Secure payments for real estate transactions in Turkey

Buyers and sellers of real estate in Turkey have the opportunity to conduct a transaction through a bank. Turkish Takasbank has developed a special application that makes the transfer of funds as reliable as possible. What does this give?

• Fraudulent schemes with funds are excluded

• Financial transactions take place in a secure environment.

How does the application work?

— The electronic payment number received at the Land Registry office is entered into the system using the mobile application

— The seller enters the electronic payment number and the necessary information into the system. He transfers the Takasbank reference number generated by the system to the buyer

— The buyer enters into the system the account details from which payment will be made — The cost of the property is debited from the buyer’s account and sent to a special account in Takasbank

— After registering the transaction at the Land Registry office, the amount is sent to the seller’s account.

There is one caveat! When conducting a transaction through a bank, the real market value of the property is indicated, not the cadastral value. Thus, both parties will have to pay taxes on the full amount.