When buying a property abroad, one of the most forceful parts of the process is conveying the title deed between the seller and buyer. There are some questions at the transaction, for instance, when will the seller receive the full payment or how will the buyer acquire the title deed?
TKGM (Tapu Kadastro Genel Müdürlüğü) and Takasbank (Takas ve Saklama Bankası) has set off the Title Deed Swap System to achieve the transaction as quickly and easily as possible. Thanks to the new software system, all title deed processes complete with more easily safe payment on the title deed transactions.
Title Deed Swap System(TapuTakas) functions as a middleman for title deed conveyance between the seller and the buyer. It provides both guarantees and a secure transaction process as an online platform. It works integrated with Takasbank and Takbis which is the information system of TKGM. The new system secures the money and TAKBIS carries the title deed, whereas it solves the lack of trust between seller and buyer with its program structure been created considering the need of both sides. The system is accessible from anywhere with an internet connection and can be used via all digital tools such as computers, phones, and tablets.
Step by Step Title Deed Swap System Procedures
Before all steps, keep in mind the seller must apply to TKGM to be started all the process. Let’s start the details of every step in turn.
After getting the e-payment receipt number from TKGM and ID information taputakas.com.tr or “TapuTakas” mobile app (Android or İOS), the seller and buyer enroll the system with this information.
To explain separately what the seller and the buyer should do:
From the seller side – The seller must choose regard as who is a real person(needs ID number), a foreign person (needs TAX ID number), or a legal person (needs TAX ID number), to determine how to pursue the process. The seller declares the company or personal information, IBAN number, postal and mailing address information in writing on the related online page. After the identity information declaration procedures are completed, the seller gives more details about the sales price and property information: region name, district, neighborhood, land, plot, number, and independent section. After filling the necessary sections, the information is saved; the system sends a message to confirm the information and after the Takasbank reference number. In conclusion, the reference number should be forwarded to the buyer.
From the buyer side – When the buyer gets the Takasbank reference number, starts following the same steps with the seller, except for the system asks for the “TVS Reference Code” which is forwarded to the buyer at the end of the registration.
Note: Submitted IBAN number should belong to the person herself/himself.
After both parties complete the registration process, it is the declaration stage. This means the seller and buyer agreed to pay the title deed swap commission fee.
Following the seller and buyer login and confirm the all changes, Takasbank and Takbis system check all the information on the system. Within the matched information, the application is completed by sending an SMS contains information about the commission fee transfer to both sides.
The seller and the buyer(buyer should pay the sales price at this stage) sends a 70 TL commission fee to the Takasbank with the IBAN number TR33 0013 2000 0000 0000 0240 45 and there should be an e-payment code in the description section below.
Note: The transfer payment process is completed only using with same account information registered before, or else the transfer amount will be sent back automatically.
Following the money transfer is completed, both parties get an SMS informing that the sales amount is secured with Takasbank until the title deed swap process is over. Title deed conveyance procedures are generally completed within one day if every step was taken during working hours. Otherwise, the seller receives the total amount on the next business day.
Commission Fee for Title Deed Swap Transaction
The commission fee for the swap process is 70 TL regardless of how much the property price. This amount is for using the system and not refundable, even the sale canceled.
Cancellation of Sales
Takasbank does not put anyone under any commitment at any stage of title deed conveyance. The seller or the buyer can declare off the agreement even the sale has taken place. One of the most advantageous features of the system is that the sales amount can be repayment by Takasbank to the buyer’s registered account after the buyer wants to cancel the swap.
Advantages of Title Deed Swap System
- Technology infrastructure that provides saving both time and financial cost
- Removes any fraud, theft, misappropriating possibilities thanks to its safety measures. The system allows to completion of all processes fastly for both sides by using a user-friendly layout.
- Sending SMS notifications to both the buyers and the sellers about how goes every step of the process. These notifications provide being aware of every step. There is also a “Status Check” option to follow up online.
- Gives confidence to both sides about if there would be sale cancellation at any stage; the system refunds the money to the owner safely. After the seeing transfer of the sales amount in the system, the seller can go to the title deed office and sign the title deed.
- Since the sale price will be held by the TakasBank and not send directly to the seller, the risk of the seller will not attend to the title deed conveyance and keep the money with themselves will be prevented.
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Q: How does the process continue after signing the sales contract?
A: To begin the title deed transfer process, both parties enroll TapuTakas system when the sales contract was signed. The process starts with the sellers’ application with the receipt number which is given by the TKGM, then the process begins.
Q: After the title deed conveyance, when will I get the money?
A: Normally, you will get your money when the registration process is over and the conveyance process is completed. The sales amount sends directly to the sellers’ bank account automatically lastly. But if the seller or the buyer registers to the system out of working hours, the payment is laid over the next business day.
Q: If the conveyance process is made by someone with power of attorney, can that person receive the money on behalf of the seller?
A: No, even though someone with a power attorney does the registration on behalf of the seller, the money is transferred to only the sellers' bank account.
Q: Does TakasBank a reliable system that carries my money?
A: There is a section “Status Check” on the system that allows you aware of all the steps of the process. Besides, you are informed by e-mail and SMS notifications during the transfer.
Q: Can the transfer process be canceled, in case of the sale canceled at any stage?
A: Yes. You can cancel it even if the transfer process is completed until the registration process is approved at the Land Registry Office.
Q: Through which bank should I send the money to the TakasBank system?
A: There is not any specific bank for that process, you can send your money with your registered IBAN through any bank you prefer.
Q: Should I transfer the money which is an equal amount to the title deed price at a time?
A: No. You will organize the sales price during the registration. The conveyance can be completed only that full payment is done.
Q: Does TakasBank works with more than one seller or buyers?
A: Yes. It is possible that the system would work with multiple sellers/buyers by logged in separately. Each ones’ sales amount must match the payments to be paid.
Q: There is any cost to be paid for transfer?
A: No, you only are supposed to be paying 70 TL of commission fee for the title deed swap.
Q: How will I make sure that the SMS or mail notifications are sending from the TapuTakas, on the other hand, whether they are reliable?
A: During the registration process, TakasBank sends its all messages with “Tracking Verification Code”. If there is an incorrect code or no code transaction request not accepted.