In appropriate sections of the European laws concerning Civil Rights, the broker is described as a person who is responsible for creating and signing a contract ordered by his principal and, in return, is paid. In these circumstances, contracts with brokers can be obligatory for one side only.
Basic laws and duties
The main idea of a contract with a broker is that the client is required to pay in the case of a successful outcome of the stated aim. There is no requirement on the broker resulting from this. Because of the always changing rules and regulations regarding the signatories of a broker's contract, there have been several specialised contracts developed which can be used in different situations, depending on the business.
Broker for mediation
The job of a broker for mediation is to try to find a solution between one party offering a service and the party interested in that service. By law the broker is forced to serve the interests of both parties as a neutral person. If there is something wrong, or there are any mistakes in the subject at issue, and the broker does not explain fairly to both parties, he can be made responsible for any outcome. The broker also has to check the financial standing of the buyer.
By law the broker is seen as someone with responsibilities in a purchasing situation. One example of this type of broker is a Real Estate broker.
The money a broker will get is called commission or courtage. In the real estate business, the commission is about 5 - 6 % plus additional taxes. If the contract concerns a flat for renting for instance, the commission is fixed at twice the monthly rent. The commission needs to be paid when the contract for selling or renting out is signed. That means that if there is no signed contract, there is no money payable to the broker, so he is working at his own risk up to that point.
The difference - being a broker in Turkey
The role of an official broker is still fairly new in Turkey, especially along the coastline of the tourist areas. Even a quiet interest shown in a property or a villa can cause an avalanche of help and support. Everybody is suddenly a real estate broker! Every salesman in the bazaar or jewellery shop is a specialist on flats and villas! Everywhere people try to get the commission from a client buying a flat, mostly at cost to you as the client. Please keep in mind, in these circumstances you have no comeback if you decide to use such people if they do not fulfil their promises.
The following sentence should always be in your mind:
You would never buy a villa or a flat from a restaurant worker in Europe. Why do it here?
Even though the role of a broker is not really known as yet, there are still certain laws and regulations which are obligatory for everybody in the real estate business.
Please look carefully for the following:
Vergi Levhası: The firm must be registered by the tax office (and the certificate of registration must be shown in the company's office)
Emlak Kurs Belgesi: Permission for selling real estate (must be shown in the company office)
The company office should be fully equipped with telephone, fax machine, computers and internet access.