How to use the Secure Payment System for title deeds

In property sales, the buyer’s money is blocked at the bank when the Secure Payment System is selected and transferred to the seller’s account once the title deed registration is completed. The system prevents fraud involving fake receipts and canceled bank transfers.

In property transactions, paying the sale price securely is as important as transferring the title deed. Fake payment receipts and money transfers canceled after the title deed transfer have sometimes caused victims financial harm. The Secure Payment System aims to eliminate such fraud and the risks of carrying cash, while also strengthening efforts to combat the informal economy.

Step 1: The Secure Payment System option is selected when the title deed appointment is made. Step 2: A reference number is sent to the buyer and seller by SMS. Step 3: Using this number, the parties complete their secure payment application through the intermediary institution that will handle the transaction. These intermediary institutions are generally banks; Takasbank, public banks and various private banks operate in integration with the systems of title deed offices.

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Step 4: The reference number obtained from the title deed office and the property details are entered in the application. During the payment stage, the reference number is matched with the identity details of the buyer and seller. If the information matches, the money is withdrawn from the buyer’s account and blocked at the intermediary institution. Step 5: Once the sale is completed and the registration is finalized, the block is lifted and the money is transferred to the seller’s account.

Dr. Ertuğrul Doğan Erzengin, a research assistant at Marmara University Faculty of Law, said the system definitively prevents fraud involving fake payment receipts and EFTs or bank transfers canceled after registration, and provides the buyer with significant security because no cash is used.

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