The question “Who will pay first?” has been a common problem in real estate sales for years. The problem is largely eliminated with the new system. The Secure Payment System, which will be implemented as of October 1, will transfer money between the buyer and the seller in real estate sales through a secure mechanism. In the new application, the buyer will transfer the sales price to the secure payment infrastructure instead of sending it directly to the seller’s account. The money will be kept in the system until the registration process in the land registry is completed. When the title deed is transferred, the sales price will be transferred to the seller’s account.
DETAILS IN CREDIT SALES
If the sale does not take place, the money kept in the system is expected to be returned to the buyer. Thus, a technical security layer will be added to the problem of trust between the parties, especially in high-priced real estate sales.. Those who buy their homes with a bank loan also need to pay attention to how the application will work. While the loan amount obtained from the bank or financial institution is kept outside the system, down payments and similar payments other than the loan must be made through the secure payment system. It is also noteworthy that the application is not limited to residences only. Sales of land, fields and other immovable properties are also within the scope of the new payment regulation.
NOT ALL RISKS ARE ELIMINATED
The system aims to reduce payment-related risks, especially such as fake receipts, not transferring the title deed despite the money being sent, or transferring the money to the other party without transferring the title deed. However, secure payment does not eliminate all risks related to the legal status of the property.. It is also necessary to check whether there is a mortgage or lien on a house, a family residence annotation, zoning problems or other legal restrictions.
THE TARGET IS MORE DIGITAL DEED
In addition to the new payment system, the General Directorate of Land Registry and Cadastre is also increasingly digitizing title deed transactions. The ATİAS project, called Smart Title Deed Processing Assistant, aims to prepare applications and automate some controls.. It paves the way for not only money transfer in real estate sales, but also the whole process from application to control and registration to a more digital structure.
