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Property Guide Turkey

Real Estate Transactions Can Be Completed With No Risk

When you sell the property;

  • How you can secure the collection of the full amount?
  • What if the buyer does not wire the remaining part of the agreed amount after the official transfer of the title-deed?
  • You have been given the full amount in cash, what if there are counterfeit banknotes? Can you verify all banknotes even if the amount is large?
  • All banknotes are original and the amount is right, can you get it to your safe or to your bank safely, avoiding any theft attempt?

When you buy a property;

  • Can you bring the cash amount safely, to hand it to the seller, avoiding any theft attempt?
  • What if the seller doesn’t show up in Registry Office after receiving all or some of the amount?
  • What if any technical problem occurs during the process in the Title Deed and Land Registry Office? Wouldn’t it be thrilling to wait until the problem is fixed?

Put your trust in God, but before keep your powder dry.

There are several safe ways to eliminate trust problems and to avoid cash carrying risks if you want to exchange simultaneously real estate and its sales amount.

1.Blocked Cheque

Buyer orders to his/her bank to block the agreed amount for the purchase of the property in his/her bank account and receives a cheque issued in favour of the seller. This amount is frozen in this branch of the bank in favour of the seller and cannot be cancelled by the buyer unless the buyer brings back this cheque. Now on only the seller whose name is stated on this cheque and the inked amount can ( and must ) be checked by the seller by phone to this branch on face to face.

When the transfer of the property is complete, the cheque can be put into function by the seller with no risk of cancellation by the buyer. If the transaction is a cancellation by the buyer brings back to this cheque to the bank in order to release this frozen amount.

Even if this payment method is ented purely for such kind of transactions, there are some cases that it fails.

Fee for the bank for this service cannot exceed 0,4% over the amount of purchase.

2.Taputakas

Takasbank is an affiliate of İstanbul Stock Market and is established in 1992 in order to contribute to market development by offering reliable and effective post-trade services.

Takasbank is integrated into the national digital title-deed registration system and is kept aware instantly of targeted property’s title-deed transfer.

Once the transfer of the title-deed is released, this custaction financial institution releases the amount deposited by the buyer instantly in favour of the seller for only 70 TL (Seventy Turkish Lira).

This system which is called Taputakas may be considered as the safest and easiest way to complete the transaction of real estate as well as its payment at low cost.

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