Land Registry: Notary Sales See Document Difference in New Era
The Ministry of Justice and the Notaries Union of Turkey have implemented a new practice for all real estate sales in the country to be conducted at notary publics. This new system has been in place for over a week and has seen an increase in real estate transactions being carried out in notary offices.
The process begins with individuals making an appointment through the Notaries Union of Turkey’s website. They are required to upload necessary documents and select the specific notary office for their transaction. After the application is accepted, the notary examines the title deed records and checks for any restrictions on the property. If there are no restrictions, interested parties are notified via SMS to pay the required fees. Once the fees are paid, both the buyer and seller go to the notary office to sign the sales contract. The contract is then electronically sent to the Land Registry and Cadastre Information System for registration. Finally, the title deed and other documents are handed over by the notary public.
The implementation of this system aims to reduce workload in metropolitan cities and provide an alternative for public services. However, not all sales transactions can be done at notary offices. Properties with encumbrances, annotations, and mortgages cannot be sold through notaries. Additionally, transactions involving foreign individuals or legal entities, associations, and real estate investment funds are also excluded.
There have been some initial challenges with the system, such as the need for additional documents and integration with other systems. However, it is expected that as these issues are resolved, the system will become more efficient and accessible. It is also anticipated that sales can be conducted on weekends through notaries on duty.
At present, the real estate market is not experiencing high levels of activity. However, in certain regions, there is still a slow process in land registry offices. The General Directorate of Land Registry and Cadastre is working on a project called Turkey Land Registry, which aims to reduce waiting times by allowing applications to be prepared by other land registry offices. This system will be most beneficial in areas with high density.
Overall, the implementation of real estate sales at notary publics is seen as a positive step towards streamlining the process and reducing conflicts. With further improvements and integrations, it is expected to benefit both buyers and sellers in the long run.
