New era in housing sales begins on July 1! It will now be mandatory...

The Secure Payment System, which has been in use for vehicle sales in Turkey for some time, is being expanded to the real estate sector. The mandatory implementation date for the system, which aims to make payment processes secure in home, land, and commercial property sales, has been postponed from May 1, 2026, to July 1, 2026, due to technical preparations.

PAYMENTS WILL BE HELD IN ESCROW AT THE BANK

With the new system, payments in real estate transactions will be made entirely in a digital environment. The amount sent by the buyer to the bank will not be transferred to the seller until the sale transaction is completed and will be held in escrow at the bank. Once the title deed transfer is finalized, the money will automatically be transferred to the seller's account. If the transaction is not completed for any reason, the payment will be returned to the buyer without any deductions.

NEW MEASURE AGAINST FRAUD

The application is expected to reduce the risks of fraud and forgery in the real estate market, where high-value transactions take place. It is also anticipated that unregistered transactions, such as cash payments, will be largely eliminated. The system aims to increase the legal security of both buyers and sellers.

TECHNICAL DETAILS NOT YET FINALIZED

It has not yet been announced which reference numbers the system, which operates via license plate information in vehicle sales, will use for real estate transactions. It was reported that details regarding how the title deed process will proceed with non-cash payment methods have not yet been clarified. These issues are expected to be clarified through a regulation to be published by the Ministry of Trade.

GOAL: A FULLY DIGITAL AND SEAMLESS PROCESS

The new regulation aims to fully digitize sales transactions and ensure that there are no disruptions in the title deed transfer and payment processes. It is stated that the Ministry will share the details regarding the operation of the system with the public in the near future.

News Source: 12punto