New era in housing sales begins today: Penalties for non-compliance

The "verified listing" regulation, which the Ministry of Trade will implement on listing platforms to protect consumer rights, prevent price manipulations that citizens face due to fake listings, and prevent informality in real estate trade, begins today (September 15).

Within the scope of the regulation, the Electronic Listing Verification System (EİDS), established by the Ministry, will be launched on this date and will be mandatorily applied in real estate trade starting from the new year.

Thus, real estate listings on platforms can be posted by the property owner, their first and second-degree relatives, or their spouse, or can be presented by a real estate business authorized by the property owner.

With the system, the property owner will authorize the real estate business through the screen created on e-Devlet, and will be able to complete the process by specifying the property subject to the listing, the real estate business they wish to authorize, and the duration of the authorization.

"OBLIGATION FOR BROKERAGE CONTRACTS FOR BUYING, SELLING, AND RENTING CONTINUES"

Minister of Trade Ömer Bolat made an assessment days before the regulation came into effect. Bolat also stated the following regarding the issues that both citizens and real estate businesses should pay attention to:

"The listing authorization to be given via EİDS will not replace the contracts and other documents that real estate businesses are required to prepare according to the regulation. The obligation for businesses to prepare documents such as authorization contracts, property viewing documents, and brokerage contracts for buying, selling, and renting continues. On the other hand, with the launch of the system, listings cannot be entered by real estate businesses that do not have the real estate trade authorization certificate, which must be obtained from our Ministry to conduct real estate business. For this reason, I would like to importantly remind our real estate businesses that are currently operating without an authorization certificate to obtain their authorization certificate immediately so that they do not experience any grievances."

20 THOUSAND REAL ESTATE AGENTS APPLIED FOR AUTHORIZATION CERTIFICATES

Hacı Ali Taylan, President of the Turkish Real Estate Consultants Federation, announced that real estate agents have completed the necessary preparations for the verified listing regulation, which will be implemented on September 15 (today).

Taylan made an assessment regarding the "verified listing" regulation in housing to an AA reporter.

Stating that they support the practice as sector representatives, Taylan expressed that the electronic listing verification system will start to be applied on September 15, but the regulation will not be mandatory until January 1, 2025.

Pointing out that they have carried out the necessary work as real estate agents, Taylan said, "Our chambers, committees, and teams affiliated with the Ministry of Trade across Turkey have informed both consumers and our tradespeople about the process with the necessary explanations and public service announcements. Therefore, our real estate offices have sufficient information about the subject and are ready to implement the regulation."

Drawing attention to the fact that deficiencies in the regulation will be identified until January 1, 2025, Taylan said that during this process, the aspects that consumers and tradespeople find technically difficult will be examined by the Ministry. Taylan stated that in the new year, the deficiencies that may arise in the verified listing practice will be resolved, and the regulation will be made fully mandatory.

Stating that real estate websites have also carried out the necessary infrastructure work, Taylan said:

"The sites have done their infrastructure work. Some real estate listing portals think that this regulation will lead to customer loss, but everyone has to implement this regulation. The Ministry will have very serious sanctions. According to the information I received, all real estate portals have prepared their infrastructure."

Reminding that with the regulation, real estate agents without an authorization certificate will not be able to post listings through real estate portals, Taylan noted the following:

"We currently have 70 thousand real estate agents who have received an authorization certificate from the Ministry, and 20 thousand real estate offices have applied to receive an authorization certificate. Therefore, our expectation is that the number of real estate agents who have received an authorization certificate will reach 90 thousand by the end of the year. When we look at the participation in training and applications recently, we see that this business has accelerated a lot. Our real estate agents are striving to obtain authorization certificates quickly."

PRACTICE WILL BE FULLY LAUNCHED ON JANUARY 1

Emphasizing that the period of September 15 - December 31, 2024, is foreseen as a transition process in the EİDS authorization verification practice, Bolat used the expression, "In this process, it will be possible to post listings without verification, but there will be a logo on verified listings indicating that they are verified from EİDS."

Drawing attention to the fact that the practice will be fully launched as of January 1, 2025, in such a way that no listings can be posted without authorization verification, Bolat noted the following:

"We evaluate that the launch of the system in question will prevent fake and deceptive listings on listing platforms and the speculative price increases caused by these listings, prevent unauthorized and informal real estate activities, and contribute to the reduction of consumer grievances and the establishment of a fair, competitive, and stable market structure in the sector."