Section 9 · Financial security and payment
Safe financial transfer: risks of cash in hand, Takasbank and TapuTakas
Will you take the money first or sign first? The solution: an official escrow system
The biggest tension in real estate sales is the order of payment. The seller says, ‘I won't sign until I see the money’, and the buyer says, ‘I won't transfer the money until the title deed is in my name’. Carrying cash in a bag is a major risk in terms of counterfeit notes, robbery and MASAK (Financial Crimes Investigation Board) scrutiny. The solution is the official ‘TapuTakas’ system, run by TKGM together with Borsa İstanbul Takasbank.
Step-by-step process
- Obtaining the TapuTakas application code (Takasbank e-Devlet). Once the Web-Tapu application number is issued, the seller and the buyer create their registrations at www.taputakas.com.tr or through e-Devlet.
- The buyer depositing the money into the escrow account (Buyer's bank and Takasbank). Using the TapuTakas reference number, the buyer transfers the sale price to Takasbank's official account at the Central Bank of the Republic of Türkiye (TCMB).
- Official signing at the land registry directorate (Land Registry Directorate). The parties sign the transaction sheet (akit tablosu) at the land registry directorate; the registry director approves the sale in the system.
- Automatic transfer of the money (Takasbank integration). As soon as the TKGM registration signal reaches Takasbank, the escrowed amount is released from its block and transferred to the seller's account.
Legal basis
- Land Registry Law (Tapu Kanunu) Art. 26 and the Land Registry Regulation (Tapu Sicili Tüzüğü)
- Capital Markets Law No. 6362 (duties and powers of Takasbank)
- Law on the Prevention of Laundering Proceeds of Crime (Suç Gelirlerinin Aklanmasının Önlenmesi Hakkında Kanun, Law No. 5549) and MASAK regulations
- Turkish Code of Obligations (TBK) provisions on the transfer of ownership
Key principles
1. The danger of cash in hand and carrying it in a bag. Carrying a large amount of cash carries both theft/robbery and counterfeit-note risk; a large cash payment can also become the subject of a suspicious transaction report.
2. TapuTakas: state-assured exchange of property and money. A Takasbank escrow account is used. The buyer deposits the money with Takasbank; the moment the signing takes place at the land registry, the money is transferred to the seller's account within seconds.
3. Blocked-cheque method. A blocked cheque that the buyer has the bank issue in the seller's name is handed over at the signing table. The cheque's funds are blocked by the bank.
4. Secure Payment System in notarial sales. In sales made at notaries, the Secure Payment System run in partnership by the Ministry of Justice and the Union of Notaries (TNB) is used.
Mistakes to avoid
- Saying ‘I received it’ to the registry officer's question ‘Have you received your money?’ before the money has reached your account (it cannot be undone).
- Leaving the description field blank on the bank transfer, or writing ‘debt payment’.
- Not having the blocked cheque confirmed by phone with the issuing branch at the time of the land registry appointment.
Checklist
- The safest plot-sale method is the TapuTakas system; the commission is negligible next to the risk.
- At the land registry, the officer should be told that the money has been paid only at the moment of official registration.
- Before the sale, Parselo presents the parties with the text of a financial security protocol.
With Parselo
In your Parselo file, the TapuTakas application steps for the buyer and the seller are listed; making the payment and the title-deed transfer at the same time protects the parties.
Official source: TapuTakas Official Portal (https://www.taputakas.com.tr)