Grand Bazaar Ala Turk > Membership > Home Ownership

Home Ownership

  • You must be a Grand Bazaar Club member in good standing.
  • Residential Property, chosen to be your next home must be a single-family house, free standing on a city lot, brand new <never occupied previously>, not older than 2 years with builders’ warranty intact.
  • You must be prepared to pay;
  • 20% of the agreed purchase price including applicable taxes for homes less than CA$/US$/€ One Million,
  • 15% of the agreed purchase price including applicable taxes for homes more than CA$/US$/€ One Million.
  • You must be prepared to pay processing fees**, the legal fees and the closing costs incurred by Grand Bazaar.
  • Grand Bazaar shall acquire the property, keep the title for you, and deliver same after 30 years, free and clear from all encumbrances provided that you pay;
  • Annual property taxes accessed and billed by the jurisdiction,
  • Home ownership, fire and liability insurance premiums,
  • Monthly maintenance and up keep fees and gated community association fees if and where applicable,
  • Your own utilities.
  • You have to live in the house. You are the entitlement holder.
  • Property cannot be rented/leased, commercially or otherwise used by 3rd
  • You cannot default on your payment obligations listed above. Default means you forfeit all your rights under the Grand Bazaar Home ownership program.
  • Provided that all conditions cited above are met, the clear title shall be registered in your name with no further cost to you.
  • There are no other monthly obligations or payments to be made on the principal purchase price and no interest accrues. You don’t have to qualify for credit.
  • Upon your demise your legal and/or willed heir shall inherit your rights under this home ownership program.
  • Grand Bazaar reserves the right to start and/or discontinue this program anytime by giving 30days’ notice to the Club members.
  • Grand Bazaar must accumulate at least 100 bona fide subscribers to this plan before the program is viable and can officially start.
  • Amounts received during this period shall be held in trust by the Law Firm involved, doing the legal work and the members are fully entitled for a refund if the program is discontinued due to non participation.
  • At the time of possession of the property by the member(s), the funds held in the trust account shall be conveyed to Grand Bazaar as security and shall be held in a sunken fund for the ensuing 30-year period.
  • At any given time, you can buy your house by paying the original purchase price.

*Applicable Conditions

**1% of the purchase price