When you enter into a new-build purchase agreement in Turkey, you typically pay a reservation deposit and sign a sales contract with a fixed completion deadline. If you cannot complete your purchase—whether due to financing shortfalls, permitting delays, or personal circumstances—the developer may charge default interest, rescind the contract, and retain your deposit (commonly up to 10% of the purchase price) as liquidated damages.
“Failing to complete your purchase within the agreed deadline can result in loss of your deposit and legal action by the developer.”
If you foresee difficulty meeting the completion deadline, it is essential to notify the developer immediately. You can often negotiate an extension, agree a revised payment schedule, or seek the developer’s consent to assign your contract to another buyer. In some cases, lenders may adjust mortgage terms or provide bridge financing to help you close.
Should the developer wrongfully declare the contract terminated, you have remedies under Article 112 of the Turkish Code of Obligations to challenge the rescission and recover your deposit. Our team at Yakamoz Law Firm assists with extension agreements, defending against unlawful terminations, and pursuing claims for return of funds or specific performance to secure your new home.