Ministry of Trade Steps Up Secure Payment System for Real Estate Sales

With the Secure Payment System prepared by the Ministry of Trade and expected to become mandatory on October 1st, money transfers in real estate sales will be carried out at the same time as the title deed transfer.

Purpose and Start Date of the System

The Ministry of Trade plans to implement the Secure Payment System for real estate sales on a mandatory basis as of October 1st.

With this new regulation, it is aimed to conduct real estate buying and selling processes over a much more secure infrastructure.

Simultaneous Money Transfer and Title Deed Transfer

Thanks to the Secure Payment System, the sales price of the real estate will never be transferred to the seller's account until the official transfer process at the land registry is completed.

The money deposited by the buyer will be held in a secure pool and will be passed on to the seller immediately after the title deed transfer is finished, ensuring a simultaneous exchange.

Reduction of Risks and Scope

Thanks to the application, it is aimed to reduce informality in real estate trade and minimize risks such as fraud.

The regulation covers not only individual transactions but also transactions carried out by companies and other legal entities.