New steps coming for EİDS: Attention those buying and selling homes! That practice may be postponed

A new regulation is being prepared to prevent fake and unauthorized publications in real estate listings. The Ministry of Trade plans to expand the Electronic Listing Verification System (EİDS) to more strictly monitor the listing publication processes.

According to the model being worked on, it will no longer be sufficient to merely grant authorization to a real estate business via e-Devlet to post a property listing online. It is envisioned that the authorization contract signed between the property owner and the real estate business must also be added to the electronic system.

AUTHORIZATION CONTRACT WILL ALSO BE ADDED TO THE SYSTEM

If the new practice is implemented, the property owner will grant permission to the real estate business to publish a listing via e-Devlet; furthermore, the authorization contract signed between the parties will be integrated into the system. In the event that the contract is canceled, the goal is for the listing published based on this contract to be automatically removed from publication.

With this step, the Ministry aims to prevent properties for which marketing authorization has expired or has never been granted from remaining as listings on websites. The regulation is also expected to contribute to the fight against speculative price increases and unregistered real estate brokerage.

SINGLE-REALTOR PRACTICE IS COMING

Another change within the scope of the preparations will concern the authorization of multiple realtors for the same property. In the current practice, a property owner can authorize more than one real estate business at the same time. In the new model, it is planned to remove this possibility and conduct the listing authorization through a single realtor during the sales process.

NEW VERIFICATION FOR FOREIGN OWNERS

Regulations regarding issues concerning foreign property owners in EİDS are also on the agenda. In the current system, different methods can be used for properties belonging to some foreign owners and for properties that do not have a record in the land registry. Following reports from industry representatives that these exceptions could be used to bypass authorization verification, a new verification mechanism is being prepared for this area as well.

SECURE PAYMENT SYSTEM MAY BE POSTPONED

Another topic on the agenda for real estate transactions is the secure payment system. The practice was planned to begin on October 1; however, industry representatives state that the start date may be postponed.

In the secure payment model, instead of transferring the sale price directly from the buyer to the seller, it is envisioned to use an infrastructure that ensures the simultaneous exchange of the property title and the money. Thus, it is aimed to reduce the risks of fraud, theft, and payment disputes, especially in high-value transactions.