- BIST10010,760-3.63%
- USD49.86+0.15%
- EUR55.82+0.52%
- GOLD3,898.90-3.29%
- INTEREST36.00%-1.00
- BITCOIN77,562+0.16%
- November 1, 202614°
- BIST10010,760-3.63%
- USD49.86+0.15%
- EUR55.82+0.52%
- GOLD3,898.90-3.29%
- INTEREST36.00%-1.00
- BITCOIN77,562+0.16%
- November 1, 202614°
Property buyers in Türkiye can use a secure payment system
Property buyers in Türkiye can use a secure payment system: the buyer’s money is blocked in a bank and transferred to the seller only after the transaction is registered at the land registry office. The system protects against fake payment receipts and canceled transfers.
When buying property in Türkiye, it is important not only to transfer the title deed but also to settle the payment with the seller securely. Fake payment receipts and canceled transfers after a transaction was registered have left parties with nothing. The secure payment system is designed to prevent such schemes and reduce the risks associated with handing over cash.
The first step is taken when scheduling the transaction: when making an appointment at the land registry office, buyers must select the secure payment option. The buyer and seller then receive a reference number by SMS and use it to submit an application through an intermediary institution, usually a bank. Takasbank, state-owned banks and several private banks are integrated with the land registry offices.
At the payment stage, the system checks the reference number and the parties’ details. If they match, the buyer’s money is blocked in an account at the selected institution. Once the transaction is completed and the title is registered, the block is lifted and the funds are transferred to the seller’s account.
Ertuğrul Doğan Erzengin, a researcher at Marmara University’s Faculty of Law, notes that the system provides strong safeguards for buyers, eliminates cash payments and helps combat the shadow economy and fraud in property transactions.
Stay Updated with RuskiGazeta
Subscribe to be informed about special news, developments and announcements. We will keep you informed.
By signing up, you agree to our Privacy Policy
