The hardest part of buying a property is probably the deed conveyance process. When will the seller get the full payment? How will the buyer get the title deed? In order to ease the transaction system between parties, TKGM (Tapu Kadasto Genel Müdürlüğü, General Directorate of Land Registry and Cadastre) and TAKASBANK, (Takas ve Saklama Bankası) has created the online Title Deed Swap System. The new software system offers smooth and safe payment and title deed transactions.
Title Deed Swap System (TapuTakas) is a platform that works as a middle man between the buyer and seller to guarantee a safe transaction process. It works in an integrated way to Takasbank and Takbis (Tapu ve Kadastro Bilgi Sistemi). Basically, the system removes the sellers' and buyers' need to trust each other while Takasbank secures the money and TAKBİS holds the title deed for secure transactions. The system works on digital platforms such as phones, tablets, and computers, allowing both parties to finish their transactions safely from anywhere with an internet connection.
How Does Title Deed Swap System Works?
The seller must apply to TKGM for title deed conveyance to start to process.
Seller – After registering, the seller must choose to make the transaction either as a real person (requires ID number), a foreign person (requires TAX ID number), or a legal person (requires a tax number). On the title deed swap process page, the owner gives the company or personal information, bank IBAN number, postal address, and mail address information. After that, the seller gives the sales price and property information including province, district, neighborhood, land, plot, number, and independent section. After saving the changes, the system sends a message confirming the information and the Takasbank reference number, which should be forwarded to the buyer.
Buyer – After getting the Takasbank reference number (TVS ref no) the buyer follows the same registration steps as the seller does, the only difference is at the end of the buyer's process, the system asks for the “TVS Reference Code” that the seller forwarded to the buyer.
*When both parties saved the registering stage, they also declare that they agreed to pay the title deed swap commission fee.
After both parties login and confirm the changes, Takasbank and the Takbis system matches all the information. When the matching is complete the buyer receives an SMS informing about the commission fee transfer.
The buyer (buyer can also pay the sales price during this transaction) and the seller sends 70 TL commission fee to the Takasbank, with the IBAN number TR33 0013 2000 0000 0000 0240 45 by writing their e-payment codes in explanation.
Note: During payment, only use the account information that you registered. Otherwise, the transfer amount will be sent back automatically.
When the money transfer is over, both parties receive an SMS informing them that Takasbank is securing the sales amount until the title deed swap process is completed. Title deed transfers generally are done on the same day. (Note that if the title deed transferred after business hours, the payment is sent to the seller on the next business day.)
Title Deed Swap Commission Fee
This 70 TL fee is charged for using the system irrespective of the property price. Since this commission fee is charged for using the system, even if you cancel the sale, this amount is nonrefundable.
Cancellation of Sales
One of the advantages of the title deed swap system is that this system doesn’t put anyone under any obligation. The seller or buyer can cancel the sale at any stage. The advantage of the system shows itself in this step because if the buyer wishes to cancel the swap, the sales amount refunded to the buyer's registered bank information by Takasbank.
Even though the online transfers are over, if the title deed transfer is not signed at Land Registry and Cadastre Office within 29 calendar days, or cancellation is not notified by the parties, the 30th day following the sale, the amount is sent back to the buyer’s account.
Advantages of Title Deed Transaction System
• It’s more technological, offers time and cost advantages.
• Eliminates the risk of fraud, theft, embezzling, or counterfeit money. Buyer and seller can complete the transaction themselves using a user-friendly interface.
• Informs both buyer and the seller via SMS notifications about every step, allowing easy follow-up to the process. Each step can be followed by the “Status Check” option.
• Gives trust to both parties. When a sale is canceled, the Takasbank system transfers back to the owner safely. The seller can sign the title deed at the Tapu office after seeing the sales amount in Takasbank account.
Q: What should I do after signing the sales contract?
A: After signing in the sales contract, both parties register Title Deed Swap System (TapuTakas) with the receipt number they are given by the TKGM, then the transfer process begins.
Q: How long do I have to wait for receiving the money after the title deed swap?
A: The amount signed by the parties immediately sent into the seller’s given bank account after to process is complete. Only one note, if the transfer takes place after business hours, the money transfer will be made following business hours.
Q: If the transfer process is made by someone with a proxy, does the proxy get the money on the owner's behalf?
A: No. The transfer system can be made by someone with Power of Attorney, but it’s obligatory to give the owner’s IBAN information on the registry page. Sales amount can only be sent to the owner.
Q: Can I trust Takasbank about my money?
A: You will be notified via e-mail or SMS depending on your request during the transfer process every step. You can always use “Status Check” to see the steps.
Q: Can the transfer be canceled?
A: Yes. Until the registration process at the Land Registry Office is approved, you can cancel at any time.
Q: Which banks can I use to send money to Takasbank?
A: As long as you used the registered IBAN in the system, you can use any bank that you prefer.
Q: Does the sales price have to match with the title deed sale amount?
A: No. When registering you will arrange the sales price. Without that payment is done your transfer process doesn’t take place.
Q: Does the system work with multiple sellers/buyers?
A: Yes. Every buyer or seller should register the system separately. The sales amount they will enter must match their payments.
Q: Will I be charged for the money transfer cost?
A: No. The only extra payment is a 70 TL title deed swap commission.
Q: Is there any way to make sure that the messages are coming from Takasbank?
A: All messages sent by Takasbank contain “Tracking Verification Code”, the same one that sent during the first registration. The messages with the wrong code or no code at all shouldn’t be taken into account.