Attention landlords and real estate agents: 3 days left until the critical date

There are 3 days left until the "verified listing" regulation, which the Ministry of Trade will implement on listing platforms to protect consumer rights, prevent price manipulation faced by citizens through fake listings, and curb informality in real estate trade, comes into effect. The relevant regulation will begin in real estate as of September 15.

As part of the regulation, the Electronic Advertisement Verification System (EİDS), established by the Ministry, will go live in 3 days and will become mandatory for real estate transactions starting from the beginning of the new year.

Thus, real estate listings on platforms will only be able to be posted by the property owner, their first or second-degree relatives, or their spouse, or they may be submitted by a real estate business authorized by the property owner.

With the system, property owners will authorize real estate businesses through a screen created on e-Devlet, where they can complete the process by selecting the property subject to the listing, the real estate business they wish to authorize, and the duration of the authorization.

Minister of Trade Ömer Bolat made statements drawing attention to the fact that the regulation will go into effect in a few days.

Stating that citizens should not have any concerns regarding the scope of the authorization they provide, Bolat said, "The authorization to be given by our citizens to a real estate business relates only to the posting of the advertisement by that business. The authorization will not cover the execution of title deed transactions or any other disposition regarding the property by the real estate business."

Bolat noted the following regarding the points that both citizens and real estate businesses should pay attention to:

"The listing authorization to be granted via EİDS will not replace the contracts and other documents that real estate businesses are required to prepare under the regulation. The obligation for businesses to prepare documents such as authorization contracts, property viewing forms, and brokerage contracts for buying, selling, and renting continues."

On the other hand, with the implementation of the system, real estate businesses that do not possess the real estate trade authorization certificate required by our Ministry will not be able to post listings. Therefore, I would like to strongly remind our real estate businesses currently operating without an authorization certificate to obtain one immediately to avoid any grievances.

Emphasizing that the period between September 15 and December 31, 2024, is envisioned as a transition process for the EİDS authorization verification application, Bolat stated, "During this period, it will be possible to post advertisements without verification; however, verified advertisements will feature a logo indicating that they have been verified through EİDS."

Bolat pointed out that the application will be fully implemented as of January 1, 2025, in such a way that no advertisements can be posted without authorization verification, and noted the following:

"We assess that the implementation of this system will prevent fake and deceptive advertisements on listing platforms and the speculative price increases caused by these ads, will prevent unauthorized and unregistered real estate brokerage activities, and will contribute to reducing consumer grievances and establishing a fair, competitive, and stable market structure in the sector."