.
Accordingly, we will reach 2,000,000 TL / 8,3535 = 239,420,602 USD, it will be understood that we could not reach 250.000 USD. In this case, the second method will come into play.
- Calculation of the title deed sell price according to the payment date: This is one of the best solutions for delayed applications.
But what will happen if the sale price in the title deed does not reach 250,000 USD with the fluctuation in USD rate on the date of deed transfer, even though you paid 250,000 USD when you made an agreement with the construction company?
Let us continue our example in 5.c.i, you agreed with the seller for 2,000,000 TL and made the payment on 17.03.2021, but the title deed transfer process was started on 31.03.2021. As seen in the example above, when you calculate 2,000,000 TL according to the CBTR's banknote selling rate of the previous working day of 31.03.2021, you will see that it is 239,420,602 USD. However you paid to the seller on 17.03.2021 and when you calculate from the CBTR's banknote selling rate of previous working day which is 7.5289, you paid 265,664.22 USD.
In this case, the calculation will be made according to whether the payment you make to the seller is a single payment or several payments.
- In case of a single payment: Accordingly, if you make a single payment to the seller, we will calculate the sale price of title deed by dividing it into the CBTR's banknote selling rate of the previous working day of the payment. If we continue with the example above, the sale price of the title deed will be 265,664.22 USD.
- In case of multiple payments: Since several payments are made here, we do not calculate at the sale price of the title deed since it is not clear from which payment date the title deed sale price will be calculated. The point to be considered here is that the sale price of the title deed should not be lower than the payments.
E.g; Let's say you made 2 payments in total. We will also find the TL equivalents of these payments. We do not look at the provision in TL payments. Because the payments have already been made in TL. However, in the foreign currency payment, we will take the CBTR's banknote selling rate as the basis for the previous working day when the payment was made.
For example; you paid 108,000 USD on 03.03.2021 and 1.100.000 TL on 10.03.2021. Accordingly, in calculating the TL equivalent of 108,000 USD, we will multiply the CBTR banknote selling rate of 7,6655 on the previous working day of 03.03.2021, which is 02.03.2021. Let's say you made a payment of 108,000 USD x 7,6655 TL = 827,874 TL and 1,927,874 TL, which is the sum of 1,100,000 TL. Accordingly, your title deed sell price should be a minimum of 1.927.874 TL. Since the sale price of the title deed is 2,000,000 TL, it will be understood that you meet the conditions in terms of the sale price of the title deed.
This is how the calculation of 250,000 USD is made. All three values here (payments, valuation report price, title deed sell price) must be more than 250,000 USD. It is not required to be the same. E.g; payments may be 255,000 USD, valuation report 260,000 USD and title deed sale price 253,000 USD.