It is essential that you consider some critical points when purchasing real estate, especially for properties that are still under construction. Here are the main points you should focus on in title deed transactions:
Deeds Under Construction:
The fact that a real estate property is still under construction indicates that you should not rush to get a title deed. Documents such as a condominium easement or land title deed prove the legality of the real estate. If a title deed is obtained at this stage, both the construction company and the buyer must file a property tax declaration.
Title Deed Duration:
If you have purchased a house from a project that has not yet been completed, you may not receive your title deed immediately, even if the payment has been completed. Note that you do not need to file a property tax declaration during this process.
Delivery of the Key:
You should make sure that your title deed information is compatible with the records of the General Directorate of Land Registry. Complete your title deed procedures under the guidance of an expert real estate consultant and receive your key safely.
Compatible Title Deed Information:
You should make sure that the information on the title deed is correct. It is of great importance that the physical address of the real estate matches the address on the title deed.
Management Plan and Projects:
Do not forget to get your management plan during the title deed process. You should make sure that the management plan presented by the seller is the same as the legal management plan. Also, check that the project information complies with the law.
Additional Inspections:
Check if there are any mortgages or restrictions on the property. All documents of the property should be meticulously reviewed and if everything is in order, proceed with the purchase.
Title Deed Transfer:
The change of ownership of a real estate property is called a title deed transfer. This can happen as a result of a sale or through inheritance.
Do you need more information on title deed procedures, fees and required documents? We have listed the basic information you can refer to as follows;
What Should Be Considered When Transferring Title Deeds?
The title deed transfer process is actually a very simple and straightforward process. The key steps are the collection of the documents requested by the Land Registry Office and then the payment of the title deed fee as well as the revolving fund fee. By following these steps, you can complete your title deed transfer transactions within a few days.
For the transfer application, the buyer and seller must apply to the Land Registry Office where the property is registered. Alternatively, you can make an appointment using ALO 181 or the e-appointment system.
Documents Needed for Title Deed Transfer
You can see the documents required for the sale below. Do not forget to visit the official website of the General Directorate of Land Registry and Cadastre for the most up-to-date information.
- Identity card of the owner of the immovable and the buyer or the identity card of their representatives and the authorization certificate of representation
- If the sale was realized through forced execution, the Certificate of Sale obtained from the Enforcement Directorate
- Court Decision for sales realized through the dissolution of partnership case
- Compulsory Earthquake Insurance for Buildings
- Property Tax Value Certificate from the Municipality
How Much is the Title Deed Transfer Fee?
Two different payments are made during the title deed transfer: Title deed fee and revolving fund fee. According to 2021 data, 4% of the sale price is set as title deed fee, which is shared equally between the buyer and the seller.
The revolving fund fee is re-determined every year.
Important Points to Know in the Title Deed Transfer Process
If you resort to any fraud regarding the title deed fee, you may face criminal sanctions as both buyer and seller.
It is recommended that you arrive 15 minutes before your appointment at the Land Registry Office where you have made your application.
The buyer and seller must be present in person during the title deed transfer. However, you can also complete this process through an authorized proxy.
What to Consider When Buying Real Estate?
1. Visit the property in person. Examine every corner of the property in detail so that you can make an informed decision.
2. Carefully review all contracts before you get the keys. You can also request the management plan at the time of key delivery.
3. Make sure that the documents are complete and in order when the title deed and keys are handed over.
4. If a debt has been settled, make sure that the relevant mortgage has been removed.
5. Do not skip the Compulsory Earthquake Insurance (TCIP) policy.
6. Obtain the contact information of the relevant authorities for the connection of services such as natural gas, water and electricity.
7. Do not forget to declare the property tax on time.
8. Check the status of the housing certificate. If the occupancy certificate has not been received, you can add this to the contract and secure it for later.
9. Archive all documents meticulously and keep them in an easily accessible place.
By carefully following these steps during land registry procedures and real estate purchase, you can complete the process smoothly and safely.
Title Deed Transactions Performed at the Notary Public: What Should We Do?
Real estate purchase and sale processes are no longer exclusive to Land Registry Offices. As of July 4, 2023, notaries have also become a part of this process. Notary service fee is added to the title deed fee paid at the Land Registry Office. According to 2023 data, the notary service fee varies between a minimum of 500 lira and a maximum of 4 thousand lira depending on the value of the real estate.
So, what kind of real estate sales process does the notary work? Which documents should we prepare? Is an appointment required to make a transaction at the notary? Here are the answers to these questions:
With the new practice that started in July 2023, many real estates, especially residences, can now be sold through notaries.
Which Real Estate Can Be Sold at a Notary Public?
Notaries do not only mediate the sale of housing; they also provide services in the purchase and sale of all immovable properties such as offices, shops, land and fields.
Is it Mandatory to Make a Notary Appointment?
Yes, it is necessary to make an appointment for real estate transactions at the notary. Those who plan to make a purchase-sale transaction can request an appointment through e-Government by using the e-appointment system of the Union of Notaries of Turkey. During this application, you need to share the information of the immovable to be sold through the system.
Information such as the details of the parties, the real estate tax value of the real estate and the sales price mutually agreed upon by the parties are recorded in the information system of the Union of Notaries of Turkey. The relevant documents will also be uploaded to the system, but the originals of the documents must be with you during the appointment. When applying, it should also be decided which notary office the transaction will take place at.
Real Estate Purchase-Sale Process at Notary Public
Following the application for the purchase and sale transaction, the notary prepares the necessary application document. This document is sent through the Land Registry and Cadastre Sharing System (TAKPAS) to communicate with the General Directorate of Land Registry and Cadastre. The title deed details and other relevant documents of the real estate to be sold are checked through TAKPAS.
If there are missing documents related to the real estate, the relevant land registry office is applied to complete these deficiencies. After verifying that all documents are complete and that there are no legal obstacles, the notary creates the sales contract.
The General Directorate provides the notary with a serial number for the electronic collection of the title deed fee as well as the revolving fund fee. With this serial number, the notary notifies the buyer and seller via SMS of the date and time of the signing of the contract. If the parties do not appear at the notary at the appointed time, they are informed that they must reapply within 10 days, otherwise the transaction will be invalid.
Once it is confirmed that there are no sales obstacles on the real estate, the notary ensures that the parties sign the contract. The notary then performs the necessary registration procedures through the Land Registry and Cadastre Information System (TAKBIS).
Following the registration in TAKBIS, the land registry office performs the official registration of the real estate. The contract and other documents are recorded electronically by the notary public in TNBBS and physical copies are kept at the notary public. The parties receive the title deed documents from the notary when all transactions are completed.
So, How Much Are the Title Deed Transfer Costs at the Notary Public?
In title deed transactions, a title deed fee of 4% of the sale price is charged. However, there is an extra cost in the notary office apart from this fee. The notary fee may vary according to the value of the real estate; it can be between a minimum of 500 lira and a maximum of 4000 lira. These fees will be updated at the rate determined every year.