Secure Payment System becomes mandatory in title deed sales on October 1
With a regulation change by the Ministry, the Secure Payment System becomes mandatory in real estate trade on October 1. Property and money transfer will take place simultaneously.
Within the scope of the amendment to the Regulation on Real Estate Trade made by the Ministry, the Secure Payment System is being put into mandatory operation at the title deed registry as of October 1.
Aims to Prevent Risks
With the Secure Payment System, it is aimed that buyers and sellers are not exposed to the risk of fraud, theft, and forgery.
In this direction, it is aimed to make real estate trade safer and to reduce unregistered activities.
Simultaneous Money Transfer
The system is designed in such a way that the money paid by the buyer cannot be transferred to the seller's account before the transfer of the real estate is completed at the title deed registry.
Thus, ownership of the real estate and the sale price will change hands completely simultaneously.
How the Process Will Work
In the secure payment process to be carried out through banks and title deed offices, real estate agents will also assist the parties.
It has been reported that the system closely concerns everyone from citizens to real estate businesses.
Statements from Sector Representative
ATEM President Burak Arpacı stated that the system does not lead to the exclusion of real estate agents.
Arpacı advised consumers to definitely work with authorized real estate consultants in order not to experience any grievances.