Attention home buyers and sellers: A new era begins in title deed transactions

The Secure Payment System, which aims to secure the money transfer process in real estate transactions, is planned to be implemented mandatorily on October 1. With the application to be introduced within the scope of the amendment made by the Ministry of Trade to the Regulation on Real Estate Trade, it is aimed that the sale price and the title deed transfer take place simultaneously.

In the new system, the amount deposited by the buyer will not pass into the seller's account until the title deed transfer is completed. Thus, it is aimed to reduce risks such as carrying cash, forgery, theft, and fraud during title deed transactions.

The process will be carried out through banks and land registry offices. Real estate consultants will also provide support to buyers and sellers regarding the use of the system.

WARNING REGARDING AUTHORIZED CONSULTANTS

Ankara Chamber of Real Estate Agents (ATEM) President Burak Arpacı stated that the regulation concerns all parties in the sector and that the application is important in terms of preventing citizen grievances. He noted the following:

"In this system, there is no situation where real estate agents are left out; it is not a system that leads to that. It is a system implemented so that citizens do not carry money in land registry offices, do not become victims, and that the transactions are carried out in an orderly manner, with everything being formalized."

Arpacı stated that the majority of the real estate agents who are members of the chamber are knowledgeable about the Secure Payment System and that additional training will be provided to members regarding the application.

Recommending that buyers and sellers work with real estate consultants who have an authorization certificate for real estate trade, Arpacı stated that a significant portion of complaints stems from individuals working informally. Arpacı also pointed out that it is important to reduce the difference between the actual value and the fair market value for the system to achieve its purpose.

News Source: 12punto