Istihale is Turkey’s 1st and Only Property Auction Company.
We are dedicated to providing fast, smooth, convenient and transparent property buying and selling services to clients through our auction system.
Here are some frequently asked questions about our services and process. You should find your answer here. If you don’t find your answer here please feel free to contact one of our team members via call on +90 (212)-803-71-22 or email us at email@example.com.
Why Buy at an Auction ?
1. What are the benefits of buying at an Auction ?
If you are looking to buy a new home, or looking for your next investment, buying through an auction has many benefits.
Here are just a few:
❖ It’s a fast and transparent process.
❖ No continuous & Long-Winded negotiation's with sellers and real estate agents.
❖ It’s straightforward and easy.
❖ You have a greater choice of properties to choose from.
2. What is the buyer’s registration process to join the auction?
All you have to do is fill the entry form and sign it and send it back to us.
3. What is it like buying from an auction with Istihale?
It’s very simple, all you do is:
1. Browse through our list of properties for sale on our website.
2. Register your interest online and we'll get in touch with you, where one of our team will provide you with further information and viewing dates so that you can view the property in person.
3. Thereafter, If you are interested in bidding on any property, you will be required too fill out a registration form and an auction bidding agreement.
You will also have to pay a 5000TL retainer, this is always 100% refundable regardless if you buy the property or not, we request this for identification and security purposes, where a numbered personal bidding paddle is given to you on the day of the auction.
4. On the Auction day, you can start bidding on the property that you are interested in buying, if the reserved price is reached and your the highest bidder you will be taken too the sales contract desk to commence sale proceedings, where you will sign a sales contract and will pay a 5% deposit.
5. Thereafter, you will be required to pay the remaining balance within 14 days to complete the transaction and become the property and title-deed owner.
4. Is there any agreement that I have to sign before participating in the auction ?
There are potentially 3 forms for you to sign:
1. A Property Viewing agreement on the day of viewing any property, where you will be asked to give your name, Passport or National ID Card
2. An Auction Bidding Agreement (which you can find below).
3. A Security and Identification retainer of 5000TL which will be refunded back within 5 days of the day of the auction.
4. A Sales Contract in the event your successful in buying the property on the auction day.
5. Do I have to bring any documents at the auction day ?
Yes, please bring a copy of your National ID Card or Passport.
6. Is there any fee ?
Yes, if you’re bidding on the auction day then you will have to pay a retainer fee of 5000tl. Please note that this fee is 100% refundable and will be returned after the auction.
This fee is collected for security and identification purposes as well as for issuing you a numbered bidding plaque.
7. When do you enter a sales contract?
A sales contract is created immediately at the fall of the hammer/gavel when a property is sold.
The buyers must pay a 5% deposit on the given day of the auction and pay the remaining balance within 14 days.
Our team will assist you through the purchasing process until you receive the title deed.
8. What happens if bidding stops before the reserve price ?
Before attending the auction you sign a bidding contract. This contract has an article that says ‘Istihale has all rights to withdraw the property’. So, if the bidding stops before the reserved price, we’ll have to take permission from the property owner, on whether they want to sell the property at the last bid that was offered.
* Please note that we do Not have the authority to sell any proeprty below the reserved and agreed price.
9. Can anyone come to the auction ?
No, only registered and potential buyers who have signed all agreement's prior to the auction day and have payed the retainer fee.