New regulation for housing sales: Payment and authorization rules changed

With the regulation amendment published in the Official Gazette, comprehensive updates have been made to existing practices regarding real estate trade. The regulation includes both securing payment processes and establishing clearer rules for transactions related to authorization certificates.

SCOPE EXPANDED, NEW SYSTEM DEFINED

The scope of the existing legislation has been expanded with the "Regulation on Amending the Regulation on Real Estate Trade." Procedures and principles regarding the establishment, operation, and use of the payment system to be used in real estate sales have been added to the purpose clause of the regulation.

NEW PROCEDURE FOR AUTHORIZATION CERTIFICATES

Processes regarding authorization certificates have been detailed with the amendment. Accordingly, the certificate will be amended for changes other than trade name or business name; the certificate will be renewed in case of title or name changes. Applications must be made within 10 days following the changes, and provincial directorates will finalize the applications within 10 days.

In case of a change in business address or title, authorization certificates belonging to contracted businesses will be automatically updated within 10 days without the need for a separate application.

PAYMENT SYSTEM FOR SALES TRANSACTIONS COMES INTO EFFECT

With the article added to the regulation, a new payment system will be applied in real estate sales. Accordingly, if the entire or a portion of the sales price is paid in cash, via wire transfer, or EFT, transactions will be carried out through a system that ensures the transfer of ownership and payment occur simultaneously.

For loans used through banks or finance companies, this system will be used for payments other than the loan amount. The service fee to be charged within the scope of the system will be deducted from the amount to be transferred to the seller.

MINISTRIES TO ESTABLISH A JOINT COMMISSION

Within the scope of the regulation, a commission consisting of representatives from the Ministry of Trade and the Ministry of Environment, Urbanization and Climate Change will be established to monitor the operation of the payment system. The scope, exceptions, and pricing details of the system will be determined by the Ministry.

TRANSITION SCHEDULE SET FOR IMPLEMENTATION

According to the provisional article, the use of the payment system will not be mandatory for real estate sales carried out until July 1, 2026. The Ministry of Trade may extend this period for up to three months.

While the regulation enters into force on the date of its publication, its provisions will be executed by the Minister of Trade.

News Source: 12punto