What Is a Deed Transfer?
A deed transfer is one of the most commonly researched issues when purchasing and selling real estate. A real estate title deed can only be legally transferred by following specific procedures. So what is a deed transfer, and how is a deed transfer of property transferred in Turkey? Our post contains information on title deed transfer procedures in Turkey, prepared by our expert sales team at Nest Invest.
What Is a Deed Transfer?
A title deed transfer is the process by which immovable property, such as a home, place of employment, land, etc., is transferred from one individual to another, either through inheritance or the purchase of a new property. Briefly, the rights transfer through legal channels can also be described as the title deed transfer in real estate transactions. After the official and necessary formalities, the real estate title transfer is realized in exchange for a payment of fees.
How Is a Deed Transfer Made?
After defining the answer to the question of what is a transfer deed, let's dive into the details of the procedures. The term title transfer refers to the formal recording of the right of use of any real estate, including a home, land, or place of business, from the previous owner to the new one. A transfer transaction and a sale transaction are not the same. The immovable property is transferred via the title deed transfer without any third party asking for payment. A price is established for the immovable property during the sale procedure, and in exchange, the title deed is transferred. Most house deed transfers occur between members of the same family. Several documents, including the title deed, an identity card with the transferor's and transferee's photos, and a passport-sized photo, are needed when transferring a title deed within a family. Like all title deed transactions, intra-family transfers occur at the Land Registry Directorate connected to the immovable property.
What Is the Paperwork Required for a Real Estate Title Transfer?
Title deed processes are very easy to follow. The Land Registry Directorate requests a set of deed transfer paperwork. and it is required to complete these forms, including the form for deed transfer, as well as pay the title deed revolving fund fees. The title deed transfer procedure can be completed within one or two days after the paperwork has been gathered and the payment has been effectuated. The buyer and seller must bring the required paperwork to the Land Registry Office, where the property is registered, to apply. Additionally, you can use ALO 181 or e-Randevu to apply for a title deed appointment.
- Identity Card (The buyer's or their authorized representatives' identity card and representation document)
- Enforcement Directorate's Sales Warrant
- Court Warrant
- Mandatory Earthquake Insurance
- Document from the Municipality Stating the Value of the Property
What is the Average Cost of a Title Deed Transfer?
The amount that the buyer and seller individually pay to the appropriate institutions during the purchase-sale transaction to start the title transfer process is known as the home deed transfer fee. Title deed and revolving fund fees are paid at the time of title deed transfer. The title deed fee is 20/1000 of the real estate's sales price. A title deed grant charge of 68.31 per 1000 will be paid if this title deed fee is under the name of intra-family sales. These legally mandated fees are placed at the appropriate locations and forwarded to the land registry offices upon receipt of documentation attesting to payment. In addition, payments for other papers can also be required.
Contact us here at Nest Invest if you, too, are looking to transfer your property.
