INTRODUCTION
According to the decision taken by the Council of Ministers on 23rd of January 2017, a number of changes have been made on the withdrawal right of consumers on prepaid real estate agreements. This decision and the amendments made were published and came into force in the Official Gazette on 23rd of January, 2017.
1. THIS AMENDMEND OF THE COUNCIL OF MINISTERS INCLUDES ALL THE REAL ESTATE AGREEMENTS?
This amendment includes only prepaid real estate sales agreements
2. UNTIL WHEN CONSUMERS CAN USE THE RIGHT OF WITHDRAW IN THE PREPAID REAL ESTATE SALES AGREEMENT?
Consumers can withdraw the prepaid real estate sales agreement in 24 months from the signiture date of the agreement. (This period was 36 months before the change.)
3. CAN CONSUMER WITHDRAW THE PREPAID REAL ESTATE SALES AGREEMENT WITHOUT PAYING ANY AMOUNT?
If consumer withdraws the prepaid real estate sales agreement, seller may reimburse taxes, fees and other relevant legal costs arising from the sale of the real estate or preliminary sales agreement
4. DOES SELLER HAVE RIGHT TO DEMAND COMPENSATION FOR IT’S OTHER DAMAGES?
Before the amendment, Seller may demand maximum 2 % of sale price as a penalty.
With this amendment, Seller may demand;
– Up to 2 % of the sale price as a penalty in case of withdrawal of agreement has been made in 3 months from the date of signature date,
– Up to 4 % of the sale price as a penalty in case of withdrawal of agreement has been made in 3 to 6 months from the date of signature date,
– Up to 6 % of the sale price as a penalty in case of withdrawal of agreement has been made in 6 to 12 months from the date of signature date,
– Up to 8 % of the sales price as a penalty in case of withdraw of agreement has been made in 12 to 24 months from the date of signature date.