Title Deeds Transaction
The deed transition is perhaps the most difficult aspect of buying property.
When will the seller get paid in full?
What method will the buyer use to obtain the title deed?
The online Title Deed Swap Mechanism was created by TKGM (Tapu Kadasto Genel Müdürlüü,General Directorate of Land Registry and Cadastre) and TAKASBANK (Takas ve Saklama Bankas) to make the transaction system between parties easier.
The new software system makes payment and title deed transfers simple and secure.
The Title Deed Swap System (TapuTakas) is a platform that acts as a go-between for the buyer and seller, ensuring a secure transaction. Takasbank and Takbis are both linked within it (Tapu ve Kadastro Bilgi Sistemi).
In general,the method eliminates the requirement for sellers and buyers to trust one another,while Takasbank secures the money and TAKBS keeps the title document for secure transactions.
The technology operates on digital platforms including phones,tablets, and PCs, allowing both parties to complete transactions securely from any location with an internet connection.
What is the Process of a Title Deed Swap?
To begin the procedure, the seller must submit an application to TKGM for title deed transfer.
Seller — After registering, the seller must choose whether to make the transaction as a natural person (requiring an ID number),a foreign person (requiring a TAX ID number), or a legal representative (requires a tax number).
The owner provides the company or personal information, bank IBAN number, postal address, and mail address information on the title deed exchange procedure page.
The seller then provides the sales price as well as property details such as province,district,neighborhood, land, plot, number,and independent section.
After saving the modifications, the system sends a message to the buyer verifying the details and providing the Takasbank reference number.
*By completing the registration step, both parties acknowledge that they have agreed to pay the title deed swap commission cost.
Takasbank and the Takbis system match all of the information when both parties login and confirm the changes. When the matching is complete, an SMS is sent to the buyer informing them of the commission fee transfer.
By putting their e-payment codes in explanation, the buyer (who can also pay the sales price during this transaction) and the seller transmit a 70 TL commission charge to the Takasbank with the IBAN number TR33 0013 2000 0000 0000 0240 45.
Note: Only use the account information that you registered during payment. Otherwise, the amount of the transfer will be returned to you automatically.
After the money transfer is completed, both parties will get an SMS from Takasbank telling them that the sales amount will be secured until the title deed swap process is finished. Transfers of title deeds are usually completed on the same day. (Note that if the title deed is transferred after business hours, the money is received the next business day to the seller.)
Fee for a Title Deed Swap Commission
Regardless of the property price, a 70 TL fee is required for using the system. This commission fee is nonrefundable since it is paid for utilizing the system, even if you cancel the sale.
One of the benefits of the title deed swap system is that it does not put any obligations on anybody. At any point throughout the transaction, either the seller or the buyer might cancel it.
The benefit of the system is clear in this phase, since if the buyer decides to cancel the exchange, Takasbank will refund the sales money to the buyer's registered bank account.
Advantages of the Title Deed Transaction System
• It is more technologically advanced, and it saves time and money.
• Helps stop fraud, theft, theft, and the use of counterfeit money. A user-friendly interface allows the buyer and seller to finish the transaction individually.
• Sends SMS alerts to both the buyer and the seller at each step of the transaction, allowing for quick follow-up. The "Status Check" option can be used after each stage.
• It encourages trust in both parties. When a sale is canceled, the Takasbank system safely returns the funds to the owner. After viewing the sales amount in the Takasbank account, the seller can sign the title document at the Tapu office.
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