The Regulation on Real Estate Commerce ("Regulation") based on the Code Regarding the Regulation on Retail Trade was enacted and published in the Official Gazette on 5 June 2018. This Regulation defines real estate commerce and the obligations regarding such activity and regulates in detail the rules and procedures regarding authorization certificates that must be obtained by enterprises engaging in such commerce.
Real Estate Commerce (Brokerage and Management).
All activities of real estate trade, marketing, and leasing brokerage, as well as consulting and management, will fall within the scope of real estate commerce.
Real estate commerce services that take place between a job holder and a business must be in writing. The minimum requirements that must be included in such agreement are detailed in the Regulation.
Real estate commerce activity may only be carried out by merchants, tradesman, and craftsmen who hold an authorization certificate for their business. The conditions and the minimum requirements that must be met for these businesses to obtain an authorization certificate are listed in the Regulation.
Applications for the authorization certificates must be made to the Provincial Directorate of Commerce and will be separately issued for each enterprise. These certificates may not be transferred to other persons and are valid for 5 years.
Enterprises without authorization certificates will not be granted a business license. However this regulation will be implemented 3 months after the enforcement date of the Regulation.
Enterprises currently engaged in real estate trading that have income or corporation tax registration and are registered in a trade association needs to obtain an authorization certificate within 18 months of the effective date of the Regulation.
Professional Competence Certificate
The Regulation also introduces some qualification requirements regarding the personnel who will work in such enterprises. Accordingly, the people employed as marketing and sales personnel in these enterprises must have a professional competence certificate based on the national qualifications of the responsible real estate consultant (Level 5) or real estate consultant (Level 4).
Real Estate Demonstration Certificate
When real estate that will be sold or leased through intermediation is shown to the buyer or the tenant, the real estate demonstration certificates must be issued separately for each piece of real estate.
Those who are engaged in trade can receive a maximum of 4% of the sales price, excluding VAT, as a service fee. This price will be paid equally between the buyer and seller. For rental services, the service fee can be charged up to the amount of one month's rent.
In accordance with the provisions of the Code Regarding the Regulation on Retail Trade, administrative fines that can range between TRY 2,000 and TRY 30,000 will be imposed on those acting against the Regulation, those not submitting commercial books, documents, and other records or not submitting information about them, and those who prevent the auditing personnel from performing their duties. In case of recurrence, administrative fines will be increased.