Revolutionary Decision in Property Registry: 'Secure Payment System' Becomes Mandatory as of July 1st

According to the new regulation, as of July 1st, the use of the "Secure Payment System" will become fully mandatory in real estate sales. With this new era, the transfer of title deed ownership and the sale price will change hands completely simultaneously.

Why Was This Decision Made?

Behind this radical step taken by the Ministry of Trade lie structural problems that have been chronic in the real estate sector for years, victimizing both citizens and the state economy. The Ministry's reasons for taking this decision are summarized under the following main headings:

• Zeroing the Risk of Fraud and Theft: In the current system, buyers and sellers had to physically carry cash amounting to hundreds of thousands or even millions of Liras. This situation exposed the parties to serious security risks such as mugging, theft, or counterfeit money. With the new system, money will be taken under digital protection, completely eliminating these risks.

• Ending "Did/Did Not Receive the Money" Disputes: In traditional methods, handing over money by hand could lead to major disputes taken to legal proceedings, such as "I transferred the title deed but received less money" or "I gave the money but couldn't get the title deed in my name." The Secure Payment System secures the rights of both parties by executing the money transfer and the title deed registration simultaneously within seconds.

• Preventing the Informal Economy: Cash transfers made by hand paved the way for showing the real estate below its actual value, leading to serious tax losses (informality). The fact that all money traffic runs through the system will increase the traceability and transparency of transactions.

Implementation Details of the New Regulation

According to the new legislation that will come into force on July 1st, if all or just a part of the payment in a real estate sale is to be made in cash, wire transfer, or EFT, this transfer must be made through the Secure Payment System.

Considering possible integration overloads or technical disruptions that may occur during the process, the Ministry of Trade has also been granted the authority to extend this mandatory date for up to 3 months. Technical integration and infrastructure efforts between the Ministry of Trade and the General Directorate of Land Registry and Cadastre are continuing at full speed to implement the system flawlessly, quickly, and completely.