"secure payment" period IN real estate sales

When selling real estate, paying the sales price securely is as important as transferring the title deed. Situations such as fake receipts and canceled money transfers after the title deed transfer could sometimes cause grievances. The Secure Payment System aims to prevent such fraud methods and at the same time eliminate the risks of carrying cash. Another goal of the system is to combat informality.

So, how does the system work and what kind of assurances does it provide? Marmara University Faculty of Law Research Assistant Dr. We talked with Ertuğrul Doğan Erzengin.

The first step of the secure payment system is taken by appointment. When making a title deed appointment, the "Secure Payment System" option must be selected. Then, the reference number is sent to both the buyer and the seller via SMS. Using this number, the parties complete the secure payment application through the intermediary institution.

Dr. Erzengin summarizes the next process as follows:

"Following the application made through Web Title Deed, the parties proceed with the intermediary institution through which they will carry out the transaction. These intermediary institutions are usually banks. Takasbank works with the land registry offices in an integrated system on this issue. Likewise, state banks and various private banks work in integration with the systems of the land registry directorates."

Stating that the security mechanism is based on matching, Dr. Erzengin says, "When applying, they need to indicate the reference number they received from the land registry here. At the same time, the real estate information of the buyer party must also be stated. In fact, this is where the security provided by the secure payment system comes from."

Within the scope of the system, the reference number created during the title deed sales application and the identity information of the buyer and seller are checked at the payment stage. If this information matches, the money is transferred from the buyer's account to the seller's account.

In this process, the money is blocked in the system of the preferred brokerage firm. Once the title deed sale is completed and registration is completed, the blockage is removed and the money is transferred to the seller's account.

Source: TRT Haber Ekonomi RSS (Open Press / Translated Full Text)