- 7 July 2023
Notaries Take the Lead: A New Era in Real Estate Transactions
Real Estate Sales in Turkey: A Guide to Notary-Overseen Transactions
In Turkey, a new era has begun for real estate sales as notaries are now authorized to carry out the transactions. This announcement, made earlier this year, officially went into effect on July 4th. With the inclusion of notaries in the process, the verification of all details pertaining to the real estate being sold has become more efficient and faster. This article will provide a deeper insight into the new system, including the appointment process, fees, and its impact on real estate sales.
Why Notaries Are Included in the Process
The surge in real estate transactions has caused significant congestion, particularly in the land registry offices of major cities. This has led to the development of a new solution aimed at reducing the density in these offices. As a result, notaries have been integrated into the system, allowing them to verify all the details pertaining to the property being sold. This has made the process more efficient and faster. Additionally, notary publics can now facilitate the buying and selling of all types of immovables. Including residences, offices, shops, land, and fields.
Appointment Process: Applying Through Electronic Appointment Application
To make an appointment with a notary public. Interested parties can apply through the electronic appointment application of the Notaries Union of Turkey. During the application process, information such as the details of the parties involved in the transaction. The real estate tax value of the immovable, and the sales price determined between the parties will be processed and documents will be uploaded to the Information System of the Notaries Union of Turkey (TNBBS). An appointment will be scheduled for the parties if there are no hindrances to the sale process.
Fees: Notary Fee and Title Deed Fee
In property sales at title deed offices, a title deed fee of 4% of the selling price is paid. In addition to the title deed fee, notaries will also charge an extra fee based on the property’s value. This fee can range from 500 liras to 4 thousand liras.
How the Process Works: From Application to Sale
The new regulation for real estate sales at notaries aims to provide an alternative path for property sales, particularly in densely populated areas where title deed offices cannot cope with demand. While title deed office transactions will continue, notaries can help relieve excessive workloads.
After the notary public has verified all the information regarding the real estate being sold and prepared the contract. The parties involved will sign the agreement. The notary public will then acquire a journal number from the Land Registry and Cadastre Information System (TAKBİS). It will then save the contract along with other relevant documents to TAKBİS. Once the registration of the contract to TAKBİS is complete, the land registry directorate will register the real estate. Finally, the notary public will deliver the deed to the parties upon contract signing, and the transaction will be deemed complete.
Potential Downsides to Consider
The new system for real estate sales at notaries aims to reduce waiting times and workload. However, it may create some challenges. For instance, notaries may require extra documentation, and processing times could increase if a transaction is rejected. Moreover, the Notaries Union‘s system may struggle to access the same data as the General Directorate of Land Registry and Cadastre, potentially causing issues.
In Turkey, the number of property sales transactions has significantly increased over the last 20 years. reaching 3.4 million in 2022. The new system is expected to help alleviate the workload in major cities such as Istanbul. Ankara, Izmir, Antalya, and Bursa. However, notary-overseen sales may only be available in large cities. with title deed offices remaining the primary option elsewhere.
Real Estate Sales Notaries
The new system for real estate sales at notaries is a significant development for the real estate industry in Turkey. It aims to provide an efficient and faster process for property sales. Particularly in densely populated areas, where title deed offices cannot cope with the demand. The inclusion of notaries in the system will help reduce congestion and workload. While also providing an alternative path for property sales. Although there may be challenges, such as potential data access issues and longer processing times if a transaction is rejected. The system is expected to have a positive impact on the real estate sector in Turkey.