Real estate notary sales are now possible in Turkey. According to new legislation, Turkish notaries may now handle real estate transactions in addition to working with land registry offices.
An important part of the Turkish economy is the real estate industry. It accounts for around three million of the 15 million transactions that Turkey’s land register offices handle annually. Yet, the increased mobility of purchasing and selling houses has created scheduling issues and slowed down real estate transactions. A new regulation that permits notaries to issue real estate sales applications in addition to real estate sales contracts was established on June 28, 2021, to address this problem. The implementation date for this is July 1st, 2023.
The Role of Notaries in Real Estate Transactions
The Land Registration Office will need to work with notaries to complete property notary sales under the new law. The title deed registration sample and other necessary papers will be made available to notaries through the land register information system by the General Directorate of Land Registration and Cadastre (TKGM). Technical preparations are being made at the Land Registry and Cadastre Information System so that notaries may access data (TAKBIS).
The property sales contract will be finished by the notaries once they have determined who is legally entitled to the property and determined that there are no problems in the way of the sale. As soon as the parties sign the sales contract, the notary will put it into the land registration information system using the journal number they get from the system. When the contract has been input into the system, the land registry office will register the property in the land registry. The sales contract and other pertinent documents will be physically preserved and entered into the system by the notary public.
Any damages incurred when drafting the real estate sale contract shall be the notary’s responsibility. If the state pays this damage, the state will be able to recourse to the relevant notary, and the court where the land registry is located will be authorized in the lawsuits to be filed against the notary.
The Benefits of the New Regulation
The new regulation addresses scheduling issues at the Land Registration Office while also providing efficient methods to conduct property sales. The engagement of notaries will improve security and ensure that there are no legal obstacles to the real estate deal. Future legal disputes and conflicts will be less likely as a result.
A significant development in Turkey’s real estate industry is the new law. It permits notaries to handle property transactions in addition to the Land Registry Offices. It will give individuals a practical method to sell real estate and lower the possibility of legal issues and disputes.