As of July 1, 2026, similar to vehicle sales, the "Secure Payment System" will become mandatory for the buying and selling of homes, workplaces, and land. How will the new system work?
Following vehicle sales in Turkey, a "secure payment" system is now being introduced for real estate transactions. According to information obtained, the "Secure Payment System" will become mandatory for the buying and selling of homes, land, and workplaces starting from July 1, 2026.
The secure payment obligation for real estate sales was initially expected to begin on May 1, 2026. The Ministry of Trade has set the new date as July 1, 2026, to ensure complete technical integration.
How will the Secure Payment System work in home sales?
When the system is implemented, money transfers will be carried out using the Secure Payment System via banks' mobile applications during the buying and selling phase at the notary. The money will remain blocked in a pool until the title deed transfer is completed at the notary. Once the title deed transfer is finalized, the money will be transferred to the seller; if the transaction is canceled, it will be refunded to the buyer.
The Secure Payment System is successfully applied in vehicle sales. This system will help combat the unregistered economy. Furthermore, it will prevent fraud during money transfers. Previously, cash payments were often made to save on taxes. The new system will prevent tax losses.
There are two question marks regarding the new system. For vehicle sales, the vehicle's license plate is entered into the bank's application to initiate a secure payment. It has not yet been announced what information will be used to initiate transactions in real estate buying and selling. Additionally, it is currently unknown how the title deed transfer process will be handled if payment is made by a method other than cash. The Ministry of Trade will publish a regulation in the coming days to address these uncertainties.
0 Comments: