THE EYB COUNTRY GUIDES · Turkey
Check what the deposit means, who holds it and which written instructions govern release or refund.
Yacht sale escrow Turkey is a question about the actual deposit arrangement, not a protection created by adding escrow to an invoice. The buyer needs to know what the money represents, who receives it and when the holder can release it. Official contract provisions address deposits, mandate duties and accounting, but this guide has not verified a universal Turkish yacht-escrow scheme or a compulsory deposit percentage. The practical focus is a documented arrangement the parties understand.
The guide separates the legal character of the deposit from business identity and fund-holding instructions. It uses official legislation and commercial-register information, with practical recommendations marked as advice. It does not treat a duty to account as proof of segregated funds, insolvency protection or a guaranteed refund when a purchase condition fails. For anything this guide does not cover, email us at info@europeanyachtbrokers.com for the latest information.
Key facts at a glance
Code of Obligations 6098, Article 177, treats money given on contracting as evidence of the contract rather than withdrawal money.
Official Legislation Portal – Official consolidated Turkish Code of Obligat, updated 4 Feb 2011 ·Article 178 says a withdrawing payer forfeits the payment and a withdrawing recipient returns twice the amount received.
Official Legislation Portal – Official consolidated Turkish Code of Obligat, updated 4 Feb 2011 ·Article 505 requires mandate compliance with express instructions, subject to its stated exception.
Official Legislation Portal – Official consolidated Turkish Code of Obligat, updated 4 Feb 2011 ·Article 35 permits certified copies at cost and a certified statement of whether a matter is registered.
Official Legislation Portal – Official consolidated Commercial Code 6102, updated 14 Feb 2011 ·Article 506 requires personal performance unless authorisation, necessity or permitted custom allows delegation.
Official Legislation Portal – Official consolidated Turkish Code of Obligat, updated 4 Feb 2011 ·Section 1
The Code of Obligations treats money given when a contract is made as evidence of the agreement rather than withdrawal money under its default rule. That distinction matters when the parties use the English word deposit loosely. As practical drafting advice, ask a locally qualified lawyer to state what the payment is intended to do. The sale agreement should identify whether it is part-payment, evidence of commitment or an expressly agreed withdrawal arrangement instead of leaving the holder to guess later.
The same provision says the commitment money is deducted from the main debt unless the contract or local custom provides otherwise. State the treatment of the payment in the closing statement so the buyer can see its relation to the balance. As practical advice, give the fund holder the exact accepted contract and any conditions affecting that amount. A receipt stating only deposit received does not explain all the circumstances in which the parties intend credit, release or repayment.
An expressly agreed withdrawal payment has a different statutory consequence: each party is treated as entitled to withdraw, the withdrawing payer leaves the money, and a withdrawing recipient returns double. This is a legal consequence tied to that form of agreement, not a universal buyer-deposit percentage or an escrow guarantee. Have local advice distinguish it from the parties' intended inspection or approval condition. Keep the refund provisions consistent across the purchase agreement and the holder's separate written instructions.
Broker tip: Have the deposit's purpose and refund conditions reviewed before payment. Give the holder the accepted sale terms and make its release instructions consistent with those terms, including the purchase conditions. A related question is answered in our guide on what goes in a boat sale contract in Turkey.
Signing a boat purchase agreement.
Contract evidence default
Section 2
Where the fund holder acts under a mandate (vekâlet), the Code determines unspecified scope by the nature of the accepted work. Do not leave a yacht deposit holder's instructions implicit. As practical drafting advice, identify the parties whose instructions are required, the accepted sale agreement and the evidence needed for release or refund. State the intended procedure for a disputed instruction. The guide does not invent a statutory yacht-escrow form or decide the legal character of every possible stakeholder arrangement.
The mandate provisions require compliance with express instructions, subject to the statute's stated exceptional situation. Clear written release instructions make that obligation easier to apply to the transaction. As practical advice, ask the buyer, seller and holder to work from the same final version, and record any agreed amendments. Avoid relying on separate verbal descriptions of completion. The papers should identify who checks fulfilment of the purchase conditions and who communicates the accepted direction to the person receiving the funds.
The Code requires the representative to account on request and hand over what was received in connection with the mandate. It also requires interest on delayed delivery of money to the principal. Ask for a receipt and transaction statement identifying the sum received, agreed deductions and remittance. These are practical records for checking performance. The statutory accounting duty does not, by itself, prove that the funds are in a separate account or protected from every claim involving the holder's business.
Broker tip: Require an agreed holder instruction naming the transaction, conditions and authorised decision makers. Keep receipts and statements with the contract, and request the actual evidence for any promised account protection. See also our guide on how to transfer boat ownership in Turkey.
Boat sale contract with a legal stamp.
Holder mandate scope
Buying or selling a boat in Turkey and want a second opinion? Speak to one of our brokers.
Section 3
The Commercial Code permits anyone to inspect commercial-register contents and obtain certified copies at their expense. Use that route to verify the legal business proposed as holder, particularly where a yacht-brand name differs from the contract party. As practical advice, ask for the company record and the signatory's authority before payment. The register evidence addresses identity. It does not certify the holder's yacht-escrow service, the financial condition of the business or the legal protections attached to a particular bank account.
The Code separately permits a certified document stating whether a matter is registered. If the record supplied leaves a relevant company or authority question unresolved, ask the registry for the specific evidence rather than accepting an informal summary. The Code also requires specified business-identification particulars on commercial correspondence. As practical payment checks, compare the written holder agreement, legal entity and account beneficiary. Require an explanation for any difference before relying on account details attached to a broker's email or invoice.
MERSİS, the Ministry's central register system, supports electronic company and commercial-business registration, changes and deletion and stores register information. Use the entity's full legal details to make the check. Keep the result with the holder agreement and payment receipt. Practical care also means verifying the instructions through a trusted communication route agreed by the parties. That recommendation is a payment-control measure; it is not a claim that an official company register validates the banking details or guarantees recovery of funds. No compulsory yacht deposit percentage, universal escrow scheme, mandated segregated account or deposit compensation scheme verified. No standard escrow fee, guaranteed refund timetable or universal bank/notary yacht-escrow product verified. For these, email us at info@europeanyachtbrokers.com for the latest information.
Broker tip: Compare the holder agreement, official business identity and account beneficiary before sending money. Confirm instructions through the agreed trusted contact route and keep the verified details with the payment record. Readers often go on to our guide on what a yacht broker agreement in Turkey should say.
Boat insurance and tax paperwork on a desk.
Public holder inspection
Commercial Code 6102, Article 35, permits public inspection of commercial-register contents.
Source: Official Legislation Portal – Official consolidated Commercial Code 6102, updated 14 Feb 2011Article 35 permits certified copies at cost and a certified statement of whether a matter is registered.
Source: Official Legislation Portal – Official consolidated Commercial Code 6102, updated 14 Feb 2011Commercial Code 6102, Article 39, requires specified business-identification particulars on commercial correspondence and relevant accounting documents.
Source: Official Legislation Portal – Official consolidated Commercial Code 6102, updated 14 Feb 2011The Ministry describes MERSİS as handling electronic business registration, changes, deletion and stored register information.
Source: Ministry of TradeSection 4
The mandate framework requires loyalty and care protecting the principal's legitimate interests. It assesses care against prudent comparable performance. Use those verified duties to ask practical questions about how the holder manages the sale, rather than relying on the word escrow alone. Ask how conflicting directions are recorded, who communicates with the parties and what documents support a proposed release. Have a locally qualified lawyer examine the arrangement where the holder's role or the people entitled to instruct it are unclear.
The framework begins with personal performance and allows delegation in the stated authorised, necessary or customary circumstances. It also makes a representative responsible for an unauthorised substitute's conduct. As practical holding advice, identify whether another company or person can receive or release the deposit, and require its role to be recorded. The buyer and seller should not discover a different fund holder only after payment has been made. Company identity and delegation are connected checks but they are not a substitute for the actual holding terms.
The Code permits unilateral mandate termination but requires compensation for damage caused by ending at an inappropriate time. If a yacht purchase is cancelled, that provision does not alone decide who receives the deposit. The deposit character, sale conditions and holding instructions still require examination. Practical advice is to record the agreed direction or obtain local dispute advice before demanding a release unsupported by the documents. No compulsory yacht deposit, refund timetable, segregation regime or fund compensation scheme is claimed in this guide.
Broker tip: Agree a dispute and cancellation procedure before the deposit is paid. If directions conflict, obtain local advice against the actual sale and holding documents instead of assuming the label escrow determines the outcome. Our guide on whether you pay VAT on a boat in Turkey covers a related point.
Boat keys and documents handed over on a chart table.
Loyal careful handling
Practical support
Peter Mattey is a yacht broker at European Yacht Brokers with a BA in Law. He is not a Turkish lawyer: for Turkish law and tax we refer you to a locally qualified adviser. What we can do is help you plan the transaction, put the right questions to the other side and spot gaps in the paperwork before you commit.
If you are buying or selling a boat in Turkey, tell us about the boat and the area through the enquiry form on this page and a broker will reply. For anything this guide does not cover, email us at info@europeanyachtbrokers.com for the latest information.
The handover of a boat at the dock.
Your questions
No automatic refund rule for every yacht deposit was established here. The Code distinguishes commitment money from an expressly agreed withdrawal payment, and the sale conditions and holder instructions need examination. Have the deposit's purpose and intended refund events stated before payment, then give the holder the same accepted documents rather than expecting a receipt alone to settle cancellation rights. [Official Legislation Portal]
No protected-account conclusion follows from that label in the sources used. The mandate accounting duty requires records and delivery of receipts, but it does not establish account segregation, insolvency protection or a universal yacht-fund scheme. Request the actual holder agreement and evidence behind any protection promise before paying, with local advice where the arrangement remains unclear. [Official Legislation Portal]
The Code says the payer who withdraws leaves the payment, while the recipient who withdraws returns twice the amount, where withdrawal money is expressly agreed. That is different from the default treatment of commitment money. Have a locally qualified lawyer confirm which arrangement the yacht sale actually uses, especially where an inspection condition and refund clause are also included. [Official Legislation Portal]
Ask for the holder's full legal identity and use official commercial-register evidence. The Code permits public inspection and certified records; MERSİS stores business-register information. Compare the entity with the holding agreement and account beneficiary before payment, while recognising that a company identity check does not itself validate bank details or certify a protected yacht-escrow service. [Official Legislation Portal; Ministry of Trade]
Yes, where the mandate framework applies, the Code requires an account on request and delivery of what was received in connection with the work. Ask for a receipt and transaction statement showing agreed deductions and remittances, and keep them with the sale agreement. Those records assist performance checks but do not establish a separate deposit-insurance or compensation scheme. [Official Legislation Portal]
This guide only includes facts checked against official sources. For anything it does not cover, email us at info@europeanyachtbrokers.com for the latest information, and ask a locally qualified adviser to confirm the position for your own boat.
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Official consolidated Turkish Code of Obligations, Law 6098; brokerage, mandate, sale and deposit provisions.
Official consolidated Commercial Code 6102: ship transfer formalities and public commercial-register checks.
MERSİS central register functions and company identification.
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